FREEHOLD, NJ – It’s a brand new building that’s already two years old, and now is being leased, as DTAK Realty LL and Procida Funding LLC have named CB Richard Ellis as the exclusive leasing agent for Freehold Commons, a 40,378-square foot class A office building at 83 South Street here.

The three-story project combines a historic setting near Freehold Borough's downtown, with new construction. At first, the development was delayed as the local historic review board negotiated with the original developer. Later, the mostly completed building went through a number of ownership changes, and was recently finished, according to CBRE's Suzanne Macnow, first VP, and Patricia Riedel, senior associate. Now the challenge is to lease the project in notoriously difficult western Monmouth County.

Because of its location to the west, Freehold often is the last market to fill up in good economic times – and the first to empty out during recessions, she adds. “In Monmouth, most tenants are from Monmouth and they circle around,” Macnow tells GlobeSt.com. “There’s no movement.”

The advantage of Freehold Commons is its proximity, about a quarter of a mile, to downtown, and the quality of construction and amenities. “One thing a lot of tenants like and that we have, is basement storage,” Paretti says. “We also have covered parking. It’s just a pretty building.”

CBRE has leased some 10,000 square feet in the building to tenants including LaRocca Hornik Rosen Greenberg & Blaha, Object Data, Lifeblood, En Sync, and Javerbaum Wurgaft Hicks Kahn Wikstrom & Sinins PC.

The asking rent is $19.50 per square foot gross, with separately metered gas and electricity, comparable with class B and C projects, Macnow says, but “In that market, this is a class A project, because there’s nothing else like it.”