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MONTVALE, NJ-Barr Pharmaceuticals has signed a long-term lease for the entire 142,500-sf, two-story office building at 225 Summit Ave. here. The building, co-owned by the locally based Ivy Equities and Paragon Realty Group, is a former headquarters building of Toys ‘R’ Us. Terms were not released; the building’s available space had been listed on Ivy’s website with an asking price of $30 per sf plus electric.

For Barr, a specialty pharmaceutical company that is involved in generic and proprietary pharmaceuticals, the signing signals a headquarters relocation. Until now, the company has maintained its headquarters in Pomona, NY and executive offices in Woodcliff Lake, NJ.

“This long-term lease is the culmination of an extensive repositioning effort that we undertook at this property,” says Ivy CEO Anthony DiTommaso. “It is gratifying that Barr has leased the facility in its entirety.”

The building, completed in 1966, sits on 17 acres at the intersection of Summit and Grand avenues, a site that is already approved for an expansion to 194,000 sf. Ivy Equities and Paragon teamed up to buy the former Toys ‘R’ Us building and property in 2004 and subsequently launched the capital improvement program. Among its features is a 22,000-sf operations data center.

“We worked very closely with Ivy Equities and Barr Pharmaceuticals to provide a headquarters facility that meets the needs of this leading pharmaceutical company,” says Mayor George Zoeller. “The community as a whole will greatly benefit from this new addition.”

Besides Zoeller and Ivy’s DiTommaso, others credited for their involvement in getting the deal done are Ivy chairman Russell Warren, Paragon principal Mark Schaevitz, borough administrator John Doyle and planning board chairman John DePinto.

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