3 Paragon Drive in Montvale — Courtesy: JLL
By Joshua Burd
A development and investment firm has reaped $14 million from the sale of a newly upgraded, 94,000-square-foot office building in Montvale, brokers with JLL announced.
The Davis Cos., which is based in Boston, completed the sale of 3 Paragon Drive after a series of improvements to areas including the HVAC system, landscaping and the lobby and common areas, JLL said. Northeast Capital Group acquired the property, which is home to Pentax Medical, a global R&D and manufacturing firm focused on optical technology solutions.
“In addition to the renovations and infrastructure enhancements, we were able to secure a long-term lease extension with the anchor tenant, Pentax Medical, for its 73,000-square-foot premises, affirming its strong commitment to the building,” said David Allen, vice president of asset management at The Davis Cos.
JLL managing directors Joseph Garibaldi and Thomas Walsh, Vice President Stephen Feinberg and Associate Katelyn Borovsky represented the seller.
“This was a tremendous opportunity for The Davis Companies to acquire an almost fully leased, headquarters-quality office building in one of Bergen County’s most affluent communities,” Garibaldi said. “The area in and around Montvale is experiencing positive momentum and Pentax Medical’s business is thriving.”