A Woodland Park-based real estate firm has purchased One Harmon Plaza, the Secaucus office building where The Jersey Journal moved in January, for $11.5 million.
Mountain Development Corp. acquired the 10-story, 187,111-square-foot property from New Boston Fund Inc., Mountain Development President Michael Seeve said Tuesday. Mountain Development bought the property with a partner, a fund managed by PCCP LLC, a Los Angeles-based real estate investment firm.
The Meadowlands property is in the Harmon Cove industrial park, across the street from the former headquarters site of consumer electronics company Panasonic, which is being redeveloped, Seeve said. The office building, constructed in 1978, is adjacent to Clarion's Empire Meadowlands Hotel at 2 Harmon Plaza.
The $11.5 million price marked a significant decrease from the property's last sale price. New Boston Fund bought the class A Secaucus office building from Hartz Mountain Industries Inc. seven years ago for $23.6 million, according to CoStar, which tracks commercial real estate data.
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.
Delta Galil USA Inc., an Israeli textile company, also leases space at One Harmon Plaza, Seeve said.
Mountain Development also is the landlord of North Jersey Media Group, publisher of The Record and Herald News. NJMG signed a long-term lease renewal for its corporate headquarters at 1 Garret Mountain Plaza, Woodland Park, last fall. As part of its renewal, NJMG is consolidating some of its space at Garret Mountain.