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Hudson Commons Developer Reportedly Seeks $1 Billion+ in Sale
Hudson Commons, a redeveloped office tower on Manhattan’s West Side, is hitting the market in a bet that investor appetite for New York office will pick up, Bloomberg News reported. Cove Property Group, the project’s developer, seeks more than $1 billion.
Located just east of the Hudson Yards complex at 441 Ninth Ave., the 25-story building is anchored by Peloton Interactive Inc. and Lyft Inc. Its 700,000 square feet are more than 75% leased, according to marketing materials from CBRE, which is handling the sale.
“There’s more and more proof that people are not as efficient at home and even if you are, it becomes a drag to wake up, do all your work and go to bed in the same location,” Darcy Stacom, head of New York City capital markets at CBRE, told Bloomberg. “The office is going to return in strength and we already have excellent activity.”
- ◦Sale/Acquisition
