Significant Transactions, Launch of Prebuilt Office Program Underscore Continued Momentum for Livingston-Based Firm
Eastman Companies, a Livingston, N.J.-based full-service commercial real estate owner, developer and manager, signed nearly 344,000 square feet of new leases and renewals during the first half of 2016. The company also introduced its PreBuilt by Eastman small office space program and continues making substantial investments throughout its property portfolio.
“2015 was a very successful year for Eastman Companies and that momentum has continued in 2016, both in terms of executing lease transactions and enhancing our real estate assets to accommodate existing and future tenants,” said Michael Schofel, Eastman’s co-managing partner.
Significant office and retail transactions year-to-date include new leases, renewals and expansions by existing tenants. Highlights include:
- Verizon renewed and expanded to approximately 200,000 square feet atEisenhower Corporate Campus. Energy Technology Savings Inc. also leased 6,000 square feet.
- At Eastman Office Center,law firm Morgan Melhuish Abrutyn, a tenant for over 30 years,renewed and expanded to 18,600 square feet.
- BenefitMall, a payroll processing and tax compliance firm, renewed and expanded to 10,500 square feet at Eisenhower Plaza. Accounting/consulting firm Crowe Horwath LLP also renewed its 10,700-square-foot lease.
- At Regent Park, GenPsych PC, a provider of outpatient psychiatric and substance abuse services, renewed and expanded to 16,200 square feet.
- As part of the PreBuilt by Eastman program, AveNew Funding, LLC leased 825 square feet at 23 Vreeland.
- Key Food Marketplace supermarket leased approximately 49,200 square feet atLyons Plaza in Irvington. At The Shoppes at the Livingston Circle, fast-casual restaurant McAlister’s Delileased 3,000 square feet.
Eastman’s Director of Leasing, Eric J. Maurer, worked in partnership with a number of brokerage firms to execute these transactions. They include The Garibaldi Group, JLL, Perlmutter Properties, CBRE/FAMECO, Cushman & Wakefield of New Jersey, Inc., Ripco Real Estate Corp., Space Realty Services, LLC and Mohr Partners.
Prebuilt Office Program Launches
Responding to demand among professionals, solo practitioners and start-ups in search of turnkey, business-ready office space, Eastman Companies has launched PreBuilt by Eastman. PreBuilt spaces range in size from 500 to 6,000 square feet, and many units are fully built out and furnished.
“A streamlined, more flexible lease structure allows tenants to move in and start working in a matter of days,” said Schofel. “PreBuilt tenants benefit from a range of amenities and in-house services, as well as from conducting business in an upscale, professional environment.” The program is available throughout Eastman Companies’ office portfolio in Essex, Morris and Bergen counties.
Portfolio-Wide Enhancements, Additions
Eastman continues to expand and upgrade on-site amenities in its office properties to meet tenant demand. The new Amenity Court at Eisenhower Plaza includes “354fit”, a new state-of-the-art fitness center, as well as Living Fitness, which offers one-on-one personal training and Pilates. In addition, the building’s conference center and café are currently undergoing renovations.
Eastman’s Eisenhower Corporate Campus (ECC) gained a new fitness amenity with the addition of Hills Fit, an indoor cycling studio that is open to the community. ECC tenants also have access to an on-site fitness center, one-on-one personal training at It's Beyond Fitness and appointment-only massage services from New Jersey Massage.
Other portfolio enhancements include construction of a new conference facility and full service café at Eastman Office Center, the firm’s headquarters, as well as upgrades to the conference room and café at 70 South Orange Avenue. All properties are located in Livingston.
Retail Centers Welcome New Tenants
Eastman Companies’ retail properties continue to evolve. The 93,000-square-foot Shoppes at the Livingston Circle – anchored by The Fresh Market supermarket – welcomed McAlister’s Deli to its tenant roster in April, marking the fast-casual restaurant chain’s first New Jersey location. The center was rebranded last year to reflect its position as a dynamic regional shopping destination at the intersection of Route 10 and Eisenhower Parkway in Livingston.
National home furnishings chain Bassett Furniture also celebrated its grand opening this spring at the nearby Eastman-managed shopping center adjacent to the Route 10 Circle.
Eastman continues to host community events at The Shoppes at the Livingston Circle. “Community-based programs are a great way to improve the visibility of our shopping centers,” said Peter Schofel, Eastman’s co-managing partner. “These events draw consumers and actively engage retail tenants in supporting the community.”
The second annual Livingston Pet Adoption Expo, held at The Shoppes this spring, raised more than $14,500 for the Livingston Animal Shelter.
Headquartered in Livingston, N.J., Eastman Companies and its affiliated companies have been in business for 38 years and are recognized leaders in high-quality real estate developments with property throughout Northern New Jersey. The company boasts a portfolio of more than two million square feet of office, retail and industrial space located in Essex, Morris, Bergen and Burlington counties.
