Ivy Realty

Woodbridge-Metropark Office Center, a three-building, 833,000-sf property in the Iselin section, has been sold by a partnership of Ivy Equities and Rockwood Capital, which flipped the property to New York-based Tishman Speyer. Montvale-based Ivy and Rockwood bought it in 2003, paying TA Associates $147.5 million, or $190 per sf. The parties in the latest sale declined to disclose the price, but industry sources say the asset traded for a number “north of $200 million.”

“We’ve always been opportunity-and market-driven, and we concluded that now was the right time to capitalize on the unprecedented demand for portfolios of this size and caliber,” says Anthony DiTommaso, Jr., CEO of Ivy Equities. “Our plans are to recycle this capital into acquisitions we’ve already identified and are in the process of closing.”

“These buildings are among the highest quality in the market and are fully leased, but we’ve already realized all of our financial objectives with the portfolio,” says Ivy senior investment officer David Archibald.

For Tishman Speyer, the acquisition marks its return to New Jersey-the company at one time had interests in Newark’s Gateway complex. Cushman & Wakefield brokered the sale.

Built in stages between 1976 and 2000 and originally a Prudential project, Metropark Office Center consists of 194 Wood Ave. South, a nine-story building of 480,000 sf; the three-story 200 Wood Ave. South; and the single-story 190 Wood Ave. South.

And Prudential still has its stamp on the complex, leasing the entire property on a long-term basis. The financial giant occupies much of the complex, but has subleased portions of the property to Chase Manhattan Mortgage, Microsoft, IBM and Atlantic Container Lines.




			DEAL OF THE MONTH Tishman Speyer Buys Metropark Office Center May 2007 Woodbridge-Metropark Office Center, a three-building, 833,000-sf property in the Iselin section, has been sold by a partnership of Ivy Equities and Rockwood Capital, which flipped the property to New York-based Tishman Speyer. Montvale-based Ivy and Rockwood bought it in 2003, paying TA Associates $147.5 million, or $190 per sf. The parties in the latest sale declined to disclose the price, but industry sources say the asset traded for a number “north of $200 million.” “We’ve always been opportunity-and market-driven, and we concluded that now was the right time to capitalize on the unprecedented demand for portfolios of this size and caliber,” says Anthony DiTommaso, Jr., CEO of Ivy Equities. “Our plans are to recycle this capital into acquisitions we’ve already identified and are in the process of closing.” “These buildings are among the highest quality in the market and are fully leased, but we’ve already realized all of our financial objectives with the portfolio,” says Ivy senior investment officer David Archibald. For Tishman Speyer, the acquisition marks its return to New Jersey-the company at one time had interests in Newark’s Gateway complex. Cushman & Wakefield brokered the sale. Built in stages between 1976 and 2000 and originally a Prudential project, Metropark Office Center consists of 194 Wood Ave. South, a nine-story building of 480,000 sf; the three-story 200 Wood Ave. South; and the single-story 190 Wood Ave. South. And Prudential still has its stamp on the complex, leasing the entire property on a long-term basis. The financial giant occupies much of the complex, but has subleased portions of the property to Chase Manhattan Mortgage, Microsoft, IBM and Atlantic Container Lines.
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