NKF negotiates $14.8 million sale, leaseback of Red Bank office portfolio

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Newmark Knight Frank announced it negotiated the partial sale and leaseback of a two-building office property at 310 (South Building) and 322 (North Building) Highway 35 S. for $14.8 million.

The building’s current owner Markel Service Inc., a wholly owned subsidiary of Markel Corp., reached a partial sale and leaseback agreement with Denholtz Properties.

NKF Executive Managing Director Steven Schultz, Managing Director Tony Georgiev and Managing Director Adam Silver acted as leasing expert, representing the buyer and seller in the transaction.

Markel, one of the largest excess and surplus lines insurers in the United States, has leased the South Building as one of its headquarters since 2002 and will continue to lease 100 percent of the building on a long-term basis following this deal. Markel will also lease 22.13 percent of the North Building, along with four other subtenants, bringing the North Building’s occupancy to 76.33 percent.

The South Building – a three-story, state-of-the-art facility with amenities including a fitness center, cafeteria and redundant backup power – stretches across 3.85 acres. The North Building, developed in 2007, is also three stories, with amenities including a shared conference room, auditorium, training room and kitchen; it stretches across 3.67 acres.

310 and 322 Highway 35 S. provide access to every major market and distribution point within 350 miles, including an eclectic mix of businesses in the entertainment, retail, professional, medical and hospitality industries.