Ivy Making Splash on South Florida Office Scene

FORT LAUDERDALE, FL—Ivy Realty, a Greenwich, CT.-based commercial real estate operating company, is working to make a name for itself in South Florida. So far, so good. After significant downturns in office values in recent years, the trio of Ivy successes point to capital infusions as playing a critical role in turning mediocre properties into prime properties.

Since acquiring the Heron Bay Corporate Campus in Coral Springs, FL in 2011, the firm has leased more than 53,685 square feet of office space in the hurricane-resistant, class A office building, boosting its occupancy from 48% to 86.5%.

Ivy purchased the 89,000-square-foot campus as part of a trio of commercial real estate investments in South Florida, as the firm eyed a recovery in the region. The firm has amassed more than 453,000 square feet of office space in South Florida in the last  30 months.

“As we sought to expand our investment horizons beyond the Northeast a few years ago,” says Rusty Warren, co-CEO of Ivy. “We viewed South Florida as on the cusp of recovery, but it lacked investors that could combine conviction and capital. We have the resources to back our vision and are seeing our quality assets returning to positions of prominence in their respective class A office markets.”

Heron Bay Corporate Campus I and II are multi-tenant office buildings in the northwest Broward submarket. Completed in 2001, their Mediterranean design incorporates hurricane-resistant features including impact-resistant windows and generator wiring for tenants that need uninterrupted operations.

“Heron Bay Corporate Campus appeals to corporate executives for numerous reasons: The location offers an ideal work-live combination, surrounded by upscale enclaves, golf courses and A-rated schools,” says Anthony DiTommaso, co-CEO of Ivy. “It features luxury, modern amenities, and it's hurricane resistant as well as inland, the latter offering added protection for a business during storm season.”

The firm's two other class A office investments in the region are 1 East Broward Boulevard in downtown Fort Lauderdale, a 340,000-square-foot building, and 250 Royal Palm Way in Palm Beach with 24,000 square feet. Following significant refurbishments, Ivy boosted the occupancy in the signature, high-rise Fort Lauderdale office building by more than 21%, and after recently finishing refurbishments at its Palm Beach property, that property too is seeing occupancy rise.