C&W arranges recapitalization of Livingston office complex

Cushman & Wakefield announced Wednesday that its Metropolitan Area Capital Markets Group has arranged the recapitalization of the Eisenhower Corporate Campus in Livingston.

C&W said the 385,000-square-foot Class A complex at 290 W. Mount Pleasant Ave. is owned and managed by Eastman Cos., along with its new recapitalization partner, P3RE Properties, a Jackson-based real estate firm headed by Harvey Rosenblatt.

“As the market continues to strengthen, fully amenitized, Class A properties are benefiting the most,” C&W’s David 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 to make this transaction a success.”

The transaction was described in a news release as “multimillion-dollar,” but no specific amount was disclosed.

“This is a beautiful asset that speaks for itself,” Rosenblatt said in a statement. “Eastman Cos. has created a premier business environment that meets the demand by today’s workforce to achieve greater work/life balance. We 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.”

Bernhaut headed the assignment, along with colleagues Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew MacDonald, plus John Alascio of the Equity, Debt & Structured Finance Group.

Tenants at the property include Verizon, John Hancock Life Insurance Co., Veritext and Citrin Cooperman, C&W said. The building is near 100 percent occupancy, according to Eastman.

“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,” Peter Schofel, Eastman’s managing partner, said in a statement. “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.”

C&W’s Metropolitan Area Capital Markets Group is based in East Rutherford.