TKF Burnside Real Estate Partners has made another office buy in the New York Metro area, with the acquisition of 360 Hamilton Avenue in White Plains.
On the latest deal, the purchase price was undisclosed, along with the seller. TFK was represented in-house by Dave Hou, with Newmark's Kevin Welsh and Charles Han acting on behalf of the sellers. Newmark was also involved with representing TFK on the acquisition financing.
The Class A property spans 400,000 rentable square feet. Tenants in the building include Bank of America, Merrill Lynch, Skadden, Arps, Slate, Meagher & Flom LLP and Heineken USA.
According to TFK, the property is a "short" train ride to the Grand Central area in Manhattan. The company also refers to White Plains as the "commercial hub" of Westchester County and a place that's seeing a growing population.
"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," Ric Clark, co-founder of TKF, said in a statement.
"Office demand is evolving but one principal remains: companies follow talent and talent follows vibrant, connected communities. White Plains – with a rapidly expanding residential base and the restaurants, social energy, walkability and affordability that today's workforce demands – is exactly where modern companies want to be and a great place to invest."
JLL, in a second-quarter Westchester County office report, saidthat net absorption was 103,000 square feet, marking the best demand seen since 2021.
TFK plans to improve the hospitality offerings and modernize 360 Hamilton in efforts to retain and attract talent.
The acquisition marks the second made by TFK in just over a year in the greater New York metro area. The other purchase involved snagging 1000 Woodbury on Long Island, a Class A office that spans 290,000 square feet. TFK's greater New York metro portfolio totals nearly a million square feet now.
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