The building occupies an 11-acre site that includes more than440 parking spaces. Montvale is one of the Garden State's premiercorporate headquarters locations, with the property's neighborsincluding A&P, Benjamin Moore, BMW, Ingersoll Rand, Hertz,Mercedes Benz and Sony Electronics. The multi-tenant building,which was 87.6% leased at the time of the sale is unusual in amarket dominated by single-tenant occupancies.

Indeed, related to the sale, the building's occupancy willactually jump a couple of points past the 90% mark: "Ivy intends tomove their corporate offices from Clifton into 5,000 sf of thevacant space," according to Dunne. "Ivy has purchased awell-located asset with a strong tenant roster and good upsidepotential," Dunne continues. "Besides the upside offered by thecurrent vacancy, the building has further potential in terms ofre-leasing currently occupied space that is at below-marketrents."

CBRE's Tri-State Investment is a group of seven brokers who workcooperatively from the firm's Paramus, NJ and Stamford, CT offices,specializing in the marketing of investment properties in suburbanNew York, New Jersey and Connecticut. Last year, the team sold 6.3million sf with an aggregate value of more than $485 million.