East Coast developer buys 570 Broad St.

Makes first purchase in New Jersey city

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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 sp...