One Harmon Plaza in Secaucus — Courtesy: CBRE
By Joshua Burd
A joint venture has sold a 192,000-square-foot office building in Secaucus, in a $34.25 million sale arranged by brokers with CBRE.
The real estate services firm represented Mountain Development Corp. and PCCP LLC in the sale of the complex, One Harmon Plaza, to ZI One Harmon Plaza LLC. The off-market deal comes four years after the joint venture acquired the property, giving way to renovations that helped it nearly double the building’s occupancy to 95 percent.
CBRE Vice President Samuel Bernhaut and First Vice President Robert L’Abbate represented the sellers, with assistance from Nick Savage of the firm’s financial consulting and brokerage services. James F. Gunning and Donn Falzarano of CBRE’s debt and structured finance services team arranged financing on behalf of the buyer.
“By using the CBRE platform and leveraging relationships, we were able to identify and secure an exceptional, stabilized investment opportunity for our private investor,” Bernhaut said.
“Our team looks forward to assisting the new ownership in building on the momentum created by Mountain Development and PCCP LLC to maximize the potential of this one-of-a-kind asset.”
The firm also noted that CBRE’s office leasing team of Robert Norton and Greg Barkan, as well as Neil Kurtz, a managing director of asset services, and Eva DeForest, director, were retained early in the sale process as advisers to ZI One Harmon Plaza in order to facilitate a seamless transition.
MDC and a fund managed by PCCP purchased the glass-cubed structure in 2014 and subsequently made a multimillion-dollar investment in capital improvements, CBRE said. The building upgrades included reconstructing the three-story parking garage and renovating the lobby, as well as the addition of a new conference center, cafeteria and fitness facility.
