David Zimmel arranges sale of 83,258 s/f Somerset office building for $6.8 million
Somerset, NJ — David Zimmel, CEO, Zimmel Associates, the Edison-based corporate real estate services firm, has brokered the $6.8 million sale of Two Executive Dr., an 83,258 s/f office building located in Somerset, to the Torsiello Organization, Edison, one of the leading construction, development and property management companies.The seller is Denholtz Associates, the Matawan-based real estate management and investment firm. The building is known as Somerset Executive Square II and Zimmel Associates is the leasing agent.“I presented the building to Anthony Torsiello, principal, as the Torsiello Organization owns 100 Davidson Ave., a nearby office building, and I thought Two Executive Dr. could be an attractive and synergistic addition to their portfolio of quality properties,” said Zimmel.Denholtz has owned the building for two years. “We brokered the sale of the building to Denholtz two years ago and they named us exclusive leasing agent,” said Zimmel. “At that time the building was only 50 percent leased. Through our marketing of the building we brought the occupancy up to 85 percent leased, with no major vacancies to occur in the near future, which made the building more attractive to investors.”Recent upgrades to the building include a beautiful lobby renovation and revamped elevator interiors.