The Davis Companies adds value through lease extension, property repositioning and significant lobby and building system improvements
The Davis Companies, a Boston-based real estate investment, development and management company, today announced the sale of 3 Paragon Drive, a 93,916-square-foot office building in Montvale, NJ, to Northeast Capital Group. The building is home to Pentax Medical, a global R&D and manufacturing firm offering leading-edge optical technology solutions.
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,” said David Allen, Vice President of Asset Management at The Davis Companies.
The Davis Companies was represented by JLL’s Joseph Garibaldi and Thomas Walsh, Managing Directors; Stephen Feinberg, Vice President; and Katelyn Borovsky, Associate.
“This was a tremendous opportunity for The Davis Companies 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.”
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 (NASDAQ: IRBT.O), as well as the $100 million transformation of Pittsburgh, PA’s landmark Union Trust Building, a 500,000-SF architectural icon commissioned in 1915 by Henry Clay Frick into a Class-A, LEED Silver certified mixed-use retail and office building.
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and life science properties across the Eastern United States. For further information, visit www.thedaviscompanies.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
