Search
 

KBS Buys 1M-SF Office Campus

FLORHAM, NJ-KBS is the new owner of the six-building Park Avenue at Morris County, which it is acquiring in a two-stage closing.

By Eric Peterson | Updated on September 11, 2008

FLORHAM PARK, NJ-KBS REIT II is adding what is considered to be one of New Jersey’s top office campuses, buying the 1.1-million-sf, six-building Park Avenue at Morris County. The sale by owner JP Morgan Chase is actually occurring in two phases, with the first phase of that transaction, the sale of the 100 and 200 Campus Dr. buildings, having closed this month. The $180.7-million price tag for the two assets factors out to $300 per sf.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.