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Bergman Real Estate Group and Manhattan Management Acquire Holmdel Executive Center

HOLMDEL, N.J. (April 9, 2001) – Bergman Real Estate Group, a leading owner and manager of commercial office properties based in North Brunswick, N.J., and its joint venture partner, Manhattan Management Company, have acquired the Holmdel Executive Center, a two building office complex comprising 75,000 square feet located at 960 Holmdel Road in Holmdel, New Jersey.

Bergman and Manhattan management purchased the property from Credit Suisse First Boston and The Schultz Organization. Jonathan B. Schultz and Dave Iacobucci of The Schultz Organization represented the Seller in this transaction. Acquisition financing was obtained from The Bank of New York who provided the Buyer with a loan of $6,150,000.

“This acquisition represents a valuable addition to our growing portfolio,” says Michael Bergman, Vice President of Acquisitions, Leasing and marketing for Bergman Real Estate Group. “The complex is ideally situated to benefit form the strong office market and excellent demographics in Monmouth County.”

Monmouth County, which has been ranked as one of the most desirable places to live by Money Magazine, features a large, diverse and highly educated labor pool. “This area of Monmouth County is a leading center for technology companies and houses some of the nation’s top corporations such as AT&T, Lucent Technologies, Prudential Insurance and Telecordia Labs.,” continued Mr. Bergman.

Holmdel Executive Center is located near the intersection of Route 520 and Holmdel Road offering convenient access to Route 9, Route 18, Route 34, and Exits 109, 114 and 117 of the Garden State Parkway. Formerly known as the “Ranger Complex,” the property was developed by Henry West and David Shaheen of Ranger Associates in 1981 and 1983, based upon the architectural design by the renowned architectural firm or Rothe, Johnson, Fanticone.

Holmdel Executive Center features two separate, 2-story first class office buildings totaling 75,000 square feet situated on a professionally landscaped 17-acre site. The two buildings have a clean, modern architectural design and offer such features as 24-hour access and an on-site building manager. The upgraded lobbies were extensively renovated in the first quarter of 1999. The complex also features abundant parking and the convenience of nearby restaurants, shopping, banking and a host of other services.

Holmdel Executive Center is currently 97% leased with such prestigious tenants as 3COM and Marketware Int’l, a subsidiary of TD Waterhouse, among others. “We’re confident that our hands-on approach to professional management of these buildings, and our commitment to providing high quality services, will meet the growing needs of our tenants” says Mr. Bergman.

Formed in 1961, Manhattan Management Company owns and manages over 4,000 apartment units in New York, New Jersey, Oklahoma, and Louisiana, as well as several office buildings in New Jersey comprising over 600,000 square feet.

Started in 1988 by Jerome Bergman, President and CEO, Bergman Real Estate Group specializes in the acquisition, ownership, management, leasing, and construction supervision of commercial office buildings for itself, and its joint venture investor partners. Since its formation, Bergman has successfully acquired over 20 commercial properties worth in excess of $120 million, including 11 office buildings containing over one million square feet of office space and 10 garden apartment properties containing over 3,500 units.