• Somerset Executive Square - 2 Executive Drive
  • Somerset Executive Square - 2 Executive Drive
  • Somerset Executive Square - 2 Executive Drive
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Somerset Executive Square - 2 Executive Drive - Availability Details

Off-Market

2 Executive Drive, Somerset, NJ 08873

This property is off-market. Unlock in-depth property data and market insights by signing up to CommercialEdge.

  • Property Type Office - General Office
  • Property Size 83,258 Sqft
  • Lot Size 5 Acre
  • Parking Spaces Avail. 333
  • Parking Ratio 4.00/ 1,000 SF
  • Property Tenancy Multi-Tenant
  • Building Class B
  • Year Built 1982

Location

  • City Somerset, NJ
  • Neighborhood Franklin Center
  • Zip Code 08873
  • Market New Jersey

Contacts

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Owner

  • True Owner
  • Registered Owner

Tenants

Suite Name Tenant Leased
Space		 Rent Price Lease
Type		 Space
Type		 Lease Term
370 17th Street #5500 MERRILL, (303) 446-5500 23,824 SF $23/SF/YR Modified
Gross		 General
Office		 11/01/2014-
N/A
370 17th Street
#6000		 Morrison & Foerster,
(303) 592-1500		 10,710 SF $26/SF/YR Full
Service		 General
Office		 08/01/2013-
07/31/2023
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Documents

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Sales

  • Purchase Date 03 May, 2018
  • Purchase Price $6,800,000
  • Arm's Length
  • Buyer Name

Mortgages

  • Current Lender
  • Loan Amount
  • Loan Origination Date

Market Trends

Average Actual Rents in Somerset

Average rents use actual signed leases, aggregated for your specific search area and asset type with Yardi Market Insight. Be confident your price is competitive, with CommercialEdge.

Current Average Rent
Net Rent
$44.3/SF/YR
Recoverables Show detailsHide details
$16.7/SF/YR
CAM
$3.54/SF/YR
Insurance
$0.59/SF/YR
Taxes
$9.52/SF/YR
Utilities
$1.76/SF/YR
Management Fees
$1.3/SF/YR
Total Rent
$61/SF/YR
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Occupancy & Leasing Activity
Occupancy
83.5%
Lease Spread
-20.5%
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Asking Rents in Somerset Office Market

Office rental rates are based on aggregated data of asking rates.

  • 2020 Avg. Asking Rent $21.62
  • 2020 Office Vacancy Rate 23.74%
  • 2020 Office Completions (Sqft)
View more Somerset market trends

Tax

  • Property Tax in 2021 $155,987
  • Market Value $7,100,000
  • Assessed Value $7,100,000

Find more tax info, including assessment history and abatements, on CommercialEdge