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5 Paragon Drive

SeaCube Container Establishes Global HQ At 5 Paragon Drive In Montvale
LEASEDOffice

SeaCube Container Establishes Global HQ At 5 Paragon Drive In Montvale

5 Paragon Drive

Building Size

15,287 SF

Asset Type

Office

Closing

Apr 10, 2024

AI

Located at 5 Paragon Drive in Montvale, the office property spans 15,287 square feet and was leased in a recent transaction. The space now serves as the new global headquarters for SeaCube Container, a deal that resulted in over 92 percent occupancy at the building.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Address: 5 Paragon Drive
  • Market: Montvale
  • Landlord: Exclusive Management
  • Tenant: Robert Sappio - SeaCube Container

Lincoln Property Company played a significant role in the transaction, with their representatives Rick Genthe, Bob Lee, and Sean O'Brien representing the landlord, Exclusive Management. On the tenant side, SeaCube Container was represented by Gregg Najarian and Slava Vaynberg of Savills.

Players

Gregg Najarian

Savills

Broker

$5.5M

vol

4 deals

Broker

Montvale Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93