Ivy Realty has announced the acquisition of 570 Broad St., a mid-rise office tower in Newark, N.J.

The value of the transaction was $21 million.

Ridgewood, N.J.-based Heritage Management Co. sold the 200,000-square-foot, 14-story property, which is located in Newark’s North Broad Street business district.

The building offers 24-hour security; four new computerized elevators; new lobby, exterior, and bathrooms; a new 460-volt, three phase electrical service; a new water service and pumping system; a 650-ton chiller with a 1,000-ton cooling tower; and a telecom switching room in the core of the building.

Prior to the acquisition, 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 views of the New York skyline.

At the time of sale, the property, which featured 150,000 square feet of available space, was occupied by Diversity Inc., Urbitran Corp., PC Tech, The Lycatel Group, HAKS Engineers PC, Washington Mutual, and Atlantic Federal Credit Union.

Ivy Realty is a real estate investor and developer operating throughout New Jersey, New York and Connecticut.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription