Class A Bergen County office asset trades for $14.75M
JLL Capital Markets completed the off-market sale of 5 Paragon Drive in Montvale, New Jersey
MORRISTOWN, N.J., Sept. 20, 2023 – JLL Capital Markets announced today that it has completed the $14.75 million sale of 5 Paragon Drive, a Class A office building totalling 119,089 square feet in the Bergen County community of Montvale, New Jersey.
JLL represented the seller, Nessel Development, and procured the buyer, Exclusive Management. The JLL deal team was also involved in the last two sales of the property in 2011 and 2019.
5 Paragon Drive 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. 5 Paragon Drive is currently 76% leased, anchored by Flight Centre Travel Group and Balchem.
5 Paragon Drive is positioned in the Upper Parkway office submarket of Montvale, a community bordering New York State in Northern New Jersey. Montvale offers a plentiful amenity base and connectivity to the entire region via Montvale Train Station, the Garden State Parkway and Interstates 287/87. Additionally, the Montvale/Woodcliff Lake submarket is home to a significant number of corporate headquarters and operation headquarters for companies, including Sharp Corporation, Benjamin Moore, BMW and KPMG. The property 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Nessel Development
Nessel Development has been applying creative value-add strategies to real estate investing for over two decades. Nessel takes a hands-on approach to asset management, including implementing strategic renovations or redevelopment, financing, and leasing. Nessel has invested across a variety of asset classes totalling nearly $1 billion in real estate.
About Exclusive Management
Exclusive Management LLC is a Hudson Valley-based real estate company that has managed office, multi-family and industrial properties for the past two decades.