Boston-based The Davis Companies has sold the headquarters of R&D firm Pentax Medical at 3 Paragon Dr. in Montvale, NJ to private equity firm Northeast Capital Group. The 93,916-square-foot office building traded for $14 million.
Davis acquired 3 Paragon in 2014, and completed various capital improvements to the property. “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,” said VP David Allen at Davis.
Davis was represented by JLL’s Joseph Garibaldi, Thomas Walsh, Stephen Feinberg and Katelyn Borovsky. For Ramapo, NY-based Northeast Capital, the acquisition was “a tremendous opportunity to acquire “an almost fully leased, headquarters-quality office building in one of Bergen County’s most affluent communities,” said Garibaldi. “The area in and around Montvale is experiencing positive momentum and Pentax Medical’s business is thriving.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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