Avison Young Named Exclusive Leasing and Project Management Representative for KBS REIT II Prestigious Park Avenue at Morris
Firm to leverage fully integrated service model to market 1.12-million-square-foot trophy office campus in Florham Park, NJ
Morristown, NJ ( September 10, 2013) – Jeffrey L. Heller, Principal and Managing Director of Avison Young’s New Jersey office, today announced that the firm has been named the exclusive leasing agent and project management representative for Park Avenue at Morris County, located in Florham Park, NJ. The property is owned by KBS REIT II and operated by KBS Capital Advisors. Highly regarded as one of finest office campuses in the entire Tri-State region, the six-building granite and glass class-A corporate park totals 1.12 million square feet and is set on a picturesque 136-acre site directly off of Route I-24.
Heller, along with Avison Young Principal William E. McCaffrey and Vice-Presidents Peter C. Hedley and Brian Cass are leading the marketing assignment for the campus. Complementing the leasing team is Avison Young’s New Jersey-based project management team, led by Edward Walsh and Tom Walsh, both Principals and Managing Directors of Project Management, who will be responsible for working closely with the property ownership, leasing team, property management, and existing and prospective tenants on the construction of tenants’ spaces within the campus.
“Avison Young’s integrated, solutions-oriented marketing approach is strongly aligned with KBS’ commitment to maintain Park Avenue at Morris County as the preeminent suburban office park in the New York Tri-State region,” comments Shannon W. Hill, Senior Vice-President of KBS. ”The firm’s deep market knowledge, extensive relationships and prior experience at the campus are among the reasons that we selected the Avison Young team to represent us at this best-in-class property.”
KBS Capital Advisors acquired the campus in 2007 for the KBS REIT II portfolio, and recently committed to significant capital improvements at the property, including the creation of a full-service fitness center, refurbished cafeterias, a concierge food delivery program and a state-of-the-art conference center. Over the next six months, KBS will be announcing the rolling out of additional upgrades to the campus' amenities and servicesthat will ensure the property’s continued dominance in the marketplace. Additionally, KBS has completed strategic energy-efficiency upgrades that have achieved Energy Star certificationfor the property, as well as Leadership in Energy and Environmental Design (LEED) for Existing Buildings certification for 600 Campus Drive within the park.
“To be selected for this significant assignment is an immense testament to the strength of our team and the full-service platform we will leverage to further distinguish Park Avenue as a truly standout property uniquely positioned to address the requirements of modern tenants,” says Arthur J. Mirante II, Avison Young Principal and Tri-State President. “Supporting this project is a deep bench of talent and through their collective insight and expertise, ranging from transaction services to property and construction management, I am confident we will be successful in outperforming the marketplace."
Adds Ed Walsh: “By seamlessly integrating project management with leasing and marketing, we are able to provide a streamlined and efficient process from lease negotiation through move-in. This allows for expedited decision-making, saving both the ownership and tenants valuable time and resources.”
A prime commuting destination, Park Avenue at Morris County is situated at the strategically located Columbia Turnpike exit off Route I-24, in close proximity to mass transit options, as well as a vast network of roadways, including I-287, I-80, I-78 and routes 10 and 46. Offering convenient access to three airports – Morristown, Essex County and Newark Liberty International – the campus is only 35 miles outside of New York City in the heart of the Boston-Washington corridor. Tenants can take advantage of NJTRANSIT’s exclusive shuttle service between the campus and Convent Station, located less than two miles away, which provides Midtown Direct service to Manhattan.
An abundance of area amenities, from shopping and dining options to hotels and entertainment opportunities, are accessible via numerous, regionally renowned downtown centers that are just minutes away, including Morristown, Madison, Florham Park and Short Hills. The campus also features several on-site amenities catering to tenants, including responsive management, three full-service cafes, covered parking, free WiFi in the buildings’ lobbies, a full-service credit union, a daycare center, ATM and postage machines and 1.75 miles of walking trails.
On-site concierge services from car wash to dry cleaning are further enhanced by the exclusive Park Avenue Club, an elegant-yet-casual private dining club that is available to members for invite-only monthly events, such as wine dinners, chefs’ tastings, fundraisers, and social and networking engagements.
“Park Avenue at Morris County affords tenants the opportunity to work in a truly modern, amenity-rich and ‘green’ environment situated in one of New Jersey’s most attractive and preferred locales,” states Heller. “As one of the industry’s most highly regarded landlords, KBS has done an exceptional job repositioning this asset to further enhance its unparalleled reputation.”
Heller adds: “By fusing together our Avison Young leasing, project and construction management services, we are confident that we can build on the success of this premier campus and continue to make it the most desirable business address in the State.”
Park Avenue has been recognized with numerous industry awards, including the 2007 ‘Building of the Year’ award for suburban office campus from the Building Owners and Managers Association (BOMA), the 2005 ‘Mid-Atlantic Region Building of the Year’ award from BOMA for 100 Campus Drive, and the 1998 International ‘Outstanding Building of the Year’ award from BOMA.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 51 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.