A Class A office building totaling 119,089 square feet in Montvale has sold for $14.75 million, according to a Wednesday announcement from JLL Capital Markets.
JLL represented the seller, Nessel Development, and procured the buyer, Exclusive Management. The JLL team was also involved in the last two sales of the property, in 2011 and 2019.
Located at 5 Paragon Drive, the property is a two-story building that has been institutionally maintained and offers an atrium lobby, full-service cafeteria, fitness center and park-like setting on a 16.53-acre site. The prior owner also made several energy sustainability improvements, including the installation of a rooftop solar system and EV charging stations. The property is currently 76% leased, anchored by Flight Centre Travel Group and Balchem.
Positioned in the Upper Parkway office submarket of Montvale, a community bordering New York state in northern New Jersey, the property at 5 Paragon Drive offers an abundance of amenities plus connectivity to the entire region via Montvale Train Station, the Garden State Parkway and Interstates 287/87. Moreover, the Montvale/Woodcliff Lake submarket is home to a significant number of corporate headquarters and operation bases for companies, including Sharp, Benjamin Moore, BMW and KPMG. It is also conveniently located within a short walk of a newly developed mixed-use property anchored by a Wegmans and luxury apartments.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Jeremy Neuer, Jose Cruz and Kevin O’Hearn.
Baruch Hirsch, executive at Exclusive Management, negotiated the sale and was able to execute seamlessly in this challenging economic climate.
