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| 5 Paragon Drive, 120,000-SF Class A office property, Montvale, NJ |
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| 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.
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| 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.
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| 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.
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| 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.
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| J.B. Bruno |
HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc.
(NYSE: HF).
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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