Eisenhower Corporate Campus at 290 West Mount Pleasant Ave. — Courtesy: Cushman & Wakefield
By Joshua Burd
The owner of a 385,000-square-foot office complex in Livingston has a new partner at the property after a recapitalization arranged by Cushman & Wakefield, the brokerage said.
Located at 290 West Mount Pleasant Ave., the Eisenhower Corporate Campus is owned and managed by Eastman Cos., C&W said in a news release. Its new recapitalization partner is P3RE Properties, a Jackson-based real estate firm headed by Harvey Rosenblatt.
Terms of the new structure were not disclosed, but the news release described it as a multimillion-dollar transaction.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group handled the assignment for the property, which is anchored by a nearly 200,000-square-foot space occupied by Verizon. The C&W team included David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, along with John Alascio of the commercial real estate services firm’s Equity, Debt & Structured Finance group.
“As the market continues to strengthen, fully amenitized, Class A properties are benefiting the most,” Bernhaut said in a prepared statement. “Harvey Rosenblatt understood the value of this truly best-in-class asset, and was able to perform a very quick due diligence and adhere to tight closing timelines in order the make this transaction a success.”
The property, which consists of four interconnecting buildings on 33.5 acres, is also home to tenants including John Hancock Life Insurance Co., Veritext and Citrin Cooperman. C&W touted amenities such as a full-service cafeteria, 24-hour security, electric car charging stations and a 600-vehicle parking structure.
In a separate statement, Rosenblatt said his firm “sought to capitalize on a tremendous opportunity to continue to reposition and lease-up the building, and with the continuous growth taking place in the Livingston market, we are certain the property’s future potential is something we can help bring to fruition.”
“This is a beautiful asset that speaks for itself,” Rosenblatt said. “Eastman Companies has created a premier business environment that meets the demand by today’s workforce to achieve greater work/life balance.”
The property’s on-site fitness amenities include personal training at It’s Beyond Fitness, indoor cycling at Hills Fit Studio and appointment-only massage services from New Jersey Massage, the news release said. Eisenhower Conference Center also has a 200-seat auditorium that is available for business functions ranging from small meetings to large corporate conferences.
“In 2008, Eastman embarked on a multimillion-dollar capital improvement campaign to successfully renovate and reposition the property to meet the evolving needs of corporate tenants and a growing millennial workforce,” said Peter Schofel, managing partner with Eastman Cos., noting that the building is approaching 100 percent occupancy. “We are looking forward to working with our new partners to build on this investment and further enhance the exceptional environment we have created for current and prospective tenants.”
