Cove Property, Baupost Nab NY Office Building In $330M Deal

Law360, New York (December 14, 2016, 5:12 PM EST) -- A joint venture between Cove Property Group and Baupost Group has purchased an eight-story office building on the west side of Manhattan from EmblemHealth Inc. in a deal worth $330 million, according to a statement Tuesday from CBRE Capital Markets, which arranged the sale.

The pair closed on 441 Ninth Ave. on Dec. 6, according to city property records. The property was purchased from EmblemHealth, which occupies and will lease back the building until next year, when it plans to vacate, Tuesday's statement said.

Located between 34th and 35th streets, near Penn Station and the Hudson Yards development project, the property...

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