Denholtz Associates purchases 83,258 s/f, four-story office building in Franklin, NJ
FRANKLIN, NJ — Denholtz Associates, a privately held, fully integrated real estate development, investment and management company, has announced the purchase of a four-story, 83,258 s/f multi-tenant office building located in Franklin Township. The building, Somerset Executive Square II, is situated in the Route-287 submarket. The property was purchased from GE Capital.Somerset Executive Square II 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. The office park’s Executive Drive location is in close proximity to area banks, restaurants and shopping. There is abundant parking, which include executive covered spots and onsite porter services. The conveniently accessible park provides direct access to I-287, as well as easy access to Routes 22, 202, 206, I-78, The New Jersey Turnpike and The Garden State Parkway.
“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,” said Steven Denholtz, chief executive officer of Denholtz Associates. “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.”
Currently 18,754 s/f of space is available. Office vacancies range from 5,000 s/f 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. Matawan, NJ — Denholtz Associates announced the addition of Lauren Hayes to the newly created position of asset manager. In her position Hayes will be responsible for overseeing the operational activities of a multi-million s/f portfolio of commercial real estate assets.Hayes has spent the past three years at The Hampshire Companies where she was responsible for collectively managing a portfolio of over 35 mixed use properties throughout the Northeast. In addition to her financial management background, she brings seven years of experience with lease representation at several leading brokerage and property management firms. “Lauren immediately impressed us and is someone we feel very fortunate to have been able to add to our growing team,” said Stephen Cassidy, president of Denholtz Associates. “We have been in business for 60-plus years, but bringing in smart, capable and hard-working people to help keep and grow your business will always be the number one key to a company’s success. We feel we got exactly that when Lauren joined our team.”
Hayes obtained her MSRE from New York University and her BA in business management from Hartwick College. She currently resides in Cranford, NJ.