FLORHAM PARK, NJ-Three national law firms have taken a total of more than 80,000 square feet at the Park Avenue at Morris County office complex here, says real estate investment advisor KBS Realty Advisors, which manages the property. CB Richard Ellis represented the landlord in all three transactions.
More specifically, Wilson Elser is relocating from Newark to 48,000 square feet on the top floor of 200 Campus Dr., while international law firm Clyde & Co. has leased 22,000 square feet on the third floor in an expansion of its New York City practice. Meanwhile, DLA Piper is taking 10,000 square feet at nearby 300 Campus Dr.
The complex is 96% leased with tenants including Accenture, BASF, Drinker Biddle, the Hartford Fire Insurance Co., Holliday Fenoglio Fowler LP, JP Morgan Chase, Mapfre Reinsurance, McKinsey & Co., Merrill Lynch, PricewaterhouseCoopers, Morgan Stanley Smith Barney, Shionogi Pharma, UBS and Wells Fargo Advisors. More than 340,000 square feet has been leased at the six-building, 1.2-million-square-foot, class A office campus since 2009.
“Park Avenue at Morris County continues to benefit from the flight to quality trend occurring in the market right now,” CBRE’s senior vice president, Greg Barkan, says. “Select availabilities at Park Avenue’s office campus are in great demand because of the quality of the property and the amenities, as well as its location and the tenancy.” Adds Charles A. Valentino, senior vice president of Newport Beach, CA-based KBS Realty, “The quality of the properties, the location and the affluent demographics of the area make it a good choice for law firms that want to retain and attract top talent, while being accessible to their clients locally and in New York City.”
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