"The acquisition of the two properties is an important move to enhance our corporate presence in Morris County and the West Essex area of Essex County," says Peter Schofel, Eastman's president. "We believe that our ownership will benefit both of the properties and we look forward to establishing a strong presence in the area."

The larger of the two assets is the 69,000-sf, two-story office building at 23 Vreeland Rd. here. The tenant roster includes a collection of professional, sales and technology-related companies, according to Schofel, and currently has a limited amount of space available. Eastman plans to launch a renovation program on the facility.

The second asset just acquired is the 59,000-sf flex building at 100 Passaic Ave. near this town's border with Chatham. Recently renovated by the seller, the building is currently 97% leased.

The seller of the two buildings was represented by Kenneth Flynn and Fred Hyatt of the Trammell Crow Co., which also has its New Jersey offices here. Eastman was represented in-house. Simultaneously, Schofel announced the appointment of the Trammell Crow team to handle the marketing and leasing of both buildings.

The parties declined to identify the seller, described only as a family estate, or disclose the sale price. However, a source estimates that the two properties combined likely traded for a number in the $13-million to $15-million range.