Commercial real estate veterans Paul Fuhrman, Jae Yi and Perry Hariri are jumping ship to form their own company.

The new real estate operating and investment firm, Miramar Capital, will be based in Santa Monica.

Miramar will focus on primary and secondary markets in California and in other cities on the West Coast.

The company's founders plan to work with private and institutional capital sources and work on value-add commercial real estate investments, targeting infill properties.

Since launching the platform this summer, Miramar has teamed up in a JV with Grand China Overseas Investment Management Ltd. to purchase a fully leased office building in Mountain View, California, in an off-market deal.

Miramar also reached an agreement with Colony Northstar to go after California-based development and re-entitlement opportunities, according to Fuhrman.

All three founders have previous ties to Colony Northstar.

Fuhrman was executive director and head of U.S. acquisitions for opportunistic debt and equity investments at Colony Northstar. Yi was a managing director at Colony Northstar and was responsible for the sourcing and execution of many investments across various property types.

Hariri was a long-standing development partner of Colony Northstar and, most recently, principal and founder of Silicon Valley's Fortbay LLC.

Miramar benefits from its good relationship with Colony Northstar, according to Fuhrman.

“With that said, we are at a point in the cycle where we have to be very targeted and thoughtful in our approach," Fuhrman said. "We believe our covered land strategy takes advantage of our combined entitlement, development and capital markets expertise to identify opportunities where we can unlock significant value with downside protection.”

In addition to its Santa Monica office, the firm also has a regional office in San Jose.