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Eastman Companies Reports Strong Year-End Leasing Results

| February 2, 2017 | 0 Comments

Eastman Companies
651 W. Mount Pleasant Avenue
Livingston, New Jersey 07039

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Eastman Companies Reports Strong Year-End Leasing Results

Significant Transactions, Amenity Upgrades Underscore Continued Momentum in 2016 for Livingston-Based Firm

LIVINGSTON, N.J. – Feb. 2, 2017 – Eastman Companies, a Livingston, N.J.-based full-service commercial real estate owner, developer and manager, recorded another successful year in 2016. The firm inked more than 112,000 square feet of lease transactions during the second half of 2016, and 500,300 square feet for the year at its New Jersey office and retail properties. Eastman also completed numerous amenity and aesthetic upgrades throughout its Livingston office portfolio designed to enhance the tenant experience.

“We are extremely pleased with the positive leasing activity and momentum we experienced throughout 2016, executing a blend of both new leases and renewals throughout our portfolio of properties,” said Michael Schofel, Eastman’s managing partner. “Additionally, we continue to actively enhance and reposition our real estate assets in order to create a premier work/live business environment for current and prospective tenants.”

Highlights of second-half leasing activity include:

  • At Regent Park, medical device company CooperSurgical renewed its 11,500-square-foot lease. The lease was negotiated by Andy Zezas at JLL.
  • At 23 Vreeland, Finlay Extracts & Ingredients renewed and expanded to 6,800 square feet, and Li Creative Technologies – an innovator in audio, speech and biometric solutions – renewed its 1,600-square-foot commitment. Leases were negotiated by Charlie McMahon at McMahon Real Estate (Finlay) and Peter Shikar at CBRE (Li Creative).
  • Media and information company, PennWell Corp., renewed its 5,200-square-foot lease at the Vanguard Building at 21-00 Route 208 in Fair Lawn. Dave DeMatteis at Cushman & Wakefield of New Jersey Inc. negotiated the lease.
  • At Eisenhower Corporate Campus, John Hancock Life Insurance renewed its 16,000-square-foot lease. The Disability Advocacy Group and TEKCONN also joined the tenant mix, leasing 2,000 square feet and 1,300 square feet, respectively. Leases were negotiated by Jim Garibaldi, Mike Witco and Scott Garibaldi at The Garibaldi Group, exclusive broker (John Hancock, TEKCONN) and Jerry Shifrin at Cushman & Wakefield of New Jersey Inc. (Disability Advocacy Group).
  • Jewish Vocational Service leased 8,000 square feet at Eisenhower Plaza, and Renaissance Digital Solutions leased 2,000 square feet at Eastman Office Center. Leases were negotiated by Steve Geltzeiler of Avison Young (Jewish Vocational Service) and Jim Sousa of Weichert Commercial Brokerage (Renaissance).
  • Law firm Barbosa Donovan LLP renewed its 2,700-square-foot lease at 70 South Orange Avenue, and Retailers & Manufacturers renewed its lease for 2,000 square feet. Leases were negotiated by Eastman Companies (Barbosa) and Tom Consiglio at Resource Realty (Retailers & Manufacturers).
  • At The Fresh Market Shoppes at the Livingston Circle in Livingston, Goldfish Swim School leased 8,100 square feet and indoor cycling studio CycleBar inked a lease for 3,200 square feet. Both transactions were negotiated by Florian Suserman of Ripco Real Estate.

Eastman’s Director of Leasing, Eric J. Maurer, worked in partnership with the brokerage firms to execute these transactions.

Portfolio-Wide Enhancements

Eastman continued to expand and upgrade on-site amenities and services throughout its office portfolio. The new Amenity Court at Eisenhower Plaza includes “354fit,” a state-of-the-art fitness center, as well as Living Fitness, which offers one-on-one personal training and Pilates. Renovations to the building’s conference center and café will be completed this summer. Construction of a new conference facility and full service café was also completed at Eastman Office Center.

A series of completed façade and site improvements at The Fresh Market Shoppes at the Livingston Circle boosted the retail center’s aesthetic appeal.

Regional Grocer Highlights Retail Leasing

Leasing activity also remained strong throughout Eastman’s retail portfolio. At Lyons Plaza in Irvington, Key Food Stores celebrated the grand opening of its newest regional SuperFresh location. The 48,720-square-foot store, located in the former Pathmark space, offers a large selection of grocery items as well as an extensive health and beauty department and a pharmacy. Florian Suserman and Stephanie Harris of Ripco Real Estate Corp. represented the landlord; David Brecher and Robert Capatina of Space Realty Services Inc. represented the tenant.

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.

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