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Deals & Dealmakers

New amenities drive brisk leasing pace at Morris County office park

KBS Real Estate Investment Trust II (KBS REIT II) announced the latest in a series of lease transactions that have been completed at Park Avenue at Morris County since the firm initiated a repositioning in 2014.

Strategy and business solutions consulting firm Logical Design Solutions, Inc. (LDS) has signed anew 20,681 s/f lease at the office park’s 100 Campus building.
Additionally, law firm Greenburg Traurig, LLP, an existing tenant, expanded its lease by 4,300 s/f for a total of 51,342 s/f.

Due, in large part, to the comprehensive upgrades that have been made to the 1.2-million-square-foot office park in Florham Park, KBS has consummated more than 580,000 s/f of leases since 2014.

“For more than a year, we’ve been intently focused on vastly improving the tenant experience here at Park Avenue at Morris County, and the results have been undeniable,” said Shannon W. Hill, KBS senior VP/asset manager.

“Occupancy has improved, and we’re attracting high quality tenants that understand that connectivity and amenity driven work space is key to attracting the best talent.”
KBS has added a private shuttle service to local shopping and dining destinations, as well as a dedicated commuter shuttle to and from the Madison NJ Transit rail station.

Other amenities that are driving the lease pace include a new conference center and upgraded dining facilities; a new, full-service fitness center with an outdoor cross-fit station, basketball and volleyball court, massage room and aerobic studio, access to personal trainers and physical therapists; electric car chargers; a dedicated concierge; walking/jogging trails; an umbrella service; and a mobile app that provides a one-stop shop for tenants to access the park’s amenity offerings.

KBS recently kicked off the development of two new amenity-driven features.
A stand-alone building is being constructed in the park that, upon completion, will be occupied by The Goddard School for Early Childhood Development — a pre-school system that provides an AdvancED and Middle States Corporate Accredited curriculum known as

“Fun, Learning Experience”, or “F.L.E.X.”.
Additionally, the atrium lobby of the property’s flagship 100 Campus Drive building is being renovated and transformed into a large venue to provide a space conducive for social interaction.

Jeffrey Heller and William McCaffrey of Avison Young represented KBS REIT II in each of the leasing transactions.

“The extensive upgrades a Park Avenue at Morris Park are going a long way towards meeting the pent-up demand for high-grade, lively office spaces in Morris County with seamless access to transit options,” Heller said.

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