Northeast Capital in $14M Deal to Acquire Pentax Medical’s US HQ in Montvale, NJ

MONTVALE, NJ—Northeast Capital Group will acquire 3 Paragon Drive, a 93,916-square-foot office building in Montvale, NJ, that is headquarters for Pentax Medical, a global R&D and optical technology manufacturing firm. Northeast Capital is paying The Davis Companies, a Boston-based real estate investment, development and management company, $14 million for the property.

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,” says David Allen, vice president of asset management at The Davis Companies.

The Davis Companies was represented by Jones Lang LaSalle’s Joseph Garibaldi and Thomas Walsh, managing directors; Stephen Feinberg, vice president; and Katelyn Borovsky, associate.

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 and the $100 million transformation of Pittsburgh, PA’s landmark Union Trust Building, a 500,000-square-foot architectural icon commissioned in 1915 by Henry Clay Frick into a class-A, LEED Silver certified mixed-use retail and office building.