Deal Marks the Largest New Jersey Suburban, Multitenant Office Sale Since 2008

CBRE and KBS, one of the largest investors in commercial real estate in the nation, are pleased to announce the sale of Park Avenue at Morris County in Florham Park, New Jersey for $311 million — the largest New Jersey suburban, multitenant office sale since 2008. The team including Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller, KBS Real Estate Investment 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 County (or “Park Avenue”), located at 100-600 Campus Drive,consists of six Class A office buildings totaling 1,189,484±sq. ft. set on a picturesque 135± acre site 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 improvement program that included upgrades to the common areas/lobbies, building systems and amenities.

“These improvements added tremendous value to the asset,” says Shannon Hill, senior vice president and asset 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 attract several blue-chip tenants during our ownership.”

The property’s unparalleled reputation is confirmed by its unmatched “best-in-class” mix of institutional tenants, headquarter-quality construction and finishes, a comprehensive amenity package and a prime commuter location––highlighted by convenient train access to Manhattan from the Madison Train Station, situated just two miles from the property––in affluent Morris County. Together, these features rank Park Avenue not only as Metropolitan New York’s top office park asset but also as one of the finest in the nation.

CBRE Vice Chairman Mr. Dunne commented, “The availability of a trophy office asset of this magnitude is highly unusual and a one-of-a-kind investment opportunity. The buyer recognized the ability to increase revenue through lease up of the vacant space and should experience great long-term appreciation with the asset’s strong cash flow.”

“Park Avenue embodies all of the elements today’s occupiers look for in modern office space.Thetrifecta of location, amenities and high-quality infrastructure are the foundation to its leasing success, and we are confident the buyer will enjoy future successwith regards toattracting and retaining tenants,” added Mr. Neuer, Executive Vice President, CBRE.

CBRE Institutional Properties has a number of attractive investment opportunities on the market including: 24 Jones Street in Newark, NJ, a Class A multifamily community with 152 market-rate apartments in the University Heights neighborhood;800 Corporate Drive in Mahwah, NJ, a 84,280±sq. ft.flex building leased to a single tenant; and Windsor Corporate Park, a four-building, 291,550±sq. ft., office complex in East Windsor, NJ, proximate to Exit 8 of the New Jersey Turnpike.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

About KBS

KBS is one of the largest owners of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of approximately $40 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants. For more information on KBS, please visit www.kbs.com.