1.19M Square-Foot Office Property in Florham Park Sells For $311M

FLORHAM PARK, NJ — KBS Realty Advisors' 1.19 million square-foot Park Avenue at Morris County office property has sold to a private buyer for $311 million, the private equity real estate company announced in a press release Tuesday.

The six-building property, located in Florham Park, recently underwent an improvement plan aimed at growing tenant occupancy. KBS said the plan increased occupancy to 89 percent.

Marc DeLuca, regional president, Eastern United States for KBS, said the multimillion-dollar improvement added modern amenities including a gym, basketball and volleyball courts, a soccer field, modern lobbies, new roofing, updated elevators and more.

KBS' improvements also won Park Avenue at Morris County LEED and WiredScore certifications.

“By incorporating a broad spectrum of desirable features into this preeminent office park, we were successful in significantly driving new leases and renewals at Park Avenue at Morris County,” DeLuca said in a statement.

CBRE's Jeffrey Dunne and Jeremy Neuer represented KBS in the sale, the release states. The buyer was also procured by the CBRE team.

According to a recent report from CBRE, the New Jersey office leasing market saw an increase of 212,000 square feet from Q2 of 2019 to Q3.