X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEWARK, NJ-Ivy Realty has confirmed its acquisition of 570 Broad St., a 14-story, 200,000-sf office tower in this city’s downtown. In the deal, reported exclusively by GlobeSt.com earlier this week, the Montvale, NJ-based Ivy has teamed up with Urdang to buy the asset from the Ridgefield Park, NJ-based Heritage Management Co. for a number in the $21-22 million range.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.