Jones Lang LaSalle

Revamped Building Gets 31,000 SF of Leasing Activity
By Eric Peterson
Last updated: January 4, 2006 10:21am

FLORHAM PARK, NJ-Eastman Management Corp. has signed several new and/or expansion leases at its 69,000-sf 23 Vreeland Rd., bringing the office building “to its highest occupancy level in recent years,” according to Eric J. Maurer, director of leasing for the Livingston-based firm. The total space involved in the recent activity is 31,000 sf.

Eastman bought the asset as part of a two-building portfolio from a family estate in early 2005 and quickly launched a renovation encompassing the assets common areas and landscaping. As reported by GlobeSt.com, the sale price of the two buildings, totaling 128,000 sf, was not disclosed, but sources at the time put the number in the $13-million to $15-million range.
The lease signings at 23 Vreeland include three new tenants, a renewal/expansion and a renewal/consolidation, according to Maurer. The new tenants, all signing long-term deals, include Growing Families Inc., a photography company, which took 8,500 sf. The tenant was represented by Frank Recine of CB Richard Ellis. Other new tenants include Sivox Inc., a customer service training company, which took 3,673 sf; and Raskin Benefit Advisors, which took 1,364 sf.

The law firm of McGivney & Kluger, a long-time tenant of the building, renewed and expanded to a total of 14,000 sf. And Best Option Mortgage Corp. relocated from two non-contiguous suites to a consolidated 3,548 sf. Maurer and building agents Ken Flynn and Fred Hyatt of Trammell Crow Co. represented the ownership in all of the transactions, and Best was represented by John Kuhn of Grubb & Ellis.