Eastman and P3RE Properties Plan Future Enhancements at Eisenhower Corporate Campus
LIVINGSTON, N.J., Dec. 28, 2016 – Cushman & Wakefield’s Metropolitan Area Capital Markets Group has recapitalized the institutional partnership at Eisenhower Corporate Campus in Livingston, N.J., in a multi-million dollar transaction. The 385,000-square-foot Class A office complex, located at 290 W. Mount Pleasant Avenue, is owned and managed by Eastman Companies and the new recap partner, P3RE Properties, a Jackson, N.J.-based real estate firm headed by Harvey Rosenblatt.
“As the market continues to strengthen, fully amenitized, Class A properties are benefiting the most,” said Cushman & Wakefield’s David Bernhaut, who headed the assignment with team members Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, as well as John Alascio of the commercial real estate services firm’s Equity, Debt & Structured Finance group. “Harvey Rosenblatt understood the value of this truly best-in-class asset, and was able to perform a very quick due diligence and adhere to tight closing timelines in order the make this transaction a success.”
Home to a broad range of corporate tenants – including Verizon, John Hancock Life Insurance Co., Veritext and Citrin Cooperman – Eisenhower Corporate Campus is comprised of four interconnecting buildings set on 33.5 acres of exquisitely landscaped grounds.
In a region defined by Class A office properties, the campus features the market’s best amenity package including a full-service cafeteria with catering capabilities, 24-hour security, electric car charging stations and a 600-vehicle parking structure. On-site fitness amenities include a tenant-exclusive fitness center, personal training at It’s Beyond Fitness, indoor cycling at Hills Fit Studio and appointment-only massage services from New Jersey Massage. In addition, the fully equipped Eisenhower Conference Center with a 200-seat auditorium is available for business functions ranging from small meetings to large corporate conferences.
Eisenhower Corporate Campus recently earned the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design) Silver certification for Existing Buildings: Operations & Maintenance. In 2014, ECC received “The Outstanding Building of the Year” (TOBY) honor from the Building Owners and Managers Association (BOMA).
“This is a beautiful asset that speaks for itself,” said P3RE’s Harvey Rosenblatt. “Eastman Companies has created a premier business environment that meets the demand by today’s workforce to achieve greater work/life balance. We sought to capitalize on a tremendous opportunity to continue to reposition and lease-up the building, and with the continuous growth taking place in the Livingston market, we are certain the property’s future potential is something we can help bring to fruition.”
Situated in the heart of the West Essex corridor, the campus is just minutes from shopping and restaurants and offers the type of walkable amenities that are generally available only to buildings located in downtown markets. In addition to a Fresh Market-anchored shopping center located directly across the street, new retail development adjacent to the property will consist of office-friendly tenants including Starbucks and Shake Shack.
“In 2008, Eastman embarked on a multimillion dollar capital improvement campaign to successfully renovate and reposition the property to meet the evolving needs of corporate tenants and a growing millennial workforce,” said Peter Schofel, managing partner with Eastman Companies. Noting that the building is approaching 100 percent occupancy, Schofel added, “We are looking forward to working with our new partners to build on this investment and further enhance the exceptional environment we have created for current and prospective tenants.”
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $27 billion worth of transactions since 2000, closing on over $3.0 billion in 2016.