About Us
  Company Summary  
Prudential Headquarters - Metropark - Iselin, NJ
Ivy Realty was founded in 1996 to acquire commercial real estate in the northeastern United States and later expanded into southeastern Florida. Since our inception, we have built a reputation as one of the finest real estate operators in the market having acquired over $1.5 billion and 11 million SF in commercial real estate assets.

We employ a patient and focused investment strategy concentrating in areas where we have superior market knowledge and value-added relationships. This focus enables our operating company to uncover and create value at the asset level. Our “on the ground” presence is essential in enabling us to consistently outperform the macro market and deliver superior returns to our investors.
1600 Callowhill Street Philadelphia, PA 19130
Acquired a Philadelphia Icon that was originally built amidst a sea of immense factories that made up the Callowhill Branch of the Pennsylvania railroad, sixteen hundred is an incarnation of the city's manufacturing heritage.

A 95,000 SF, 7-story loft-style office property
Off-market transaction sourced through Ivy’s combined relationship with a NYC hedge fund who owned the controlling class of the in-place debt, and the Servicer who was managing the property.
The property was 44% leased to the US Department of Immigration who vacated prior to acquisition.
Ivy subsequently converted the building to a 95-unit Class A rental property that has achieved stabilized occupancy.

Investment Thesis
Prime location – Ideally located 3 blocks from two metro stops in a rapidly developing residential. neighborhood immediately walkable to downtown Philadelphia. The area offers an abundance of retail, dining, and entertainment options including Whole Foods and a 12-screen IMAX theater.
Strong Market Fundamentals – The Philadelphia multifamily and office markets have seen robust rental demand driven by strong population and job growth.
Unique, Boutique-Style Product – Originally built in 1911 as warehouse space, the property will offer loft-style apartments or office space with 12-foot ceilings, oversized windows and exposed brick that will be unique within the market.
Distressed, Mismanaged Asset – The special servicer/seller obtained possession in 2015 from the borrower.
Compelling Basis – The prior owner paid $20.0mm for the property in 2008.

Investment Thesis
Recapitalized the purchase through a hedge fund partner in June 2017, who took a 22.5% joint venture equity interest.
Strong Market Fundamentals – The Philadelphia multifamily and office markets have seen robust rental demand driven by strong population and job growth.
Obtained a rezoning of the property from office to residential.
Unlocked upside by obtaining Historic Tax Credits not in Ivy’s base underwriting.
Completed the redevelopment and leased-up and stabilized the asset efficiently.

The newly updated sixteen hundred is timeless, modern, and distinctly Philadelphian. For further information visit www.1600callowhill.com

35 Field Point Road, Greenwich, CT 06830 | 203.987.3390
102 Chestnut Ridge Road, Suite 204, Montvale, NJ 07645 | 201.573.8400