A former Western Union office building in Montvale has been sold for $5.5 million, with a repositioning of the property planned, according to real estate firm Savills.
The firm said in a news release that the money movement and payments company sold the 127,000-square-foot property at 100 Summit Ave. to private-equity investment firm Tryko Partners, which plans to convert it into a nursing home.
The firm’s Gregg Najarian, executive vice president and Rutherford branch manager, brokered the sale on behalf of the seller along with Slava Vaynberg, Nate Brzozowski and Brendan Fisher, corporate managing directors.
“Savills marketed this property as a repositioning opportunity and, ultimately, the team was able to execute the transaction on behalf of the client in the midst of a pandemic because we identified a creative party to purchase and reimagine the asset,” Najarian said in a prepared statement. “In addition, given the site’s broader as-of-right zoning regulations, we were able to increase the buyer pool and attract multiple offers.”
While Western Union — which had occupied the property for 15 years — is consolidating its national real estate footprint, Tryko — which focuses on the multifamily and health care sectors — has acquired similar assets in the past, Savills said.
“It’s no secret that New Jersey is overbuilt in terms of older office product,” Najarian said. “It presents a unique opportunity for savvy owners, like Western Union, to get creative with their real estate decisions.”
Western Union plans to relocate offices to a smaller site in the area.
