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Team Sees Capex Project as Key to Securing New Tenants and Long-Term Renewals
ROSELAND, N.J., May 12, 2022 — Six months into its appointment as asset and property manager for Eisenhower Park in Roseland, Diversified Management Plus (DMP) is gearing up to oversee a multi-million-dollar renovation at the 600,000-square-foot suburban office campus. The project launch comes on the heels of key lease transactions with two of New Jersey’s most prominent and respected law firms.
Quality accommodations and a desirable western Essex County location have long been fundamental to the success of the three-building complex at 101, 103 and 105 Eisenhower Parkway, according to DMP’s Dawn Arrabito, asset manager. “We are thrilled to spearhead this ambitious capex project, which will ensure that Eisenhower Park remains a first-class working environment – one that continues to meet the needs of current tenants while attracting new interest.”
The reinvestment strategy already is sparking activity. In April, longtime tenant Brach Eichler, LLC renewed and expanded its commitment at 101 Eisenhower Parkway, adding approximately 9,000 square feet of space for a total of nearly 56,000 square feet. In January of this year, Chiesa Shahinian & Giantomasi P.C. (CSG) inked a long-term lease to occupy the entire north wing at 105 Eisenhower Parkway, which totals 116,000 square feet on four floors.
These notable deals follow Lakewood, N.J.-based DMP’s fall 2021 appointment to manage property and leasing operations for Eisenhower Park. The full-service property management company is working alongside Newmark, exclusive leasing agent for the campus. Cushman & Wakefield represented both Brach Eichler and CSG as tenant broker.
“We are very proud of the prominent transactions we are supporting at Eisenhower Park; these latest commitments are especially significant as they reflect an uptick in overall demand following a challenging period for the suburban office sector,” Arrabito said. “This Class A campus boasts an outstanding in-place tenant mix, with many companies that have long-standing histories with the property. And now, we will be working to secure its competitive position by modernizing spaces and improving tenant services.”
Specifics of the capex project include extensive interior renovations – with a top-to-bottom redesign of the atrium lobby and common areas – along with the addition of a fitness center and an upgraded café at 101 Eisenhower Parkway. At 105 Eisenhower Parkway, where CSG is completing a major retrofit of its new space, DMP will update the building’s shared lobby and common areas. Additionally, enhancements to outdoor gathering spaces, landscaping, signage and parking lots are already underway.
Strategically situated off Exit 4 of I-280, near the junction of I-287, the 51-acre Eisenhower Park campus occupies a prime location in the heart of New Jersey’s “Wealth Belt.” The park offers easy access to Northern New Jersey’s major highways and regional thoroughfares, as well as proximity to Newark Liberty International Airport and abundant retail, dining, hospitality and entertainment.
Eisenhower Park offers flexibility to accommodate tenants of all sizes; Newmark is currently marketing availabilities from 2,500 to approximately 28,000 square feet.
DMP is a highly focused, full-service property management company that services clients throughout the Northeastern United States. The firm specializes in all commercial property types, including office, industrial, retail and multifamily.
About Diversified Management Plus
1125 Ocean Avenue, Lakewood, NJ 08701