LIVINGSTON, NJ—Amenities and attractive locations drove strong office and retail leasing activity for Livingston-based Eastman Companies during the first half of 2017. About 30 transactions encompassing new leases and renewals totaling 120,000 square feet, were signed from January through June.
“The volume of transactions completed highlights the intrinsic value tenants find in our well-located, amenity-rich office and retail portfolio,” says Michael Schofel, Eastman’s co-managing partner. “We expect this positive momentum to continue, and anticipate more new tenant leases and expansions in the second half of 2017.”
Significant year-to-date transactions include:
- At Presidential Center, accounting firm Sobel & Company renewed and expanded its headquarters lease to more than 28,000 square feet.
- Accounting and advisory firm PKF O’Connor Davies LLP renewed its 4,600-square-foot lease at Presidential Center. Sean Morley of CBRE negotiated the lease.
- Genetic research and testing company Reprogenetics LLC expanded by 20,000 square feet at Regent Park. Andrew B. Zezas of Jones Lang LaSalle Brokerage Inc. negotiated the lease.
- At 70 South Orange Avenue, mortgage lender E Mortgage Management leased 12,000 square feet. Nick Savage and Peter N. Shikar of CBRE negotiated the lease.
- New York Life leased 6,000 square feet at Eisenhower Plaza. Derek DeMartino, George Gemelos and Nicole Tiger of Jones Lang LaSalle Brokerage Inc. negotiated the lease.
- Partnership for People renewed its 4,000-square-foot lease at 23 Vreeland Road. David R. Williams of Weichert Commercial Brokerage negotiated the lease.
- At Eisenhower Corporate Campus, Corsis LLC leased 3,400 square feet. Deborah Myers of Newmark Associates negotiated the lease.
- At Florham Park Medical Center, Northeast Facial and Oral Surgery Specialists, LLC leased 3,500 square feet. Metropolitan Healthcare Properties LLC negotiated the lease. 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.
- At Lyons Plaza, fast-casual Mexican restaurant Las Palmitas leased 1,200 square feet. The transaction was negotiated by Florian Suserman of Ripco Real Estate Corp.
Eastman’s director of leasing, Eric J. Maurer, worked in partnership with the brokerage firms to execute these transactions.
On-Site Amenities Meet Office Tenant Demands
Eastman continues to expand and enhance on-site amenities and services throughout its office portfolio. At Eisenhower Plaza, the on-site café and conference center will undergo extensive upgrades in the coming months. The new café will double in size to accommodate about 150 people and offer an expanded hot breakfast and lunch menu.
Renovations to the first- and second-floor lobbies are almost complete at Eastman Office Center following the recent addition of a conference center and café. The new café offers tenant amenities including hot and cold entrees, ample indoor seating, a large-screen TV and an outdoor patio with bistro seating.
Updates also are underway to the first- and second-floor common corridors at 23 Vreeland Road. These enhancements include new paint, floor coverings and furniture; new planters; and the addition of custom artwork created by a local artist.
A Key Essex County Shopping Destination
At The Shoppes at the Livingston Circle, construction is underway for its two newest tenants, Goldfish Swim School (8,100 square feet) and premium indoor cycling studio CycleBar (3,200 square feet). These national chains recently joined the 93,000-square-foot shopping center’s co-tenancy, illustrating the growing trend of non-traditional tenants seeking space at successful retail properties. Both will open state-of-the-art facilities this fall.
Correction, 8/22/2017, 8:40 a.m.: An earlier version of this story carried a headline that referenced the first quarter. The report actually refers to the first half of the year.