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
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