Merck Sells NJ Office Building To PE Venture

Law360, New York (December 15, 2011, 12:37 PM EST) -- A joint venture between real estate company Mountain Development Corp. and private equity firm Square Mile Capital LLC has purchased a vacant four-story office building in Roseland, N.J., from Merck & Co. Inc. for an undisclosed amount, the companies said Thursday.

The 433,945-square-foot building previously served as the headquarters of pharmaceutical manufacturer Schering-Plough Corp., which merged with Merck in 2009. After the merger, Merck had sunk $50 million into refurbishing the building, adding a 15,000-square-foot raised floor data center, a gym, cafe, a two-story atrium and...
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