A ternary ring of operators
is an “off-diagonal corner” of a C∗-algebra and the predual of a ternary ring of
operators (if it exists) is of the form pR∗q for some von Neumann algebra R and
projections p and q in R. In this paper, we prove that a subspace of the predual of a
ternary ring of operators is completely 1-complemented if and only if it is completely
isometrically isomorphic to the predual of some ternary ring of operators. We next
give an operator space characterization of the preduals of separable injective von
Neumann algebras. Finally, we prove some concrete results about the finite
dimensional completely 1-complemented subspaces of a von Neumann algebra
predual.