The deal of the year was undoubtedly KBS REIT II's two-part acquisition of the more than 1.1 million-square-foot Park Avenue at Morris County office campus in Florham Park. It gets the nod both for its size and for its complexity. In September, KBS REIT II authored the first of two closings, and in October the Newport Beach, CA-based fund completed its acquisition of the six-building campus with the second closing.

Altogether, the class A campus traded for a combined $365 million, or about $325 per square foot. In both phases of the transaction, KBS was represented in-house, and seller JP Morgan Chase was represented by Jeffrey Dunne, Kevin Welsh and David Gavin of CB Richard Ellis' New York institutional group in collaboration with Samuel Buckley of CB Richard Ellis' Saddle Brook office.

The second closing involved four buildings totaling nearly 565,000 square feet, which commanded $184.3 million, or just more than $326 per square foot. The four, 300 Campus Dr. (101,500 square feet), 400 Campus Dr. (183,000), 500 Campus Dr. (181,000) and 600 Campus Dr. (99,000), were 99% leased at the time of closing. The first closing in September, meanwhile, involved the 100 Campus Dr. and 200 Campus Dr. buildings totaling about 559,000 square feet. The pair went for $180.7 million, or just more than $323 per square foot.