Saturday, June 22, 2019

HFF closes sale of 5 Paragon Drive in Montvale, NJ



 5 Paragon Drive, 120,000-SF Class A office property, Montvale, NJ
Jose Cruz

MORRISTOWN, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of 5 Paragon Drive, an approximately 120,000-square-foot, Class A office property in Montvale, New Jersey.

HFF represented the seller, a private equity firm, and procured the buyer.

5 Paragon Drive resides in the Upper Parkway Office submarket of Montvale, a community bordering New York State in Northern New Jersey. 

Kevin O'Hearn
Montvale offers a plentiful amenity base, including a new Wegmans Food Market and Life Time Fitness, and connectivity to the entire region via Montvale Train Station, the Garden State Parkway and Interstates 287/87. 

Additionally, Bergen County, where the property is located, is home to a significant number of corporate headquarters and operation headquarters for companies, including Sharp Corporation, Benjamin Moore, BMW and KPMG. 

Stephen Simonelli
5 Paragon Drive, which is 71% leased, features a two-story atrium lobby with large skylights, travertine marble and glass façade, a full-service cafeteria and park-like grounds. 

The HFF investment advisory team representing the seller included senior managing directors Jose Cruz and Kevin O’Hearn, senior directors Stephen Simonelli and Michael Oliver and associate J.B. Bruno.

“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 stated.

HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

Michael Oliver
About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

J.B. Bruno
 HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

 For more information, please visit hfflp.com or follow HFF on Twitter @HFF.


CONTACTS:

JOSE CRUZ
NJ Lic. #8743725
HFF Senior Managing Director
(973) 549-2000

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990


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