360 Hamilton Ave. in White Plains, New York — Courtesy: Newmark
By Joshua Burd
Investors have acquired a prominent 392,000-square-foot office building in White Plains, New York, as part of a recent deal by Newmark’s Rutherford- and Manhattan-based teams.
According to the firm, which arranged the sale and acquisition financing, the property at 360 Hamilton Ave. is leased to the likes of Bank of America, Merrill Lynch, Skadden and Heineken USA. That made for an attractive opportunity for the buyer, TKF Burnside Real Estate Partners, as did its proximity to the White Plains Transportation Center and to a mix of downtown retail, dining and residential offerings.
Newmark executive managing directors Kevin Welsh, Charles Han and Brian Schulz and Analyst Doug Woolley represented the undisclosed seller, while Vice Chairman Christopher Kramer and Director Tim Polglase sourced the acquisition loan on TKF’s behalf. Executive Managing Director Greg Frisoli serves as leasing adviser for the property, which is about 25 miles outside New Jersey.
“360 Hamilton Avenue is one of the largest institutional office assets in Westchester County,” Welsh said. “The transaction reflects continued investor interest in well-located office properties in transit-oriented suburban markets.”
Newmark did not disclose the terms of the deal, but public records cited by the Westfair Business Journal list a sale price of $67.5 million. TradedNY, meantime, reported that J.P. Morgan provided the $49 million in acquisition financing.
