KBS Trades 1.2M SF Florham Park Office Complex for $311M
January 29, 2020 | John Jordan | GlobeSt.com
FLORHAM PARK, NJ—KBS of Newport Beach, CA has sold its six-building, 1.19-million-square-foot Park Avenue at Morris County office complex here in a deal valued at $311 million.
KBS Real Estate Investment Trust II sold the complex to an unidentified private buyer. CBRE, which represented KBS in the transaction, identified the new owner as a private New York City-based investor backed by offshore capital.
CBRE said the deal is the largest suburban, multitenant office sale in New Jersey since 2008. A team that included Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented KBS and also procured the buyer.
