The transaction was arranged for both BNP Paribas and the building's owner, the Newport Beach, CA-based KBS Realty Advisors, by Drew Persson, first vice president of GVA Williams of New Jersey, Parsippany. Terms of the lease were not disclosed. "BNP recognized the advantages of the location and committed to the long-term lease extension and expansion," Persson says.
The six-building office park totals 650,000 sf on 45 acres. KBS bought the complex in early spring from Corporate Plaza Associates, a local partnership, paying a reported $85.6 million, or about $137 per sf, in a transaction engineered by Persson. KBS has subsequently upgraded the complex's common area and tenant interiors.
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