KBS REIT II Completes Significant Leases At Signature New Jersey Property
KBS Real Estate Investment Trust II, a non-traded real estate investment trust sponsored by KBS Realty Advisors, has completed 63,969 square feet of leases at Park Avenue at Morris County in New Jersey.
Park Avenue at Morris County is comprised of six Class A, Energy Star and LEED-certified office buildings offering 1.16 million square feet of rentable space. The property is also WiredScore rated. The property is located near the Columbia Turnpike exit off Route 24, 25 minutes from Newark Liberty International Airport and 35 miles from New York City.
Tenants can access the property by public transportation from New York City and neighboring towns via a private luxury shuttle service that runs between the property and the nearby Madison train station during prime commuting hours. Shuttle service is also available on demand throughout the day for access to area amenities including The Mall at Short Hills. The property offers tenants electric car charging stations and covered parking.
Onsite amenities include The Lunch Box, an online food delivery network available on the property’s proprietary website and mobile application, a state-of-the-art conference center, a newly renovated atrium lobby at the 100 building, dry cleaning and a fitness center with yoga instructors, massage therapists and physical therapists. Park Avenue at Morris County also features outdoor volleyball and basketball courts, as well as two miles of nature trails.
Additionally, Park Avenue at Morris County is home to a newly developed Goddard School, an early childhood education center servicing tenants and surrounding neighborhoods. This onsite facility provides tenants with childcare services conveniently nearby their workplace.
“It’s fantastic to call Park Avenue our home. The KBS team has made this a truly remarkable place to have our school and with the help of the Park Avenue Ambassadors and the Concierge, we are thrilled to offer outstanding care and education to the families in the campus,” said Laurie Hoffman director of education at The Goddard School.
“What we are hearing from our newest occupants is that they feel Park Avenue has the amenities and services that will allow them to recruit and retain top talent in their respective industries,” said Shannon W. Hill, senior vice president at KBS and asset manager for the property. ”It’s very rewarding to hear this as it’s the precise outcome we set out to create when we started enhancing the campus. Our latest feature is a fully redesigned atrium lobby in the 100 building, which now serves as the social hub of the campus and venue for entertainment activities. We will continue to explore innovative services to enhance our tenants’ experience at Park Avenue.”
KBS REIT II went effective in April 2008 and closed its primary offering in March 2011 after raising $1.8 billion in investor equity. The company’s portfolio consists of 11 office properties (10 office properties and an office campus consisting of eight office buildings) and one real estate loan receivable. As of September 30, 2016, the company’s real estate portfolio was 89 percent occupied.