
Cove/Baupost Partnership Trades Hudson Commons for $1B-Plus
Cove Property Group and The Baupost Group have sold the redeveloped 441 Ninth Ave. in Midtown Manhattan, now known as Hudson Commons, to CommonWealth Partners in a $1.033-billion transaction arranged by CBRE.
“This transaction is a bellwether for the resurgence of confidence in the office sector and validation for the value created by forward-looking, sustainable redevelopment at a trailblazing location,” said Kevin Hoo, managing partner of Cove Property Group. “Given the aging nature of the majority of Manhattan’s office product, Hudson Commons is a model for the office of the future in this city.”
Cove and Baupost acquired 441 Ninth in 2016, giving it a complete overhaul including the addition of an 18-story overbuild. Currently it’s 75% occupied, with Peloton and Lyft as the anchor office tenants.
The CBRE team arranging the sale included Darcy Stacom, William Shanahan, Doug Middleton and Alanna Bassen.
- ◦Sale/Acquisition