The Eisenhower at 290 West Mount Pleasant Ave. in Livingston — Courtesy: Cushman & Wakefield
By Joshua Burd
Eastman Cos. has refinanced and recapitalized The Eisenhower, its flagship office complex in Livingston, in a newly announced deal by Cushman & Wakefield.
According to the brokerage team, the transaction comprises $24.2 million in financing from Ladder Capital and roughly $14 million in additional equity to support the high-end property at 290 West Mount Pleasant Ave. That also includes future funding allocated for tenant improvements, leasing commissions and capital expenditures, positioning the 380,065-square-foot asset for continued leasing activity and long-term stabilization.
Cushman’s David Bernhaut, John Alascio, Brad Domenico, Chuck Kohaut, Frank Stanislaski, Bill Baunach and Jack Subers advised Eastman 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, a managing director with the firm. “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.”
Built by Eastman in the 1980s, The Eisenhower occupies nearly 34 acres along a key thoroughfare in Livingston. The property has amenities such as a modern 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.
“The Eisenhower continues to experience positive leasing momentum, highlighted by CoreWeave’s long-term commitment and HQ relocation,” said Bernhaut, executive vice chair with Cushman, referring to the fast-growing data center company. “Combined with Eastman Companies’ longstanding ownership and market expertise, The Eisenhower is strategically positioned to attract tenants seeking well-capitalized, high-quality assets in a prime location.”
Livingston-based Eastman described the property as a cornerstone in its portfolio.
“We are extremely pleased with the efforts and support of the entire Cushman team, whose work was instrumental in executing this successful recapitalization,” said Eastman Principal Marc Schofel, who led the transaction on behalf of the firm and its partners. “Following the departure of the former major anchor tenant, the property is now more than 60 percent 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.”
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