Ivy Realty

MONTVALE, NJ, JANUARY 10, 2005—Ivy Realty announced it has concluded an active year in 2004. In total, Ivy Realty leased 665,724 square feet of space throughout the company’s New York and New Jersey portfolios. In addition, Ivy investment group acquired and disposed of over $150,000,000 in commercial real estate assets.

Anthony DiTommaso, CEO of Ivy Realty, commented, “2004 was an important year for Ivy Realty in which we executed our strategic business plan, concluded several milestone transactions and expanded our internal operations. In a key part of our strategy this past year, we successfully disposed of several non-core assets, allowing us to refocus capital in a manner consistent with our long-term goals. In 2005, we anticipate being very active in the development, redevelopment and acquisition fronts.”

Transaction highlights recorded by Ivy Realty in 2004 include:

• Ivy Realty acquired two office parks totaling 415,000 square feet of space on Long Island in New York. Crossroads Executive Center, located in Islandia, consists of nine single-story office buildings and Crossroads Corporate Center, located in Hauppauge, consists of three single-story properties and one Class A, multi-story building. This 13-property acquisition was Ivy Realty’s entree into the Long Island market and further expanded the company’s presence in the tri-state area.

• Wal-Mart leased two floors totaling 175,340 square feet of space in Ivy’s 275 Main Street in White Plains, NY. As part of the three-story, 280,000-square-foot former Sears department store, Wal-Mart is introducing its first multi-storied urban location in the country. Ivy Realty purchased 275 Main Street in May of 2003 for $14 million and has invested an additional $20 million into the project, renovating the property into the “Shoppes on Main”.

• Ivy Realty’s 220 Davidson Avenue, a Class A, 160,000-square-foot office building in Franklin Township, NJ, was sold to New Mexico-based BGK Properties for $16 million. Ivy acquired the asset in 2000 and subsequently engineered a hugely successful re-leasing and marketing program bringing 220 Davidson from 40% vacancy to nearly 100% occupancy.

• Chase Manhattan Mortgage Corporation leased three floors totaling 144,444 square feet in Ivy’s 194 Wood Avenue South in Iselin, New Jersey. The space will be utilized as Chase’s headquarters. 194 Wood Avenue South is recognized as the premier office building in the Metro Park submarket and houses Atlantic Container, Chase, IBM, Microsoft and Prudential. This 9-story trophy asset totals 403,299 square feet and is the centerpiece of Metro Park Office Center which is a three building office park consisting of 757,408 square feet.

• Crosswest Office Center, a 138,000-square-foot, 4-story office building in White Plains, NY, was sold for $24.7 million to RPW Group. 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.

• Ivy Realty, in a joint venture with Paragon Realty Group and Active International, acquired 225 Summit Avenue, a 130,000-square-foot office building situated on 37 acres in Montvale, NJ. The former Toys ‘R’ Us facility will undergo an extensive redevelopment program resulting in a Class A headquarters-quality facility with the flexibility for an additional 80,000 square feet of expansion space.

• Ivy Realty’s 300 Harmon Meadow Boulevard, a 123,000-square-foot, 6-story office building in Secaucus, NJ, was sold for $25.5 million to Heritage Management Company. Ivy Realty purchased 300 Harmon Meadow Boulevard in March 2002 and brought the facility to 94 percent occupied with outstanding credit tenants such as JP Morgan/Banc One and Bank of America.

• Additionally, significant leases were signed in 2004 with McKesson Information Systems, American Standard, Inc., Hertz Enterprises, LLC, Cardiology Associates, Albiez Insurance Agency, JP Morgan Chase, Benjamin Moore and Volvo International.

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.



			IVY REALTY CONCLUDES ACTIVE YEAR IN 2004 PRIVATE REAL ESTATE COMPANY POSITIONED FOR GROWTH IN 2005 MONTVALE, NJ, JANUARY 10, 2005—Ivy Realty announced it has concluded an active year in 2004. In total, Ivy Realty leased 665,724 square feet of space throughout the company’s New York and New Jersey portfolios. In addition, Ivy investment group acquired and disposed of over $150,000,000 in commercial real estate assets. Anthony DiTommaso, CEO of Ivy Realty, commented, “2004 was an important year for Ivy Realty in which we executed our strategic business plan, concluded several milestone transactions and expanded our internal operations. In a key part of our strategy this past year, we successfully disposed of several non-core assets, allowing us to refocus capital in a manner consistent with our long-term goals. In 2005, we anticipate being very active in the development, redevelopment and acquisition fronts.” Transaction highlights recorded by Ivy Realty in 2004 include: • Ivy Realty acquired two office parks totaling 415,000 square feet of space on Long Island in New York. Crossroads Executive Center, located in Islandia, consists of nine single-story office buildings and Crossroads Corporate Center, located in Hauppauge, consists of three single-story properties and one Class A, multi-story building. This 13-property acquisition was Ivy Realty’s entree into the Long Island market and further expanded the company’s presence in the tri-state area. • Wal-Mart leased two floors totaling 175,340 square feet of space in Ivy’s 275 Main Street in White Plains, NY. As part of the three-story, 280,000-square-foot former Sears department store, Wal-Mart is introducing its first multi-storied urban location in the country. Ivy Realty purchased 275 Main Street in May of 2003 for $14 million and has invested an additional $20 million into the project, renovating the property into the “Shoppes on Main”. • Ivy Realty’s 220 Davidson Avenue, a Class A, 160,000-square-foot office building in Franklin Township, NJ, was sold to New Mexico-based BGK Properties for $16 million. Ivy acquired the asset in 2000 and subsequently engineered a hugely successful re-leasing and marketing program bringing 220 Davidson from 40% vacancy to nearly 100% occupancy. • Chase Manhattan Mortgage Corporation leased three floors totaling 144,444 square feet in Ivy’s 194 Wood Avenue South in Iselin, New Jersey. The space will be utilized as Chase’s headquarters. 194 Wood Avenue South is recognized as the premier office building in the Metro Park submarket and houses Atlantic Container, Chase, IBM, Microsoft and Prudential. This 9-story trophy asset totals 403,299 square feet and is the centerpiece of Metro Park Office Center which is a three building office park consisting of 757,408 square feet. • Crosswest Office Center, a 138,000-square-foot, 4-story office building in White Plains, NY, was sold for $24.7 million to RPW Group. 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. • Ivy Realty, in a joint venture with Paragon Realty Group and Active International, acquired 225 Summit Avenue, a 130,000-square-foot office building situated on 37 acres in Montvale, NJ. The former Toys ‘R’ Us facility will undergo an extensive redevelopment program resulting in a Class A headquarters-quality facility with the flexibility for an additional 80,000 square feet of expansion space. • Ivy Realty’s 300 Harmon Meadow Boulevard, a 123,000-square-foot, 6-story office building in Secaucus, NJ, was sold for $25.5 million to Heritage Management Company. Ivy Realty purchased 300 Harmon Meadow Boulevard in March 2002 and brought the facility to 94 percent occupied with outstanding credit tenants such as JP Morgan/Banc One and Bank of America. • Additionally, significant leases were signed in 2004 with McKesson Information Systems, American Standard, Inc., Hertz Enterprises, LLC, Cardiology Associates, Albiez Insurance Agency, JP Morgan Chase, Benjamin Moore and Volvo International. 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.
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