August 4, 2009

Denholtz Associates, a New Jersey-based real estate investment and development company, has announced the acquisition of a 56,000-square-foot, Class A office building at 150 Morristown Road in Bernardsville, New Jersey. The asset was acquired in a joint venture partnership that included Becker Brothers LLC, a real estate investment company located in Roseland, New Jersey. Cushman & Wakefield represented the owners, RAIT Financial Trust and NPV Direct, in this transaction.

"Located in the highly desirable I-287 corridor, 150 Morristown Road represents a tremendous investment opportunity with significant upside value," commented Stephen Cassidy, President, Denholtz Associates. "Our ability to close in a short period of time enabled us to acquire the building in a very competitive environment. As a result we are well positioned to achieve our investment objectives at the property. Denholtz Associates has the necessary capital and resources to be an aggressive buyer in this challenging economic environment and we look forward to closing similar transactions in the future."

Situated just outside Morristown in Somerset County, the asset offers flexible units from 800-1,500 square feet and recently underwent substantial upgrading by its former owners. The building boasts a two-story lobby, 24/7 access, executive covered parking, and award-winning property management. Less than a mile from the headquarters of Verizon and AT&T, this two-story office building is directly off of Route 202/206 and is in close proximity to Routes 78, 287, public transportation, shopping, restaurants, banking, and hotels.