KBS sells 1.19msf N.J. office for $311m

KBS has sold Park Avenue at Morris County, a trophy office park in Florham Park, N.J., a suburb of New York City. The six-building, 1.19 million-square-foot property owned by KBS Real Estate Investment Trust II was sold to a private buyer for $311 million.

During its ownership of the Northern New Jersey asset, KBS implemented a multimillion-dollar improvement plan, bringing occupancy up to 89 percent. The firm added modern amenities designed to appeal to today’s office users, according to Marc DeLuca, regional president, Eastern United States for KBS.

As part of its improvement plan, KBS added numerous state-of-the-art amenities, including a fitness facility with indoor and outdoor spaces and personal training, basketball and volleyball courts, a soccer field, modernized lobbies particularly in 100 Campus Drive, which serves as the hub for the park’s amenities, new roofs and HVAC units, updated elevators, a conference center, and a dedicated on-site concierge and s