Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
12.28.21
A team of Pillsbury lawyers led by Real Estate partner Caroline Harcourt represented the purchaser and borrower in the $1 billion+ purchase of Hudson Commons at 441 Ninth Avenue in Manhattan.
The purchase of the 25-story, 697,958-square-foot office and retail building closed on Dec. 17 for $1.033 billion. Pillsbury represented CommonWealth Partners, a private real estate firm, in the purchase from Cove Property Group and the Baupost Group, a hedge fund headquartered in Boston.
Concurrently, Pillsbury represented CommonWealth in the closing of a $507 million commercial mortgage-backed securities (CMBS) loan from Deutsche Bank to finance a portion of the acquisition costs.
The building consists of an eight-story podium – originally built in 1982 as a warehouse and fully renovated and converted to office space in 2019 – and a 17-story tower constructed on the podium in 2019. The building features 14 outdoor terraces on 14 floors, as well as extensive tenant amenities. The building is one of a handful of office properties in New York to achieve LEED Platinum certification for sustainability from the U.S. Green Building Council. It is also WiredScored Platinum, which is a global connectivity certification ranking.
Lyft and Peloton anchor the building, which is 75 percent leased.
In addition to Harcourt, the Pillsbury team included Samantha Sharma, Natalie Starkman, Jasmine Gurreri, Peter Hunt, Andrea Milano, Russell da Silva, Sarah Konnerth and Reza Zarghamee.