10/15/2008

CBRE brokers largest office sale in New Jersey history

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Park Avenue at Morris County

Newport Beach, Calif.-based KBS Real Estate Investment Trust II has purchased Park Avenue at Morris County, a six-building office park in Florham Park, N.J., for $362.4 million.

The deal, which is the largest office sale in New Jersey history, was brokered by Jeff Dunne, Kevin Welsh, David Gavin and Samuel Buckley of CB Richard Ellis.

Park Avenue contains more than 1.12 million square feet on 136 acres at 100-600 Campus Dr. Built between 1989 and 1999, it sold for $323 per square foot and was 99 percent occupied at the time of sale. Tenants of the park include Accenture, BASF, BlackRock, The Hartford Fire Insurance Co., Mapfre Reinsurance, McKinsey & Co., Merrill Lynch, PricewaterhouseCoopers, Quincy Mid Atlantic, Smith Barney, UBS and Wachovia Securities.

Dunne is the vice chairman of the New York Institutional Group, a 12-person team that specializes in New York and eastern second-tier cities. He was the Gale Co.'s Broker of the Year in 2002 and recently arranged the sale of a 25 asset industrial portfolio for $209M in New York and New Jersey.

Welsh is a first VP with CBRE and is responsible for the company's New Jersey operation. He is a member of the New York Institutional Group and has completed $500 million of commercial real estate sales in the last 18 months.

Address: 100-600 Campus Dr., Florham Park, N.J.

Size: 1.12 million square feet

Built: 1989-1999

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Filed Under: Office

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