Former Brookfield executives Ric Clark and Dennis Friedrich are again with the second acquisition for his or her agency, TKF Burnside Actual Property Companions.
The corporate acquired a White Plains workplace constructing at 360 Hamilton Avenue, the agency announced final week. The acquisition value of the 400,000-square-foot property was not disclosed, however a supply with data of the transaction advised The Actual Deal it was a $67.6 million deal, breaking right down to $169 per sq. foot.
The vendor was additionally not disclosed, however the property was nonetheless listed on the web site of Reckson, a neighborhood landlord and affiliate of the Cappelli Group, as of Monday afternoon. Reckson couldn’t be reached for remark.
A consultant from TKF Burnside declined to substantiate particulars of the acquisition and didn’t instantly present additional remark.
TKF’s Dave Hou represented the consumers in-house, whereas Newmark’s Kevin Welsh and Charles Han represented the sellers. A separate Newmark workforce of Chris Kramer and Tim Polglase organized acquisition financing.
Tenants embrace Merrill Lynch, Skadden, Arps, Slate, Meagher & Flom LLP, Heineken USA and Financial institution of America. Incoming possession plans to modernize and replace facilities to assist hold tenants in place.
“This property strongly aligns with our technique of investing in high-quality, amenitized belongings situated in dynamic, transit-oriented markets,” Friedrich stated in a press release.
That is the second acquisition for TKF Burnside, which is nearing 1 million sq. ft in its portfolio throughout the Higher New York Metropolis space. The agency bought 1000 Woodbury Drive on Lengthy Island from Scott Rechler’s RXR for $23.5 million.
The native IDA granted tax breaks for renovations to that workplace property, together with a two-year freeze on property taxes, adopted by three years of 1 p.c will increase and 10 years of two p.c will increase.
The emptiness fee amongst Westchester County workplace buildings within the fourth quarter was 24.4 p.c, down year-over-year, in line with a report from Cushman & Wakefield. The asking hire rose to $30.54 per sq. foot.
Erik Engquist contributed reporting.
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