Today, CBRE announced the $34.25 million sale of One Harmon Plaza in Secaucus, New Jersey. A joint venture between Mountain Development Corp. and PCCP, LLC sold the property in an off-market transaction orchestrated by Samuel Bernhaut, Vice President of CBRE Advisory and Transaction Services, and Robert L’Abbate, First Vice President of CBRE Capital Markets.

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.

The sale was further assisted by Nick Savage of CBRE’s financial consulting and brokerage services. CBRE’s office leasing team of Robert Norton and Greg Barkan, as well as Neil Kurtz, Managing Director, Asset Services, and Eva DeForest, Director, were retained early in the sale process as advisors to ZI One Harmon Plaza, LLC in order to facilitate a seamless transition.

“By using the CBRE platform and leveraging relationships, we were able to identify and secure an exceptional, stabilized investment opportunity for our private investor,” said Mr. Bernhaut. “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.”

The partnership of Mountain Development Corp. and a fund managed by PCCP, LLC purchased the iconic glass cubed 192,089-sq.-ft. 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.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

About MDC

Mountain Development Corp. (MDC) is a full-service real estate company with over 30 years of experience developing, acquiring, constructing, repositioning, managing, leasing and operating commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and equity partners. Active throughout the Northeast, MDC’s accomplished staff includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and deliver expeditious, successful results.

About PCCP, LLC

PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed over $16 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.