Park Avenue at Morris County totals nearly 1.2 million square feet of office space. Park Avenue at Morris County totalsnearly 1.2 million square feet of office space.

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FLORHAM PARK, NJ—KBS of Newport Beach, CA has sold itssix-building, 1.19-million-square-foot Park Avenue at Morris Countyoffice complex here in a deal valued at $311 million.

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KBS Real Estate Investment Trust II sold the complex to anunidentified private buyer. CBRE, which represented KBS in thetransaction, identified the new owner as a private New YorkCity-based investor backed by offshore capital.

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CBRE said the deal is the largest suburban, multitenant officesale in New Jersey since 2008. A team that included Jeffrey Dunne,Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, TravisLanger and Zach McHale of CBRE Institutional Properties representedKBS and also procured the buyer.

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Park Avenue at Morris County is located at 100-600 Campus Driveat a 135- acre site and includes a seventh building which housesThe Goddard School. The Park Avenue at Morris County complex wasprimarily developed between 1989 and 1999.

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During its ownership of the Northern New Jersey property,KBS implemented a multi-million-dollarimprovement plan, bringing occupancy up to 89%.

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Marc DeLuca, regional president, Eastern United States for KBS,says, "By incorporating a broad spectrum of desirable features intothis preeminent office park, we were successful in significantlydriving new leases and renewals at Park Avenue at MorrisCounty."

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As part of its improvement plan, KBS added a fitness facilitywith indoor and outdoor spaces and personal training, basketballand volleyball courts, a soccer field, modernized lobbiesparticularly in 100 Campus Drive which serves as the hub for thepark's amenities, new roofs and HVAC units, updated elevators, aconference center and a dedicated on-site concierge and securityservice.

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KBS also upgraded the buildings' cafeterias, installed a coffeeand wine bar in the lobby, and instituted a food-delivery serviceas well as an interactive mobile app that allows tenants easyaccess to nearby food options.

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In addition, KBS added transportation amenities includingelectric car-charging stations and a proprietary dual shuttleservice for tenants. Additional amenities KBS instituted at theproperty include a shoe-shine service, car-wash service,dry-cleaning service, walking and jogging trails and coveredparking.

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Bruce Fischer, Howard Chu, and Steven Fleissig of global lawfirm Greenberg Traurig, LLP represented KBS as legal counsel on thesale.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.