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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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- ◦Sale/Acquisition