The four buildings accounting for 300 through 600 Campus Dr. will formally be in the portfolio of the Newport Beach, CA-based KBS by the end of the year, although a final sale price for the second closing has not been released. The six buildings all rise four stories and range in size from the 356,000-sf 100 Campus building to the 101,000-sf 300 and 600 Campus Dr. buildings.

The deal was orchestrated on behalf of the seller by Jeffrey Dunne, Kevin Welsh and David Gavin of CB Richard Ellis' New York Institutional Group, aided by Samuel Buckley of CBRE's Saddle Brook, NJ office. The quartet also procured the buyer for the property. "From every conceivable standpoint, this property represented an extraordinary investment opportunity," says Shannon W. Hill, SVP and director of acquisitions for KBS. "That includes location, quality, prestige and tenancy."

In terms of that tenancy, Park Avenue is nearly a sell-out, with occupancy listed at the 99.1% level at the time of sale. Among the major firms on its marquee tenant roster are Accenture, BASF, BlackRock, The Hartford Fire Insurance Co., Mapfre Reinsurance, McKinsey & Co., Merrill Lynch, PricewaterhouseCoopers, Quincy Mid Atlantic, Smith Barney, UBS and Wachovia Securities.