January 29, 2020
KBS Real Estate Investment Trust II sold Park Avenue at Morris County, a trophy office park in Florham Park, NJ. The $311-million deal for the six-building, 1.19-million-square-foot property was the largest multi-tenant suburban office disposition in New Jersey since 2008, according to CBRE, which brokered the sale.
During its ownership of the Northern New Jersey asset, KBS implemented a multimillion-dollar improvement plan and brought occupancy up to 89%. “By incorporating a broad spectrum of desirable features into this preeminent office park, we were successful in significantly driving new leases and renewals at Park Avenue at Morris County,” said KBS’ Mark DeLuca.
CBRE’s Jeffrey Dunne and Jeremy Neuer represented KBS in the sale. The buyer, a private New York City investor backed by offshore capital, was procured by the team as well.
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