GVA Williams closes Executive sale.

GVA Williams New Jersey recently completed the sale of 3 Executive Drive, an 85,765 s/f office building, located in Somerset Executive Square in Somerset.

The GVA Williams team of senior vice president David Csontos and director, Investment Sales Eric Rubin represented Glenborough Three Executive, LLC in the sale. The buyer, Denholtz Associates, was represented in-house.

Said Csontos, "This was a challenging assignment on several levels. Our client succeeded to ownership as a result of a foreclosure proceeding, which limited their history with the building. Also, the Franklin Township office submarket has been less than robust for several years with a vacancy rate in excess of 20 percent. That being said, we were able to solicit bona fide offers from numerous qualified buyers.

"The Denholtz Organization stepped up to the plate and closed the deal in a timely and professional manner. With the purchase of 3 Executive Drive, Denholtz now owns all three buildings in the park which affords them a great deal of flexibility to meet the needs of their expanding tenant base."

Somerset Executive Square is a three-building office park consisting of two, four-story office buildings (1 and 2 Executive Drive) totaling 166,000 s/f and the newly acquired 86,000 s/f five-story office building at

3 Executive Drive. At the time of closing, IPS, a full-service engineering and design-build firm focused on the pharmaceutical industry, was the sole tenant of 3 Executive Drive, occupying 20 percent of the building. Denholtz Associates is planning a capital improvement program at the building to include a building systems upgrade.