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New York & Tri-State  + Midtown New York  + Office  | 
Fireblocks has signed the first office lease at 441 Ninth Ave. since Commonwealth Partners acquired the Midtown Manhattan property for $1.033 billion

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. 

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Inside The Story

Cove Property Group's HooCBRE's Stacom

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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