Eastman sees strong leasing momentum in 2017

By Eric Strauss
Livingston | Feb 26, 2018 at 1:01 pm

Real estate development company Eastman Cos. announced recently that it completed nearly 170,000 square feet of office and retail transactions in 2017.

Highlights included Sobel & Co.’s renewal and expansion at Presidential Center and mortgage lender E Mortgage Management’s new lease at 70 South Orange Ave., both in Livingston.

“We continued to build on last year’s positive momentum, inking a combination of new leases, renewals and expansions throughout our portfolio,” Michael Schofel, co-managing partner, said in a prepared statement. “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.”

The Livingston-based firm said it also made significant investments in upgrades at its commercial properties during the past year, including the Eastman Office Center at 651 Old Mt. Pleasant Ave.

“Creating exceptional office environments that allow workers to be more productive and achieve greater work/life balance is paramount for commercial property owners,” Schofel said. “We’re committed to raising the bar for suburban office amenities and meeting the demands of next-generation workspace users.”

Meanwhile, Eastman said it experienced strong leasing activity at its retail properties in 2017, as nontraditional tenants looked for space at successful sites.

“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,” Peter Schofel, co-managing partner, said in a statement.

Livingston-based Eastman’s portfolio totals more than 2 million square feet in four counties.

Eric Strauss | estrauss@roi-nj.com | acerimrat