5 Paragon Drive in Montvale — Courtesy: HFF
By Joshua Burd
A private equity firm has sold a 119,000-square-foot office building in Montvale, the home of a well-known travel company and other tenants.
Brokers with HFF announced Tuesday that they represented the seller of the property, 5 Paragon Drive, and procured the buyer. Located minutes from the New York border, the property is 71 percent leased and anchored by Flight Centre Travel Group, an Australian travel company whose brands include Liberty Travel and GOGO Vacations.
HFF did not disclose the name of the purchaser or the price of the deal. The investment advisory team representing the seller included senior managing directors Jose Cruz and Kevin O’Hearn, senior directors Stephen Simonelli and Michael Oliver and Associate J.B. Bruno.
“We had very strong interest from national buyers on this asset given the location in Montvale and quality tenancy at the property,” Cruz said. “There was also upside in the available space.”
In announcing the sale, HFF touted the nearby amenities in Montvale, including a new Wegmans and Life Time Fitness, along with connectivity to the region via the Montvale train station, the Garden State Parkway and interstates 287 and 87.
Northern Bergen County is also home to several corporate headquarters and offices for major companies such as Sharp Corp., Benjamin Moore, BMW and KPMG. The two-story 5 Paragon Drive, which was built in 1984, features an atrium lobby with large skylights, travertine marble and glass façade, a full-service cafeteria and park-like grounds.