Hudson Commons.
NEW YORK CITY – Cove Property Group has secured a $724.2 million loan from Blackstone Mortgage Trust to refinance Hudson Commons, a 25-story, 698,000-square-foot trophy office redevelopment at 441 Ninth Ave. in the Hudson Yards submarket. Eastdil Secured arranged the financing from Blackstone, and Cole Schotz P.C. represented Cove Property Group in the transaction.
Cove landed construction and mezzanine loans from Parlex 1 Finance, Parlex 2A Finco, and Parlex 3A Finco, affiliates of Blackstone Mortgage Trust, to swap with the existing loans from Apollo Global Management and JPMorgan Chase.
Hudson Commons is approximately 65% leased by tenants Peloton, Lyft and Brevet Capital Management. Fitness company Peloton anchors the property, occupying 336,000 square feet as its corporate headquarters, Lyft leases 100,000 square feet, and hedge fund Brevet Capital Management leases 16,000 square feet.
Cove had recently added a 17-story structure atop the building that was formerly comprised of 423,000 square feet across eight stories but now totals approximately 700,000 square feet. Amenity features include executive parking, bike storage, an 8,000-square-foot conferencing center and tenant lounge. An estimated 213,000 square feet of office space is vacant, which includes the top floor penthouse.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
