WHITE PLAINS, NY, JANUARY 10, 2005—Ivy Realty, one of the region’s leading owners and developers, announced the sale of Crosswest Office Center, located at 399 Knollwood Road in White Plains, NY. The 138,000-square-foot, 4-story office building sold for $24.7 million to RPW Group.
Anthony DiTommaso, Jr., CEO of Ivy Realty commented, “We’re pleased to announce the sale of Crosswest Office Center. This transaction culminates a highly successful value-creation strategy that we put in place with our investment partner on this property. With several new acquisitions in the pipeline, we anticipate recycling the proceeds from this sale into new acquisitions in the very near future.”
Ivy Realty purchased Crosswest Office Center in December of 1998. Under Ivy’s ownership, the facility has reached 97% occupancy, with Metropolitan Life Insurance as lead tenant. Crosswest Office Center is located in the heart of Westchester County and offers immediate highway access to the entire tri-state region, situated at Exit 4 of the Cross Westchester Expressway/I-287,
About Ivy Realty
Founded in 1996, Ivy Realty, a wholly owned subsidiary of Ivy Equities, is a leading real estate investor and developer throughout New Jersey, New York and Connecticut. Ivy targets investment opportunities in undervalued, high grade, income producing commercial properties. The Company has built a reputation for successfully completing a wide spectrum of creative developments in the office, mixed-use, retail, build-to-suit and residential sectors. Currently, Ivy Realty owns, manages and leases a 3.5 million-square-foot portfolio with added development potential throughout the tri-state area.
For more information contact Ivy Realty at their Montvale, New Jersey headquarters at (201) 573-8400 or visit the website at www.ivy-realty.com.
