The Davis Cos., a Boston-based real estate firm, announced the sale of Pentax Medical‘s U.S headquarters in Montvale for $14 million.
The 93,916-square-foot office building located at 3 Paragon Drive was purchased by Northeast Capital Group.
The Davis Cos. said after purchasing the property it made various capital improvements on it, including an upgraded HVAC system, landscaping and aesthetic upgrades to the lobby and common areas.
“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,” David Allen, vice president of Asset Management at The Davis Cos., said.
The Davis Cos. was represented by JLL’s Joseph Garibaldi and Thomas Walsh, both managing directors; Stephen Feinberg, vice president; and Katelyn Borovsky, associate.
“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.”
