"This sale completes our value-creation strategy for this asset," says Anthony DiTommaso, CEO of the Montvale-based Ivy Realty, a wholly owned subsidiary of Ivy Equities. "Our leasing team did a tremendous job in what has been a very challenging leasing climate."
Ivy Realty bought the building, which is located in Somerset County, in 2000 when it was approximately 40% vacant. The subsequent re-leasing and marketing program, headed by Ivy's Marion M. Geddes, subsequently brought it to 100% occupancy. Current major tenants include Prudential, the US Department of Agriculture, HBO McKesson and the American Arbitration Association. 220 Davidson Ave. is situated on a 9.3-acre site near Interstate 287 in Central New Jersey.
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