Denholtz Associates Buys Executive Drive Office Building

Somerset Executive Square II was recently purchased. Photo: Denholtz Associates.

Denholtz Associates, a Matawan-based real estate development, investment and management company, has purchased Somerset Executive Square II on Executive Drive.

The structure is a four-story, 83,258-square-foot multi-tenant office building. The property was purchased from GE Capital.

The building features newly renovated lobbies and corridors and sits on five acres directly adjacent to The Somerset Marriott Hotel and within walking distance of a major conference center and hotels, including the Radisson and Holiday Inn.

“We have been players in the central Jersey marketplace for a very long time and we understand how to extract the maximum value of a well-positioned, multi-tenant office in the current environment,” Steven Denholtz, chief executive officer of Denholtz Associates, said in a press release announcing the purchase. “Our strategy of acquiring these value-add, multi-tenant office buildings and parks rely on our substantial in-house capabilities, our advanced management systems and our world-class people. We are able to maximize the value and minimize the risks of our investments by filling vacancies with multiple tenants, and our size and resources relative to our competitors puts us at an advantage to do so.”

There is 18,754-square feet of space available for lease in the building, according to the release. Office vacancies range from 5,000-square-feet to the possibility to accommodate larger tenants. The property is currently being marketed to growing companies seeking highly competitive lease terms and back-office users.

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