KBS REIT II Signs 88,000 Square Feet in Lease Renewals at New Jersey Office Complex
KBS Real Estate Investment Trust II, a publicly registered non-traded real estate investment trust, signed two lease renewals totaling 88,242 square feet at Park Avenue at Morris County in Florham Park, New Jersey.
Shionogi Inc., the U.S. subsidiary of a Japanese pharmaceutical company, renewed its 57,772-square-foot lease. Wells Fargo Advisors, a financial services company, renewed 30,470 square feet.
“We believe Park Avenue’s market-leading amenities and desirable location make it extremely attractive to world-class companies like Shionogi Inc. and Wells Fargo Advisors,” said Shannon Hill, senior vice president at KBS. “We are pleased they are both continuing their partnerships with KBS.”
Park Avenue consists of six class A, Energy Star, and LEED silver-certified office buildings containing 1.16 million rentable square feet. The property includes electric car charging stations and private shuttle service to and from the nearby Madison train station.
Onsite amenities include an online food delivery network, a state-of-the-art conference center, daycare center, dry cleaning, and a fitness center with yoga instructors, massage therapists and physical therapists. The property features outdoor volleyball and basketball courts, as well as two-mile nature trails.
The REIT acquired the office complex for $362.4 million in late 2008.
KBS Real Estate Investment Trust II’s portfolio consists of 10 office properties, one office/flex property and an office campus consisting of eight office buildings. The REIT terminated its offering in March 2011.
KBS Capital Advisors is the external advisor to KBS real estate investment trusts, and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.