Converted Hudson Yards Building In contract for $1B-plus

Los Angeles-based CommonWealth Partners, an advisor to the California Public Employees’ Retirement System (CalPERS) fund, is in contract to purchase Hudson Commons, 441 Ninth Avenue for more than $1 billion. Co-developers Cove Property Group and Baupost Group introduced the sale offering earlier this year of the former warehouse that had been converted to offices for EmblemHealth, having acquired the site in 2016 for $300 million and redeveloping it into a 700,000-square-foot office building — the project including a vertical expansion of 17 floors.