Ivy Realty expands Parsippany portfolio

Buys 280,000-square-foot office complex

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Ivy Realty has announced the acquisition of six class A office buildings totaling more than 280,000 square feet in Parsippany, N.J. The value of the transaction was not disclosed. The property, located at 200-700 Lanidex Plaza East and formerly known as the Lanidex Corporate Center, has been renamed Ivy Corporate Park at Parsippany. The campus includes an on-site cafeteria, on-site management office, and will feature a fitness area. The portfolio was 90 percent leased at the time of sale to such tenants as the corporate headquarters offices of Kings Supermarkets Inc., Lanier Worldwide, Cisco Systems, and Cornell-Mayo. The seller was Transwestern Realty Services. Ivy Realty currently owns several additional Parsippany office buildings, including: 299 Cherry Hill Road; 10, 20 and 30 Lanidex Plaza West; and 4 Woodhollow Road, for a total of 588,495 square feet. Ivy also owns a development parcel across the street from the Ivy Corporate Park that can accommodate an 86,000-square-foot ...