Commercial real estate is a cyclical business—a building gets updated to keep up with trends and tenant preferences, and eventually needs upgrading again as those trends change and the building ages. Ivy Realty is a savvy developer that understand this cycle and plans their investment strategies accordingly.
Ivy Realty was founded in 1996 to invest and manage commercial real estate properties in New Jersey and quickly began expanding their portfolio across the Northeast, eventually expanding into southern Florida. Their long-term vision and carefully managed property investment strategy has resulted in over $1.5 billion and 11 million square feet in commercial real estate assets.
The Pavarini Northeast team first worked with Ivy Realty in 2008, managing some tenant renovations and base building infrastructure upgrades for one of Ivy’s retail complexes in White Plains, New York. Since then, Pavarini has managed construction projects of all shapes and sizes across Ivy’s properties, from tenant fit-outs ranging from law firms to engineering companies, to new exterior plaza renovations, to MEP infrastructure upgrades.
The team recently renovated several spaces for Ivy Realty at 445 Hamilton Avenue in downtown White Plains, including adding a conference center to the lobby and upgrading the café and servery. That work has led to a number of corridor and bathroom renovations, including work at their “sister” building, located at 1 North Broadway.
The team’s interior work at 1 North Broadway is ongoing, and has involved replacing finishes, including a 3Form woven wall design feature, upgrading the millwork, completely replacing all the tile with new quarry tile, installing a new ceiling and new lighting and adding wire railings at the mezzanine level. On the exterior, the team is also rebuilding the entry area canopy with a steel-and-glass overhang, recladding, enhancing the lighting and updating the stucco and paint finishes.
After working together on such a varied array of projects and building types, the combined project team, including Pavarini, White Plains Public Works and Building departments, and the Cardarelli Design & Architecture team, has gotten to know each other well and figured out the best ways to resolve issues and work together efficiently.