1 Philips Parkway Montvale, NJ

The Offering

As exclusive agent, Cushman & Wakefield is pleased to offer a 100% fee interest in 1 Philips Parkway (the “Property”) for sale. 

This three-story, state-of-the-art research and development lab and office facility totals 90,000 SF and is situated on an 11-acre site in affluent Montvale, NJ. Built in 1969, the Property consists of a variety of R&D labs, office space, and employee amenities. 1 Philips Parkway is currently zoned as OR-4 (Office and Research District) enabling a user to capitalize on the existing lab space. The corporate owner of the property has commenced development of a new state of the art laboratory building that will be completed in 2028. The seller is therefore able to sell the property “as is”, for repositioning with a lease-back through 2028 or on a “subject to” entitlement redevelopment. With the June 30, 2025, Housing Element and Fair Share Plan, the Property may allow for the identification of affordable housing in the Fourth Round, permitting the new owner to redevelop the property into a multifamily community.

1 Philips Parkway benefits from its strategic location with immediate access to the Garden State Parkway and highways Route 17, NY Route 59, and Interstate 287. The Property is located close to local amenities such as Tice’s Corner Marketplace, Whole Foods, Lifetime Fitness, The North Market and The Shoppes at DePiero Farms, which is anchored by Wegmans. The Property is complemented by The District, a new luxury apartment community that provides tenants and residents with a convenient life/work/play lifestyle.

Montvale is known for being one of Northern New Jersey’s most desirable residential communities, with an overall Niche Grade of A+. The town boasts an average annual income of over $229,000 with 80% of residents earning above $75,000. With the Property being only 2 miles from the New York State border, this location has proven to be a major labor intercept, allowing employers to draw from Northern New Jersey and New York’s Rockland and Orange Counties highly educated labor pools. Furthermore, it offers employees the advantage of residing in New York State, where the cost of living is significantly lower than Northern New Jersey. 

Investment Highlights