CBRE and KBS announce the sale of Park Avenue at Morris County in Florham Park for $311 million — the largest New Jersey suburban, multitenant office sale since 2008.
Park Avenue at Morris County (or “Park Avenue”), located at 100-600 Campus Drive, consists of six Class A office buildings totaling 1,189,484± sq. ft. set on a picturesque 135± acre site and a seventh building which houses The Goddard School. Park Avenue, the New York Tri-State region’s preeminent suburban office park, was primarily developed between 1989 and 1999 and has recently undergone a capital improvement program that included upgrades to the common areas/lobbies, building systems and amenities.
“These improvements added tremendous value to the asset,” says Shannon Hill, senior vice president and asset manager for KBS. “Though we purchased this property during the economic downturn, through strategic upgrades we were able to maintain its prestige in the industry and attract several blue-chip tenants during our ownership.”
The team including Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, KBS Real Estate Investment Trust II (KBS REIT II), and also procured the buyer, a private New York City based investor backed by offshore capital.
The property features a mix of institutional tenants, headquarter-quality construction and finishes, a comprehensive amenity package and a prime commuter location highlighted by train access to Manhattan from the Madison Train Station, situated just two miles from the property in Morris County..
CBRE Vice Chairman Dunne commented, “The availability of a trophy office asset of this magnitude is highly unusual and a one-of-a-kind investment opportunity. The buyer recognized the ability to increase revenue through lease up of the vacant space and should experience great long-term appreciation with the asset’s strong cash flow.”
“Park Avenue embodies all of the elements today’s occupiers look for in modern office space. The trifecta of location, amenities and high-quality infrastructure are the foundation to its leasing success, and we are confident the buyer will enjoy future success with regards to attracting and retaining tenants,” added Neuer, Executive Vice President, CBRE.
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