Now, Ivy has also announced that it has given the leasing/marketing assignment for the property to GVA Williams NJ, Parsippany, with that firm's Bryn Cinque and Jim Bailey handling the assignment. Ivy will also spend $500,000 for capital improvements to the building, including the installation of six floors of windows on the building's east side.
The latest improvements follow $5 million of upgrades done by Heritage, which bought the long-vacant 570 Broad in 2003 for $7.5 million, or less than $38 per sf. The earlier upgrade was completed in 2005, and along the way Heritage has been able to fill about one-third of the repositioned asset with such tenants as Washington Mutual, Atlantic Federal Credit Union, Urbitran Corp., PC Tech, Lycatel Group and Diversity Inc.
"We've been studying the Newark market for some time and decided this was the right time to invest here," says Ivy CEO Anthony DiTommaso, Jr. "The city's location and transportation infrastructure, its single-digit class A vacancy and a new administration in city hall made this the right time."
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