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Lease-Up of Two Livingston Properties Justifies Eastman’s Faith in West Essex Corridor

November 15, 2007
Livingston, NJ

Thanks to a recent flurry of leasing activity in the Livingston area, two marquis office properties owned and managed by Eastman Management Corp., are fully leased, according to a report this week by Eastman’s President, Peter Schofel. Mr. Schofel indicated that a series of new leases, all negotiated in an office market that has been described as soft by owners and brokers, combined to bring Eisenhower Plaza at 354 Eisenhower Parkway, and Presidential Center at 293 Eisenhower Parkway, to full tenant capacity. “We are truly delighted that the combination of our extraordinary office facilities, their unmatched locations, and the exceptional management for which Eastman has become so well known, has attracted quality tenants to these properties,” said Mr. Schofel. He went on to note that “We are equally pleased with the continuing leasing activity in our sister buildings in Essex and Morris Counties. This positive activity justifies our faith in the viability of office leasing prospects in these markets.”

Mr. Schofel pointed out that the West Essex Corridor is a natural magnet for companies that seek a convenient yet prestigious location. “Thanks to our local commitment to this area and the unique advantage of owning and managing almost two million square feet of some of the finest office properties in this busy corridor as well as in Morris County, Eastman is ideally positioned to be an important player in the continuing economic growth in northern New Jersey, attracting the finest blue chip professional and corporate names as tenants in our portfolio.”

Eisenhower Plaza’s newest tenants, Columbia Laboratories, Inc., a reproductive pharmaceutical company, and meridianEMR, a company specializing in providing electronic medical record solutions, signed leases totaling almost 13,000 square feet. Columbia Laboratories leased 9,500 sq. ft. of space in the complex, and meridianEMR renewed its lease and expanded its space to 3,300 square feet. Columbia was represented in the transaction by Jeff Heller of CBRE; Larry Martin of Grubb & Ellis represented meridianEMR. These new leases were complemented by renewals and expansions highlighted by a transaction involving Wiss & Co., LLC, a major New Jersey accounting firm which has been a tenant at Eisenhower Parkway since 1983. Wiss expanded its existing space by 2,400 square feet, bringing the company’s total occupancy to almost 27,000 square feet. Wiss & Co. was represented in the transaction by Marc Trevisan and Sean Morley of CB Richard Ellis. The second expansion involved Genova, Burns & Vernoia, a law firm that enlarged its operations at Eisenhower Plaza by 2,400 sq. ft. to 20,000 square feet. The renewal of a lease for an existing 10,000 square feet by the law firm, Stein, McGuire, Pantages & Gigl, LLP, a tenant since 1994, rounded out the new leases. Stein, McGuire, Pantages & Gigl was also represented by Messrs. Trevisan and Morely. Eric J. Maurer, Eastman’s Director of Leasing, and Jon Meisel Executive Vice President of Jones, Lang, LaSalle, represented Eastman in the leasing activity for Eisenhower Plaza.

Located at 354 Eisenhower Parkway, Eisenhower Plaza provides tenants with the most desirable state-of-the-art amenities that are so vital to doing business in today’s highly technical and complex business environment. Further adding to its many amenities are a full-service, on-site cafe, wired fiber optics and exceptional on-site parking.

Presidential Center is situated in the heart of the West Essex Corridor and is only a stone’s throw from Eisenhower Plaza. Recently renovated lobby, lighting and public spaces have resulted in an improved use of space and a heightened sense of arrival.

The facility is home to a number of prestigious law and accounting firms as well as software and high tech companies. Highlighting Presidential Center’s lease signings were new tenants Seller Richardson, PC, a law firm that leased 3,000 square feet of space, and Innovative Solutions International, LLC, which leased 1,000 square feet for its computer operations. Rounding out the leasing activity at Presidential Center were two renewals including Linsco Private Ledger/Diversified Financial Planners (LPL), a long-time tenant that renewed its lease and expanded to 3,000 square feet in the facility; and Converge Services Group, which renewed its lease for 3,600 sq. ft. Seller Richardson, PC was represented by Charles McMahon of McMahon Realty; Barbara Gross of Sheldon Gross Realty represented Converge Services Group in the transactions. The owners of Presidential Center were represented by Eric J. Maurer in all of the lease transactions.

Eastman has been in business for over twenty five years and is a recognized leader in high quality real-estate developments with property throughout northern New Jersey. Eastman is headquartered in Livingston and boasts a portfolio of almost 2 million sq. ft. of office, retail, and industrial space located in Essex, Bergen, Morris and Burlington Counties.