One Harmon Plaza, Secaucus, NJ One Harmon Plaza, Secaucus, NJ

SECAUCUS, NJ—Private investor ZI One Harmon Plaza acquired One Harmon Plaza in Secaucus, NJ from a joint venture between Mountain Development Corp. and PCCP for $34.25 million. CBRE arranged the off-market transaction.

“By using the CBRE platform and leveraging relationships, we were able to identify and secure an exceptional, stabilized investment opportunity for our private investor,” says Samuel  Bernhaut, vice president of CBRE Advisory and Transaction Services, who led the CBRE team on the transaction. “Our team looks forward to assisting the new ownership in building on the momentum created by Mountain Development and PCCP, to maximize the potential of this one-of-a-kind asset.”

The partnership of Mountain Development Corp. and a fund managed by PCCP purchased the iconic glass cubed 192,089-square-foot class A office building in 2014 and subsequently made a significant, multi-million-dollar capital improvement investment. 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. Over a four-year holding period, the joint venture nearly doubled the building’s occupancy to 95 percent at the time of the sale.

A CBRE team led by Bernhaut and Robert L’Abbate, first vice president of CBRE Capital Markets, worked on the deal.

The CBRE Debt & Structured Finance Services team of James F. Gunning and Donna  Falzarano arranged financing on behalf of the buyer. Nick Savage of CBRE’s financial consulting and brokerage services, and the firm’s office leasing team of Robert Norton and Greg Barkan, and Neil Kurtz, managing director, asset services, and Eva DeForest, director, were retained early in the sale process as advisors to ZI One Harmon Plaza to facilitate a seamless transition.