Denholtz will establish its regional Florida headquarters on the five-acre property, just west of Interstate 95 off Brandywine Road. The purchase brings the company's Florida portfolio to 1.2 million sf over the past 14 months.

The acquisition "reflected the core investment strategy of Denholtz Associates," managing director Stewart Denholtz says in a prepared statement. The company strives to acquires value-added, high-quality office, flex and industrial properties that are below replacement cost and meet the firm's stringent investment criteria.

Denholtz calls the building "an under-performing asset" that "offers excellent upside potential and allows us to utilize our in-house resources and expertise to create long-term value with this asset."