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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
