Denholtz acquired the two-building office property through a sale and leaseback agreement with the building’s former owner Markel Service Inc., a wholly-owned subsidiary of Markel Corp. Markel continues to lease 100 percent of the South Building on a long-term basis as well as 22 percent of the North Building.
The lease deal with Xela Communications brings the North Building’s occupancy rate to 90 percent.
“Our recent acquisition of 310 and 322 Highway 35 S. is another opportunity through which we’re continuing to solidify our roots and growing commitment to the borough of Red Bank,” said Kristine Hurlbut, senior vice president of leasing at Denholtz Properties. “Red Bank, and by extension, Monmouth County are rapidly becoming one of New Jersey’s most-desirable submarkets, as evidenced by the many growing businesses such as Xela Communications that are looking to call the area home.”
The South Building, located at 310 Highway 35 S., is a three-story facility with amenities including a fitness center, cafeteria and redundant backup power. Developed in 2007, The North Building located at 322 Highway 35 S. is also three stories and features amenities including a tenant lounge and redundant backup power.
For more than a decade, Xela Communication has helped companies nationwide find customized telecommunications solutions that increase efficiency, add resiliency and deliver value. The lease in Red Bank will allow them to continue to provide leading-edge telecommunications consultancy services to companies of all sizes throughout the country.
Hurlbut represented Denholtz Properties and Larry Dickstein of Dickstein Real Estate Services represented Xela Communications in the transaction.