Brevet Capital Management To Relocate Headquarters From Park Avenue To Cove Property Group's Hudson Commons

NEW YORK, Aug. 6, 2019 /PRNewswire/ -- Brevet Capital Management, the specialty finance institutional investment manager, and Cove Property Group announced today that Brevet signed a 16,178 rentable square foot lease at Cove's Hudson Commons, located at 441 Ninth Avenue on the West Side of Manhattan.

Cove, in partnership with The Baupost Group, purchased the property in December 2016 from Emblem Health. Over the past two years, Cove pursued an ambitious and creative adaptive reuse of the original 8-story warehouse combined with a new 17-story overbuild aimed at attracting a modern tenant base focused on growth, culture and sustainability. Brevet shares those values of excellence and innovation and looks forward to their expanded footprint in Manhattan's newest neighborhood.

Brevet's CEO Doug Monticciolo commented, "The open floor plan, abundant light and air, and industrial details will allow us to deepen our culture of collaboration and cross-pollinating information to create dynamic financial solutions and partnerships. Brevet will be able to originate new ideas and continue to grow more like a tech company, liberated from the restrictions of a traditional financial services set-up. The spaciousness of the office allows us to be a hub for our community, and host private events and talks with the experts and leading-edge thinkers that comprise Brevet's cohort."

The financial services firm is relocating from 230 Park Avenue and plans to move into its full-floor suite on the 20^th level at 441 Ninth Avenue by the end of 2019. Brevet will join Peloton and Lyft at the 700,000 square foot project, bringing the property up to 65% leased prior to the project's completion later this summer.

The new space for Brevet will feature 14' slab heights, exposed castellated structural beams, nearly column-free workspace, views of Midtown and Lower Manhattan and an outdoor terrace. Given the building's side core orientation, Brevet will benefit from a more efficient floor plate as well as floor-to-ceiling windows in the elevator lobby and bathrooms.

Amit Patel, Partner at Cove, added, "The genesis for the name 'Hudson Commons' stemmed from an early emphasis on creating a building that offers something unique and valuable to each tenant, including 50,000 square foot floor plates in the base of the building, boutique full-floor tenancy below 20,000 square feet in the tower, outdoor space and state-of-the-art technology. We are thrilled that one of the successes of this strategy is the emergence of a diverse tenant mix that will only strengthen Hudson Commons as a home for the world's best companies and most talented workforce."

"One of the attributes of Hudson Commons that resonated with Brevet is the amenity program that we are seamlessly integrating into the tenant experience," said Colin Sullivan, Vice President at Cove. "We are rolling out best-in-class services to enhance employee happiness, engagement and productivity, which tenants are increasingly seeking to attract and retain top talent." At Hudson Commons, tenants will be able to access a dedicated building concierge, manage amenity conference room reservations, submit service requests and control visitor access management, all from a new app-based platform. The Wired Score Platinum property will feature executive parking, premium bike storage, showers and a tenant lounge for touch-down space, conferencing, light fitness and building-wide events.

With the most recent signing of Brevet, only 213,00 rentable square of office space remains available in the newly constructed tower floors that range from 16,000 to 23,000 rentable square feet and feature private terraces on nearly all the floors. With the exception of Hudson Commons' Penthouse which features 28 foot slab heights and a private rooftop garden, each tower floor boasts 14 foot slab heights with highly efficient side core layouts and 360 degree views.

The team of Stephen Siegel, Evan Haskell, Paul Haskin, James Ackerson and Ben Joseph from CBRE are the exclusive office leasing agents for the property.

Brevet was represented by Ben Friedland, Silvio Petriello and Sam Spillane, also from CBRE.

ABOUT BREVET CAPITAL MANAGEMENT

Headquartered in New York, Brevet Capital is a global specialty finance and solutions provider. Since inception, Brevet Capital has structured, executed and advised on $20 billion+ in client transactions. Focusing on opportunities related to the government sector, Brevet originates and structures customized financing solutions that achieve successful outcomes. Brevet Capital has a 20-year track record of partnering with U.S. state, federal, and international government agencies and contractors to provide unique financing solutions. www.brevetcapital.com

ABOUT COVE PROPERTY GROUP 

Cove is a New York City-based owner, operator and developer of innovative institutional grade commercial real estate. Founded by Kevin Hoo, Thomas Farrell and Amit Patel, Cove's team has a combined 50 years of ownership, asset management and respected development expertise.  Cove focuses on investment and redevelopment, as well as ground-up development, of key asset types including commercial office, retail, residential and industrial. For more information, please visit www.covepg.com.

ABOUT THE BAUPOST GROUP 

The Baupost Group is a Boston-based investment manager with a long-term, value-oriented approach. Since 1982, the firm has been thoughtfully stewarding and compounding capital on behalf of families, foundations and endowments, as well as employees who collectively are the firm's largest client. Baupost manages roughly $28 billion with a broad and flexible charter, investing in a wide range of asset classes, including significant holdings in publicly traded debt and equity securities, private debt, real estate, and private equity. CEO and Portfolio Manager Seth Klarman has overseen Baupost's investments from the company's inception. 

ABOUT CBRE GROUP, INC. 

CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles is the world's largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

SOURCE Cove Property Group

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