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Eastman Companies Announces 2017 Leasing Results

Firm Completed 170,000 SF of New Leases and Renewals, Continued to Upgrade Amenities Throughout Commercial Portfolio

Full-service commercial real estate owner, developer and manager Eastman Companies announced that it completed nearly 170,000 square feet of transactions across its office and retail portfolio in 2017, and invested in significant upgrades to amenities and common areas in many of its commercial properties.

“We continued to build on last year’s positive momentum, inking a combination of new leases, renewals and expansions throughout our portfolio,” said 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.”

On-Site Amenities Meet Office Tenant Demands

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,” noted 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 Roadinclude 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.

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, Inc. renewed and expanded at Regent Park. Andrew B. Zezas of Jones Lang LaSalle Brokerage Inc. negotiated the lease. Peanut Shell Early Learning Center also renewed its lease, and Miyou LLC 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. LLC and Kessler Law LLC 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).
  • Attorney Sellar Richardson P.C. renewed its lease at Presidential Center. Cornerstone Real Estate Group LLC negotiated the transaction.
  • Northeast Facial and Oral Surgery Specialists, LLC signed a new lease at Florham Park Medical Center. Metropolitan Healthcare Properties LLC negotiated the lease and Joseph Lombardi and John Masserano of Masserano Real Estate and Consulting LLC served as consultants. Deborah Myers and Judith T. Feldman of Newmark Associates represented Eastman Companies. Summit at Florham Park LLC 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.

Creating a Unique Retail Experience in Essex County

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 Corp. All in One Discount Store also renewed its lease in a transaction negotiated by Metropolitan Mortgage & Realty Inc.

“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,” said Peter Schofel, Eastman’s co-managing partner.

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.

Recognized leaders in high-quality real estate developments, Eastman Companies and its affiliated companies are celebrating 40 years of owning, managing and developing properties throughout Northern New Jersey. Headquartered in Livingston, N.J., the full-service firm’s portfolio totals more than 2 million square feet of office, retail and industrial space in Essex, Morris, Bergen and Burlington counties.