Cushman & Wakefield handles $28M Montvale office sale.

Cushman & Wakefield's metropolitan area capital markets group has orchestrated the $28.3 million sale of two office buildings in Montvale, N.J., from a partnership of Morgan Stanley and The Gale Company to an institutional investor. The buildings, located at 3 Paragon Drive and 102 Chestnut Ridge Road, are 100% leased to such tenants as Mercedes Benz, International Paper and Pentax.

According to CMG executive director Gary Gabriel, the transaction illustrates investor demand for quality office product in the northern New Jersey market. By fall 2004, 46 office sales involving nearly 16 million s/f of space and $2.1 billion had closed or were under contract in that market--eclipsing nine of the 10 past years in terms of square footage and dollar value.

"Finding opportunities to purchase well-leased, quality assets in the region is challenging, especially in the highly desirable Bergen county market," Gabriel noted. "There was a very competitive field of more than 15 bidders. Morgan Stanley and The Gale Company were pleased by the level of enthusiasm for these buildings and the outcome of this successful co-investment."