F Deal marks the largest NJ suburban, multi-tenant office sale since 2008 CBRE & KBS arrange sale of trophy office park in FlorhamPark, New Jersey
ISSUE HIGHLIGHTS Volume 32, Issue 3 February 14 - 27, 2020 development opportunities available with SVN/Motleys
manager for KBS. “Though we purchased this property during the economic downturn, through strategic upgrades we were able to maintain its prestige in the industry and at- tract several blue-chip tenants during our ownership.” The property’s unparalleled reputation is confirmed by its unmatched “best-in-class” mix of institutional tenants, head- quarter-quality construction and finishes, a comprehensive amenity package and a prime commuter location––highlight- ed by convenient train access to Manhattan from the Madison Train Station, situated just two miles from the property––in affluent Morris County. To- gether, these features rank Park Avenue not only as Met- ropolitan New York’s top office park asset but also as one of the finest in the nation. open and bright working en- vironment. The building will have 40-foot clear heights and will include 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces. “Franklin Township is ex- cited to welcome LG to our community,” said Franklin Township Mayor Philip Kram- er. “We believe in the positive benefits of economic growth and appreciate the investment Crow Holdings has made in our township. We look forward to LG bringing jobs to Franklin and the opening of the facility in the beginning of 2020.” Crow Holdings Industrial was represented by Cushman & Wakefield vice chairman Stan Danzig and associate Kimberly Bach , while LG was represented by Cushman &Wakefield executive manag- ing director James Frank and vice chairman Jules Nissim . Carlyle’s equity for its investment in the Frank- lin Township development came from the Carlyle Realty Partners VIII fund. Financial terms of the transaction were not disclosed.
lorham Park, NJ — CBRE and KBS announced the sale of Park Ave. at Morris County in Florham Park for $311 mil- lion — the largest New Jersey suburban, multitenant office sale since 2008. The team in- cluding Jeffrey Dunne, Jer- emy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, KBS Real Estate Invest- ment Trust II (KBS REIT II), and also procured the buyer, a private New York City based investor backed by offshore capital. Park Avenue at Morris Coun- ty (Park Avenue), located at 100-600 Campus Dr., consists of six class A office buildings totaling 1,189,484± s/f set on a picturesque 135± acre site FRANKLIN TWP., NJ — Crow Holdings Industrial announced that it has signed a seven-year, full-property lease with LG Electronics USA (LG) at Crow Holdings at Veronica Ave., the 925,000 s/f indus- trial development in Franklin Twp. it owns in partnership with funds affiliated with The Carlyle Group (CG) . LG will begin occupancy at the under- construction, state-of-the-art warehouse property in Q1 2020. For CrowHoldings Industrial,
Park Avenue at Morris County
and a seventh building which houses The Goddard School. Park Avenue, the New York Tri-State region’s preeminent suburban office park, was primarily developed between 1989 and 1999 and has recently undergone a capital improve-
ment program that included upgrades to the common areas/ lobbies, building systems and amenities. “These improvements added tremendous value to the as- set,” said Shannon Hill , se- nior vice president and asset
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Crow Holdings Industrial signs LG Electronics USA to 925,000 s/f, full-building lease at Franklin Twp., NJ dev.
Crow Holdings at Veronica Ave.
the lease announcement is immediate validation of the company’s Northeast expan- sion strategy. After beginning New Jersey operations in mid- 2018 with the hire of industry veteran ClarkMachemer , the company acquired the Veronica Avenue property with The Car- lyle Group in the first quarter of 2019 from Efrem Gerszberg of 2020 Acquisitions, and put shovel to ground on the specu- lative development in Q2. “With the rapid growth of e-commerce and the overall strength of the economy, de- mand for industrial space is at record levels, and there are
very few spec buildings of this size being built in Central Jer- sey,” saidMachemer. “While we were in contact with a number of interested tenants, LG was drawn to the building’s large footprint and Crow Holding Industrial’s status as a premier developer. We’re proud to help bring such a well-regarded tenant to Franklin Twp., and we look forward to replicat- ing this strategy at our other Northeast developments in the years ahead.” The property features in- clude large translucent win- dows that allow natural light and LED lights that create an
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