Transactions - NOVEMBER 26, 2019

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Blackstone lends $724m against Manhattan office property

by Andrea Zander

Affiliates of Blackstone Mortgage Trust have provided $724.2 million of financing to Cove Property Group.

The refinance is for Hudson Commons, Cove’s 25-story, 698,000-square-foot trophy office redevelopment at 441 Ninth Avenue in the Hudson Yards submarket of Manhattan.

“From day one, we held true to our business plan of preserving a remarkable industrial building, while adding to it an integrated, efficient tower and thereby creating a best-in-class work environment that fosters collaboration, innovation and growth, all at the gateway to Manhattan’s newest center of business,” said Kevin Hoo, founder and managing partner at Cove. “Cove and Baupost are extremely proud of the finished product, which we recently launched to market, and we look to welcome new tenants into the remaining tower floors. We are pleased that Blackstone appreciates the execution of our vision, and we are excited to be partners with them in this next chapter of Hudson Commons.”

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