LIVINGSTON, NJ—Upgrades to amenities and common areas continued to pay off for Eastman Companies, which says it completed nearly 170,000 square feet of new and renewal leases across its office and retail portfolio in 2017.
“We continued to build on last year's positive momentum, inking a combination of new leases, renewals and expansions throughout our portfolio,” says Michael Schofel, Eastman's co-managing partner. “The volume and variety of transactions, which ranged from 1,200 to 30,000 square feet, reflects the value that our strategically positioned, amenity-rich properties offer to companies large and small.”
Eastman's ongoing investment in revitalizing its office properties and providing superior on-site services has played a key role in attracting and retaining a diverse mix of tenants, ranging from not-for-profits and healthcare service providers to accounting, legal and brokerage firms.
“Creating exceptional office environments that allow workers to be more productive and achieve greater work/life balance is paramount for commercial property owners,” says Schofel. “We're committed to raising the bar for suburban office amenities and meeting the demands of next-generation workspace users.”
At 354 Eisenhower Parkway, extensive upgrades to the on-site café doubled the seating area, and the breakfast and lunch menus were expanded to meet tenant demands. Seating has also been added to the atrium and outdoor patio area. Recent renovations to the first- and second-floor lobbies at Eastman Office Center at 651 Old Mt. Pleasant Avenue followed the addition of a conference center and café that offers tenants hot and cold entrees, ample indoor seating, a large-screen TV and an outdoor patio with bistro seating. Enhancements to the first- and second-floor common areas at 23 Vreeland Road include new paint, floor coverings, furnishings and custom artwork created by a local artist.
Eastman Companies' PreBuilt by Eastman program continued to meet ongoing demand for turnkey, business-ready office space. Individual offices and suites from 500 to 5,300 square feet throughout Eastman's office portfolio provide ideal environments for professionals, solo practitioners and startup operations as well as branch and satellite offices. A streamlined, flexible lease structure allows tenants to move in and start working in a matter of days.
Other Eastman office leasing highlights for 2017 include:
- At Presidential Center, accounting firm Sobel & Company renewed and expanded its headquarters and now occupies the entire second floor of the building.
- Genetic research and testing company The Cooper Companies renewed and expanded at Regent Park. Andrew B. Zezas of Jones Lang LaSalle negotiated the lease. Peanut Shell Early Learning Center also renewed its lease, and Miyou joined Regent Park's tenant roster.
- Mortgage lender E Mortgage Management inked a new lease at 70 South Orange Avenue. Nick Savage, Jon Sarkisian and Peter N. Shikar of CBRE negotiated the lease.
- Feder, Kamens & Co. and Kessler Law both renewed and expanded their leases at 354 Eisenhower Parkway.
- TransAmerican Associates renewed and expanded its lease at Eastman Office Center (651 Old Mt. Pleasant).
- Law firm Sellar Richardson renewed its lease at Presidential Center. Cornerstone Real Estate Group negotiated the transaction.
- Northeast Facial and Oral Surgery Specialists signed a new lease at Florham Park Medical Center. Metropolitan Healthcare Properties negotiated the lease and Joseph Lombardi and John Masserano of Masserano Real Estate and Consulting served as consultants. Deborah Myers and Judith T. Feldman of Newmark Associates represented Eastman Companies. Summit at Florham Park also leased space at Florham Park Medical Center. Meryl Ehrenkranz from Newmark Associates represented the tenant.
Eastman's director of leasing, Eric J. Maurer, worked in partnership with the brokerage firms to execute these transactions.
Strong 2017 leasing activity at Eastman's retail properties exemplified the shift towards non-traditional tenants seeking space at successful retail properties.
At Lyons Plaza, fast-casual Mexican restaurant Las Palmitas leased space in a transaction negotiated by Florian Suserman of Ripco Real Estate. All in One Discount Store also renewed its lease in a transaction negotiated by Metropolitan Mortgage & Realty.
“At The Shoppes at the Livingston Circle, the addition of Goldfish Swim School, CycleBar and Club Pilates to the center's co-tenancy emphasizes the vital role fitness tenants are playing in driving traffic and providing consumers with a convenient option for achieving their health and fitness goals,” says Schofel.
Mezza Mediterranean restaurant has also leased space at the 93,000-square-foot shopping center, with plans to open in early 2018. Jennifer Corrao and John Negri of Weichert Commercial Brokerage represented the tenant and Florian Suserman of Ripco NJ represented the landlord.
Eastman continues to explore opportunities to create unique customer experiences and support the community by hosting special events at The Shoppes. The third annual Livingston Pet Adoption Expo, held in the spring, raised funds and facilitated adoptions for local animal shelters and rescue groups. In September The Shoppes played host to the UNICO Carnival, a family-friendly event featuring food trucks, games and rides, a beer and wine garden, and live music.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
