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Top New Jersey Deals

The financial mess that emerged in 2008 had its impact on sales and leasing deal velocity, but some major deals did indeed get done.

By Eric Peterson | Updated on January 08, 2009

The recession and financial mess that emerged in 2008 certainly had its impact on sales and leasing deal velocity for the year, but some major deals did indeed get done. Here, a look back, from the pages of Real Estate New Jersey and GlobeSt.com:

The deal of the year was undoubtedly KBS REIT II’s two-part acquisition of the more than 1.1 million-square-foot Park Avenue at Morris County office campus in Florham Park. It gets the nod both for its size and for its complexity. In September, KBS REIT II authored the first of two closings, and in October the Newport Beach, CA-based fund completed its acquisition of the six-building campus with the second closing.

Altogether, the class A campus traded for a combined $365 million, or about $325 per square foot. In both phases of the transaction, KBS was represented in-house, and seller JP Morgan Chase was represented by Jeffrey Dunne, Kevin Welsh and David Gavin of CB Richard Ellis’ New York institutional group in collaboration with Samuel Buckley of CB Richard Ellis’ Saddle Brook office.

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