Cushman & Wakefield Arranges 142,500-Sq-Ft Office Sale

Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

Media Contact: Evelyn Weiss Francisco: [email protected], (201) 796-7788

Cushman & Wakefield Arranges 142,500-Sq-Ft Office Sale
Montvale's 225 Summit Avenue Trades from Urdang/Ivy/Paragon to CB Richard Ellis Realty Trust

MONTVALE, N.J., June 29, 2010 – Cushman & Wakefield, Inc. has arranged the sale of 225 Summit Avenue, a 142,500-square-foot class A office building. CB Richard Ellis Realty Trust acquired the property from a partnership comprised of a fund managed by Urdang Capital Management Inc., Ivy Equities and Paragon Realty. Cushman & Wakefield's Metropolitan Area Capital Markets Group members Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the seller in the transaction, and procured the buyer.

Formerly the headquarters of Toys 'R' Us, 225 Summit Avenue is leased through 2020 by Barr Pharmaceuticals. It is currently fully occupied by sublessor Medco Health Services, Inc., a pharmacy benefits manager.

Situated on 35 acres and completed in 1966, the two-story building underwent an $8.5-million renovation in 2007, including a new façade, lobby and common area upgrades, and a 12,000-square-foot data center expansion. On-site features include a cafeteria seating more than 300, a full security system with surveillance and card key access, and outdoor parking for 480 cars.

"The pricing and the execution of this transaction is reflective of the quality of the asset and creditworthiness of the tenancies," said Gabriel. "Urdang Capital Management, Inc., Ivy Equities and Paragon Realty did a great job with the property, renovating and repositioning the building and retenanting it not just once, but twice with the sublease. It's a great buy for CB Richard Ellis Realty Trust."

The Metropolitan Area Capital Markets Group specializes exclusively in real estate sales, joint ventures and financing in Northern New Jersey, Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $13.6 billion worth of transactions since 2000. Over the past four years, this included an average of more than $1.5 billion annually, reaching $2.7 billion in 2007.

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