A group headed by Woodland Park-based Mountain Development Corp. has acquired One Harmon Plaza, a nearly 200,000-square-foot office building in Secaucus, under a deal brokered by real estate services firm Cushman & Wakefield.
The brokerage formally announced the deal Friday after it represented the seller, identified in previous reports as New Boston Fund Inc. Mountain Development acquired the 10-story building with an investment fund managed by PCCP LLC.
The sale price was not disclosed in a news release, but reported to be $11.5 million.
Cushman & Wakefield also advised Mountain Development in structuring and arranging joint-venture equity for the acquisition, the firm said in a news release. Meantime, brokers from the firm's East Rutherford office have been tapped to head leasing efforts for the 36-year-old building, where the new owner is planning a slate of improvements.
One Harmon Plaza is now home to the Jersey Journal after the newspaper moved from its longtime home in Jersey City. It also originally served as the headquarters for Hartz Mountain Industries, which constructed the building and sold it in 2007.
Cushman & Wakefield's David Bernhaut, a member of the team representing the seller, said the group received "11 firm offers" to buy the 193,000-square-foot property.
"One Harmon Plaza provides a solid value-add opportunity for the new ownership in terms of the ability to lease up and re-position the building at competitive rents," said Bernhaut, who worked on the sale with Gary Gabriel, Brian Whitmer and Grace Braverman of C&W's Metropolitan Area Capital Markets Group.
John Alascio, Chris Moyer and Suraj Ravi made up the firm's equity, debt and structured finance team involved in the transaction. David Sherman, Marc Trevisan, David DeMatteis and Slava Vaynberg will head leasing.
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