$21m Broad Street buy is Ivy's first in Newark.Ivy Realty, in partnership with Urdang, has announced the acquisition of 570 Broad Street, the 200,000 s/f 14 story Class-A office tower located in the North Broad Street business district of Newark, N J, from Heritage Management Company for $21 million. "We have been studying the Newark marketplace for some time and decided this was the right time for Ivy to invest in Newark," said Ivy's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Anthony DiTommaso, Jr.. "The city's strategic location and outstanding transportation infrastructure, its single digit Class-A vacancy rate, and new administration made this the perfect time for Ivy to embark on this strategic investment." David Archibald, senior investment officer for Ivy Realty, added, "We're confident that, through our planned capital improvements, and proactive leasing and marketing strategies 570 Broad Street will continue to attract tenants from in and out of Newark. Both the city and this asset have terrific upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar ." Prior to Ivy's acquisition of 570 Broad Street, Heritage Management spent $5 million renovating the building. Upon closing, Ivy intends to add $500,000 of capital improvements to the building, including the installation of six floors of windows on the East side of the building, offering tenants excellent views of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of skyline. 570 Broad Street's roster of tenants includes: Diversity Inc., Urbitran Corporation, PC Tech, The Lycatel Group, HAKS HAKS Hrvatski Auto I Karting Savez (Croatian Auto and Karting Federation) Engineers PC, Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. , and Atlantic Federal Credit Union. When Heritage Management bought 570 Broad in 2003, the building had sat vacant for seven years. The firm launched a $5 million renovation there and the result is one of the most modern, Class A office properties in Newark's CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development . Heritage said its strategic disposition of the property now would enable it to pursue other opportunities in Newark, where it has been active since 2000. Company principal, Steven Greenberg Steven Greenberg may refer to:
The sale of 570 Broad Street represents Heritage Management's second successful transaction with Ivy. In 2004, Heritage purchased 300 Harmon Meadow Boulevard in Secaucus, N.J., from the investment company. Bryn Cinque and Jim Bailey, of GVA GVA general visceral afferent system of nerves. Williams, are handling the leasing and marketing at 570 Broad Street, which currently has 150,000 s/f available. |
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