One Harmon Plaza, a nearly 200,000-square-foot office building in Secaucus, NJ officially sold a couple of weeks ago as a group headed by Woodland Park-based Mountain Development Corp. purchased the property for $11.5 million. Mountain Development acquired the 10-story property from New Boston Fund Inc., Mountain Development President Michael Seeve said in a statement. Mountain Development bought the property with a partner, a fund managed by PCCP LLC, a Los Angeles-based real estate investment firm. There were more than 50 signed letters of interest before the recent sale, with 18 tours of the property and 11 firm offers made before Mountain Development's was accepted.
"One Harmon Plaza provides a solid value-add opportunity for new ownership in terms of the ability to lease up and re-position the building at competitive rents," said David Bernhaut of Cushman & Wakefield, which brokered the deal.
"The sponsor's business plan, the property's significant upside and the attractive basis drew considerable attention from a variety of institutional and private equity funds," added John Alascio of C&W's equity team.
The Jersey Journal, owned by Advance Publications, moved from its nearly 90-year-old headquarters at 30 Journal Square, Jersey City, to One Harmon Plaza in January. The newspaper relocated to the 10th floor of its new location, taking 10,000 square feet.
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