FLORHAM PARK, NJ—Strategy and business solutions consulting firm Logical Design Solutions has signed a new 20,681-square-foot lease at Park Avenue at Morris County, in the office park's 100 Campus Drive flagship building. Additionally, law firm Greenburg Traurig, an existing tenant, expanded its lease by 4,300 square feet for a total of 51,342 square feet.
KBS Real Estate Investment Trust II, the Newport Beach, Calif.-based public, non-traded real estate investment trust that owns the 1.2-million-square-foot office park, is reaping the benefit of a comprehensive, amenities-driven repositioning of the property begun in 2014. KBS credits the comprehensive upgrades to the property with its success in leasing more than 580,000 square feet of leases at Park Avenue at Morris Park since 2014.
"For more than a year, we've been intently focused on vastly improving the tenant experience here at Park Avenue at Morris County, and the results have been undeniable," says Shannon W. Hill, KBS senior VP/asset manager. "Occupancy has improved, and we're attracting high quality tenants that understand that connectivity and amenity driven work space is key to attracting the best talent."
KBS has implemented significant high-end changes, including the addition of a private shuttle service to local shopping and dining destinations, as well as a dedicated commuter shuttle to and from the Madison NJ Transit rail station. Other amenities driving leasing interest include a new conference center and upgraded dining facilities; a new, full-service fitness center with an outdoor cross-fit station, basketball and volleyball court, massage room and aerobic studio, access to personal trainers and physical therapists; electric car chargers; a dedicated concierge; walking/jogging trails; an umbrella service; and a mobile app that provides a one-stop shop for tenants to access the park's amenity offerings.
KBS recently launched construction of a stand-alone building on the property for The Goddard School for Early Childhood Development, and is renovating the atrium lobby of 100 Campus Drive to provide a space conducive for social interaction.
Jeffrey Heller and William McCaffrey of Avison Young represented KBS REIT II in each of the leasing transactions.
"The extensive upgrades at Park Avenue at Morris Park are going a long way towards meeting the pent-up demand for high-grade, lively office spaces in Morris County with seamless access to transit options," Heller says. "Since KBS initially purchased the property, it has been hard at work substantially enhancing the work environment for tenants. Now, with the project nearly fully leased, it's clear that leadership's vision was the correct one for the project."
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