Dennis Friedrich, Ric Clark Buy White Plains Office for $68M

Former Brookfield executives Ric Clark and Dennis Friedrich are back with the second acquisition for their firm, TKF Burnside Real Estate Partners.

The company acquired a White Plains office building at 360 Hamilton Avenue, the firm announced last week. The purchase price of the 400,000-square-foot property was not disclosed, but a source with knowledge of the transaction told The Real Deal it was a $67.6 million deal, breaking down to $169 per square foot.

The seller was also not disclosed, but the property was still listed on the website of Reckson, a local landlord and affiliate of the Cappelli Organization, as of Monday afternoon. Reckson could not be reached for comment.

A representative from TKF Burnside declined to confirm details of the purchase and did not immediately provide further comment.

TKF’s Dave Hou represented the buyers in-house, while Newmark’s Kevin Welsh and Charles Han represented the sellers. A separate Newmark team of Chris Kramer and Tim Polglase arranged acquisition financing.

Tenants include Merrill Lynch, Skadden, Arps, Slate, Meagher & Flom LLP, Heineken USA and Bank of America. Incoming ownership plans to modernize and update amenities to help keep tenants in place.

“This property strongly aligns with our strategy of investing in high-quality, amenitized assets located in dynamic, transit-oriented markets,” Friedrich said in a statement.

This is the second acquisition for TKF Burnside, which is nearing 1 million square feet in its portfolio across the Greater New York City area. The firm purchased 1000 Woodbury Drive on Long Island from Scott Rechler’s RXR for $23.5 million.

The local IDA granted tax breaks for renovations to that office property, including a two-year freeze on property taxes, followed by three years of 1 percent increases and 10 years of 2 percent increases.

The vacancy rate among Westchester County office buildings in the fourth quarter was 24.4 percent, down year-over-year, according to a report from Cushman & Wakefield. The asking rent rose to $30.54 per square foot.

Erik Engquist contributed reporting.