The Class A office property at 360 Hamilton Ave. in White Plains has been sold for $67.5 million, according to documents recently filed with the Westchester County Clerk’s office. The entity 360 Hamilton Plaza LLC, which has an office address in care of Louis Cappelli’s Cappelli Organization in White Plains sold the property to TKF Burnside Hamilton Owner LLC.
TKF Burnside is a real estate investment and operating company founded by Ric Clark and Dennis Friedrich that has an office in New York City. Dave Hou of TKF Burnside represented the company in the transaction. Kevin Welsh and Charles Han of Newmark represented the seller, and Chris Kramer and Tim Polglase of Newmark represented TKF Burnside on the acquisition financing.
The property has about 380,000 square feet of rentable space. Current tenants include: Merrill Lynch; the law firm Skadden, Arps, Slate, Meagher & Flom LLP; Heineken USA; and Bank of America.
TKF Burnside said it plans to modernize and enhance the building’s existing amenities.
“As the New York City office market continues to rebound in a meaningful way, we’ve seen the momentum spread to the near-in business districts,” Clark said. “Office demand is evolving but one principal remains: companies follow talent and talent follows vibrant, connected communities.”
Clark said that White Plains, with what he described as its rapidly expanding residential base, restaurants, social energy, walkability and affordability is exactly where modern companies want to be.
Friedrich said, “This property strongly aligns with our strategy of investing in high-quality, amenitized assets located in dynamic, transit-oriented markets, whether that’s Manhattan’s central business district or a growing inner suburban market like White Plains, the central commercial hub of Westchester County and one of the shortest one-seat train rides into the Grand Central area.”
