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Western Union Divests Montvale Offices
Savills arranged the $5.5-million sale of 100 Summit Ave. in Montvale, NJ, a 127,000-square-foot office complex recently occupied by Western Union. The property was purchased by private equity investment firm Tryko Partners.
“Savills marketed this property as a repositioning opportunity and, ultimately, the team was able to execute the transaction on behalf of the client in the midst of a pandemic because we identified a creative party to purchase and reimagine the asset,” said Savills EVP Gregg Najarian. He brokered the sale of the property on Western Union’s behalf along with corporate managing directors Slava Vaynberg, Nate Brzozowski and Brendan Fisher.
Tryko, which focuses on multifamily properties and healthcare facilities, plans to convert the building into a nursing home. Western Union occupied the property for nearly 15 years, but is consolidating its national real estate footprint and plans to relocate to a new, smaller office nearby.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
