Denholtz Properties announced a lease with Xela Communications, L.L.C. for 5,175 square feet of office space at 322 Highway 35 South, part of a two-building office property located in Red Bank, N.J. Denholtz Properties recently acquired the property through a sale and leaseback agreement with the building’s former owner, Markel Service, Incorporated (“Markel”), a wholly owned subsidiary of Markel Corporation.
The South Building, located at 310 Highway 35 South, is a three-story, state-of-the-art facility with amenities including a fitness center, cafeteria and redundant backup power. Developed in 2007, The North Building located at 322 Highway 35 South is also three stories and features amenities including a tenant lounge and redundant backup power. Markel continues to lease 100% of the South Building on a long-term basis as well as 22% of the North Building. In addition to Markel, the nearly fully occupied portfolio boasts a prestigious roster of tenants including Traub Lieberman Straus & Shrewsbury, a national legal firm with seven offices across the country, and Sensato, a healthcare cybersecurity firm. The lease deal with Xela Communications brings the North Building’s occupancy rate to 90%.
For more than a decade, Xela Communications, a leading telecommunications consultancy company, has helped companies nationwide find customized telecommunications solutions that increase efficiency, add resiliency and deliver value. Their 5,175-square-foot lease at 322 Highway 35 South will allow them to continue to provide leading edge telecommunications consultancy services to companies of all sizes throughout the country.
“Our recent acquisition of 310 and 322 Highway 35 South is another opportunity through which we’re continuing to solidify our roots and growing commitment to the borough of Red Bank,” said Kristine B. 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.”
Located along the region’s primary North/South thoroughfare, 310 and 322 Highway 35 South provide tenants with the accessibility and proximity to one of New Jersey’s fastest growing communities. Consistently ranked as one of the top places to live in the state, Red Bank features a unique location nearby the Jersey Shore along with a bustling downtown and tremendous public transportation accessibility. The combination of these factors has made the borough one of the most desirable locations in the state for residents and businesses alike.
Kristine B. Hurlbut of Denholtz Properties represented Denholtz Properties and Larry Dickstein of Dickstein Real Estate Services represented Xela Communications in the transaction.