Cushman & Wakefield, a global real estate services firm, said Feb. 2 that it advised Eastman Companies on the refinancing and recapitalization of The Eisenhower, a Class A office complex located at 290 West Mount Pleasant Ave. in Livingston.
As part of the transaction, Eastman Companies recapitalized the asset with $24.2 million in financing from Ladder Capital and about $14 million in additional equity.
Cushman & Wakefield’s Capital Markets team of David Bernhaut, John Alascio, Brad Domenico, Chuck Kohaut, Frank Stanislaski, Bill Baunach and Jack Subers advised Eastman Companies on the transaction.
“This recapitalization reflects a strategic reset of the asset’s capital structure and underscores lender confidence in the property’s fundamentals and sponsorship,” said Kohaut, managing director with Cushman & Wakefield. “By securing flexible financing from Ladder Capital along with a fresh equity investment, Eastman Companies is well-positioned to add significant value at the property.”
The financing includes future funding allocated for tenant improvements, leasing commissions and capital expenditures, positioning the asset for continued leasing activity and long-term stabilization.
“The Eisenhower continues to experience positive leasing momentum, highlighted by CoreWeave’s long-term commitment and HQ relocation,” added Bernhaut, executive vice chair with Cushman & Wakefield. “Combined with Eastman Companies’ long-standing ownership and market expertise, The Eisenhower is strategically positioned to attract tenants seeking well-capitalized, high-quality assets in a prime location.”
The Eisenhower is a Class A office complex totaling about 385,000 square feet on nearly 34 acres. The property offers an extensive amenity package, including a state-of-the-art conference center with a 200-seat auditorium, a full-service cafeteria, a fitness center, structured and executive parking, and ancillary income generated from an on-site solar installation.
“We are extremely pleased with the efforts and support of the entire Cushman team, whose work was instrumental in executing this successful recapitalization,” said Marc Schofel, principal, who led the transaction on behalf of Eastman and its partners.
“Following the departure of the former major anchor tenant, the property is now more than 60% leased with strong ongoing leasing momentum. This transaction positions us to complete the lease-up of The Eisenhower, while providing the capital necessary to attract best-in-class tenants, continue investing in base-building improvements, and drive long-term value.”
The Eisenhower was originally developed by Eastman Companies in the mid-1980s and has been a cornerstone of the firm’s local portfolio. Livingston-based Eastman Companies has maintained a significant presence in the New Jersey market for nearly 50 years.
