FORT LAUDERDALE, FL-Ivy Realty has snapped up One East Broward Blvd., a 19-story, 340,000-square foot class A office building in the gateway to Downtown Fort Lauderdale. The deal marks the fourth South Florida transaction for the real estate owner/operator in the past year. Financial terms of the deal were not disclosed.

“The South Florida market presents numerous opportunities for companies such as Ivy that have a track record purchasing well located but undercapitalized real estate assets and launching successful reinvestment programs that position these properties to meet market demand,” Anthony DiTommaso, Jr., co-CEO of Ivy Realty, tells GlobeSt.com. “We are actively looking for opportunities to expand our presence in the South Florida market.”

One East Broward Blvd., known locally as the Wells Fargo Tower, is an all-glass, modern building. Wells Fargo remains the anchor tenant of the property, which was originally constructed in the 1980s. Ivy is undertaking a strategic capital improvement program on the building, which 50% leased at the time of purchase.