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JV Trades One Harmon Plaza to Private Buyer

A joint venture between Mountain Development Corp. and PCCP LLC has sold One Harmon Plaza in Secaucus, NJ for $34 million. The off-market transaction was arranged by CBRE Capital Markets’ Samuel Bernhaut and Robert L’Abbate, with assistance from CBRE’s Nick Savage.

The CBRE debt & structured finance services team of James F. Gunning and Donna Falzarano arranged financing on behalf of the buyer, private investor ZI One Harmon Plaza LLC. A CBRE office leasing team of Robert Norton and Greg Barkan, along with Neil Kurtz and Eva DeForest, were retained early in the sale process as advisors to the buyer.

The JV acquired One Harmon in 2014, and nearly doubled its occupancy to 95% over a four-year holding period. “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,” said Bernhaut.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition