Cushman & Wakefield Orchestrates Sale of One Harmon Plaza
SECAUCUS, N.J., Mar. 6, 2014 - In a transaction orchestrated by commercial real estate services firm Cushman & Wakefield, One Harmon Plaza in Secaucus has traded.
Cushman & Wakefield's Metropolitan Area Capital Markets Group and an office brokerage team based in the firm's East Rutherford, N.J., office represented the seller. The buyer, a partnership of Mountain Development Corp. (MDC) and a fund managed by PCCP LLC, was represented in-house, while Cushman & Wakefield's Equity, Debt & Structured Finance team, based in Manhattan, served as the exclusive advisor to MDC in structuring and arranging joint-venture equity for the acquisition.
“We had nearly 50 signed CAs for the landmark 10-story, 192,089-square-foot office building, 18 tours and 11 firm offers for this well-located asset,” said Cushman & Wakefield’s David Bernhaut, who headed the disposition with Metropolitan Area Capital Markets Group team members Gary Gabriel, Brian Whitmer and Grace Braverman. “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.”
John Alascio, Chris Moyer and Suraj Ravi comprise the Cushman & Wakefield Equity, Debt & Structured Finance team involved in the transaction. "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," Alascio said.
The new ownership has retained Cushman & Wakefield's David Sherman, Marc Trevisan, David DeMatteis and Slava Vaynberg - the brokerage team involved with the Metropolitan Area Capital Markets Group in the sale - to head leasing efforts for the iconic Meadowlands building, where MDC plans to upgrade common areas, and increase the amenity package for tenants to include a fitness center and food service.
"The building's great location and amenities, both on-site and in the surrounding area, has always made it an attractive destination for tenants," Sherman said. Recent additions to the building's tenant roster prior to the sale include international, Israel-based textile company Delta Galil USA (21,000 square feet) and the Jersey Journal (10,000 square feet), which relocated from its long-time headquarters in Jersey City. Current availabilities range from 5,000 square feet to full floors of 24,000 square feet.
"MDC's planned improvements, combined with outstanding branding and signage opportunities, will further elevate its prominent market positioning," Sherman added. "Under its new ownership, One Harmon Plaza is poised for a solid future."
Known for its distinctive cube-shape design and mirrored glass façade, One Harmon Plaza was constructed in 1978 by Hartz Mountain Industries and originally served as that company's headquarters. One Harmon Plaza is located on 1.67 acres in the Harmon Cove business park, along the New Jersey Turnpike/I-95 at Exit 16W, just seven miles from New York City. It features high visibility from the Turnpike, as well as panoramic views of Manhattan and the Hudson River.