Ivy Realty

Cushman & Wakefield Inks 143,000-SF Office Sale
June 30, 2010

MONTVALE, NJ-Cushman & Wakefield, Inc. has arranged the sale of 225 Summit Ave., 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. Neither the buyer nor the seller would release the sales price.

Formerly the headquarters of Toys 'R' Us, 225 Summit 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.

"The pricing and the execution of this transaction is reflective of the quality of the asset and creditworthiness of the tenancies," said Gabriel. "Urdang, Ivy and Paragon did a great job with the property, renovating and repositioning the building and retenanting it not just once, but twice with the sublease."

The Metropolitan Area Capital Markets Group specializes in real estate sales, joint ventures and financing in Northern New Jersey; Fairfield County, CT; Long Island, NY; and Westchester County, NY. The team has completed more than $13.6 billion worth of transactions since 2000.

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Cushman & Wakefield Inks 143,000-SF Office Sale
June 30, 2010

MONTVALE, NJ-Cushman & Wakefield, Inc. has arranged the sale of 225 Summit Ave., 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. Neither the buyer nor the seller would release the sales price.

Formerly the headquarters of Toys 'R' Us, 225 Summit 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.

"The pricing and the execution of this transaction is reflective of the quality of the asset and creditworthiness of the tenancies," said Gabriel. "Urdang, Ivy and Paragon did a great job with the property, renovating and repositioning the building and retenanting it not just once, but twice with the sublease."

The Metropolitan Area Capital Markets Group specializes in real estate sales, joint ventures and financing in Northern New Jersey; Fairfield County, CT; Long Island, NY; and Westchester County, NY. The team has completed more than $13.6 billion worth of transactions since 2000.