HFF closes sale of Class A property in Montvale

By Emily Bader
Montvale | Jun 20, 2019 at 2:00 am

Holliday Fenoglio Fowler L.P. announced Tuesday it has closed on the sale of a Class A office property in Montvale.

The 120,000-square-foot property, located a 5 Paragon Drive, is located within the Upper Parkway Office submarket of Montvale. The property, which is 71% leased, has a two-story lobby, a full-service cafeteria and park-like grounds, HFF said.

HFF’s investment advisory team of Jose Cruz and Kevin O’Hearn, senior managing directors; Stephen Simonelli and Michael Oliver, senior directors; and J.B. Bruno, associate; represented the seller, a private equity firm, and procured the buyer.

“We had very strong interest from national buyers on this asset given the location in Montvale and quality tenancy at the property. There was also upside in the available space,” Cruz said.

Financial terms were not disclosed.

Emily Bader | ebader@roi-nj.com | emilybader