W&M, which has purchased 711 Westchester Ave., and Ten BankStreet in White Plains, as well as 500 Mamaroneck Ave. in Harrison,is now looking for more opportunities in Westchester.

Malkin points to the diversity of the tenant base in Westchesteras a key incentive for further investment. He says that, "Relyingon a concentration of tenants in only a few industries is risky.That's why we're not looking in Downtown Manhattan, which isdominated by the financial industry and technology, media, andtelecom companies, and are continuing to seek out new acquisitionsin Westchester."

While dot.com and other high-growth sectors have fueledtremendous growth, "many of these companies do not generate cashand are shut off from raising new capital. A shakeout isinevitable, with a concomitant effect on occupancy rates and realestate values," he says.