3 Paragon Drive, Montvale, NJ
MONTVALE, NJ—Northeast Capital Group will acquire 3 Paragon Drive, a 93,916-square-foot office building in Montvale, NJ, that is headquarters for Pentax Medical, a global R&D and optical technology manufacturing firm. Northeast Capital is paying The Davis Companies, a Boston-based real estate investment, development and management company, $14 million for the property.
After buying the building, The Davis Companies completed various capital improvements to the property, including an upgraded HVAC system, extensive landscaping enhancements and significant aesthetic upgrades to the building's 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,” says David Allen, vice president of asset management at The Davis Companies.
The Davis Companies was represented by Jones Lang LaSalle's Joseph Garibaldi and Thomas Walsh, managing directors; Stephen Feinberg, vice president; and Katelyn Borovsky, associate.
The Davis Companies has renovated scores of commercial office and multifamily buildings in its 42-year history, including the recent modernization, lease up and sale of a 477,924 R&D and office campus in Bedford, MA that serves as headquarters to iRobot and the $100 million transformation of Pittsburgh, PA's landmark Union Trust Building, a 500,000-square-foot architectural icon commissioned in 1915 by Henry Clay Frick into a class-A, LEED Silver certified mixed-use retail and office building.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
