Acquisition, Disposition & Development
Deeply experienced in direct (equity) and indirect (junior debt and mezzanine debt investment) real estate investments, both as an owner and as a partner in joint venture structures.
Cove believes that a significant driver of value lies not just within the asset itself, but also in the successful execution of the business plan. Cove is a highly experienced, hands-on asset manager with expertise in executing large capital redevelopment programs and accretive financing strategies.
Cove has the ability to take a strategic view on leasing that considers the local market conditions as well as the holistic vision for the space to arrive at a set of tenants that the company believes will drive long-term value.
EXPERTISE & TRACK RECORD
Kevin Hoo is the Founder and Managing Partner of Cove Property Group. Mr. Hoo has developed significant joint venture and capital partner relationships throughout his career and is responsible for the acquisition, financing and asset management of Cove's portfolio. Mr. Hoo has overseen in excess of $3 billion of direct real estate transactions, as well as development and capital projects throughout his career and has negotiated over one million square feet of leases across 90 separate transactions.
Prior to founding Cove, Mr. Hoo was a Managing Director at Savanna. While at Savanna, Mr. Hoo oversaw the acquisition, financing and asset management of nearly 1.8 million square feet through to successful investment exits, including 100 Wall Street, 245 & 249 West 17th Street, 21 Penn Plaza and 31 Penn Plaza. Before Savanna, Mr. Hoo was a Director at Tishman Speyer. Based in New York City, Mr. Hoo began in the Emerging Markets group (focused on China and India), initially managing acquisition and development opportunities and was subsequently granted oversight of design and construction elements in that role. Mr. Hoo later transitioned into the New York Acquisitions and Development group and finally the Commercial Leasing and Sales group, with a specific focus on Rockefeller Center and 200 Park Avenue. Prior to Tishman Speyer, Mr. Hoo was an Associate Director in the Real Estate Investment Banking Group at UBS AG in Sydney, Australia, where he was responsible for M&A and capital market transactions for REIT clients.
Mr. Hoo is a Vice Chair of the board of the Lower Manhattan Cultural Council and holds an MBA from the Kellogg School of Management at Northwestern University, as well as a Bachelor of Commerce (with honors) and Bachelor of Law (with honors) from the University of Queensland, Australia.
Amit Patel is a Partner and Co-Founder of Cove Property Group and serves as the firm’s Chief Operating Officer. Prior to Cove, Mr. Patel was a Vice President at Barclays Investment Bank where he was responsible for leading strategic and operational projects initiatives for the executive team. In his role, Mr. Patel was based in both London and New York and oversaw the delivery of multiple initiatives, including the planning and execution of a $2 billion+ strategic change program, the largest in the bank's history, as well as the restructuring of Barclays operations in several European and Latin American markets.
Prior to Barclays, Mr. Patel was a Management Consultant at Roland Berger Strategy Consultants, where he was instrumental in the launch of their operations in Chicago, a large market for the firm currently. As a Management Consultant, Mr. Patel focused on global strategy development and operations improvement projects for organizations ranging in size from $100 million to $30 billion and has delivered in excess of $500 million in cost and revenue improvements. In addition to these roles, Mr. Patel also brings real estate experience through consulting project work involving master planning and tenant marketing for a large downtown development in the city of Calgary, Canada.
Before his time at Roland Berger, Mr. Patel held several technical roles as a mechanical engineer at Visteon Corporation, a former division of the Ford Motor Company.
Mr. Patel graduated with a Bachelor of Science and Master of Science in Mechanical Engineering from Carnegie Mellon University and the University of Michigan, respectively. He also holds an MBA from the Kellogg School of Management and a Master’s degree in Engineering Management from the McCormick School of Engineering at Northwestern University.
Thomas Farrell is a Partner at Cove Property Group. Prior to joining Cove, Mr. Farrell was a Senior Managing Director with Tishman Speyer where he was a key member of that firm for over 20 years. During his tenure at TS he played a key role as head of its Design and Construction group overseeing some of its most prestigious projects across the globe.
Mr. Farrell played an integral role on major New York projects including the Hearst Tower, Goldman Sachs World Headquarters, 101 West End Avenue and build-to-suit projects for Citibank and other major financial institutions. Mr. Farrell also played a primary role in other US markets for TS including projects in Washington D.C., Chicago, Los Angeles and San Francisco. Mr. Farrell also helped establish Tishman Speyer's business in Brazil and had a leadership role on numerous projects in Sao Paulo, Rio de Janeiro and Brasilia. Mr. Farrell also had an oversight role for other international projects across major markets in Europe, Nike's Asia headquarters in Shanghai, and the Waverock project in Hyderabad, India.
From 2003 through 2015 he served on Tishman Speyer's Investment Committee and also on its Management & Compliance Committees. From 2014 through November 2015, Mr. Farrell served as country head for Tishman Speyer's efforts in Mexico.
Before his time at TS, Mr. Farrell spent nine years managing the design and construction of major projects with Olympia & York, where he held leadership roles for the buildout of Merrill Lynch's headquarters at the World Financial Center and CIBC's headquarters at 425 Lexington Avenue. Mr. Farrell also served as project director for Phase Two of the Canary Wharf project in London and the Santa Fe project in Mexico City.
Mr. Farrell was recently inducted into the National Academy of Construction and serves on the advisory board of New Ground, an education service for the homeless. Mr. Farrell is a licensed professional engineer and has a Bachelor's Degree from Manhattan College, where he serves on the Board of Trustees.
Paul King is a Managing Director with Cove Property Group and leads design, construction and development activities. Prior to joining Cove, Mr. King held senior management positions at Skanska, Jones Lang LaSalle and Tishman Speyer where he had a leadership role in more than 40 million square feet of national and international commercial office and mixed use projects including ground-up and repositioning/renovation, high-rise urban development, and large infrastructure projects.
Mr. King’s experience includes over $30 billion of prominent projects completed over nearly 30 years with industry-leading firms in construction management, project management and real estate development. Mr. King’s unique core competencies span pre-development, project execution, risk management, operations support and technical services. He has worked with leading design firms such as Rogers Stirk Harbour + Partners, Herzog & de Meuron, Foster and Partners, Gensler, KPF, Legorreta + Legoretta, SOM, SHoP and Fogarty Finger Architects.
Mr. King earned a Master’s degree in Real Estate Development & Investment from New York University and a Bachelors Degree from Purdue University.
Chris Terceira is a Principal with Cove Property Group, and is responsible for the development and construction associated with real estate acquisitions and re-development projects.
Prior to joining Cove, Mr. Terceira was a Director with Tishman Speyer managing the NBC account in New York and New Jersey. There he was responsible for the operation, development and execution of critical system projects.
Mr. Terceira spent five years with Morgan Stanley as an Executive Director and Project Executive responsible for the design and construction of DC 1 & DC 2, Morgan Stanley’s North America Data Centers.
From 2004-2009, Mr. Terceira was a Senior Director with Tishman Speyer in their Design and Construction group. During his tenure he managed the engineering for several projects including: The Hearst Tower, Citigroup LIC2 Office Building, Top of the Rock and Lehman Brothers Data Center.
Prior to Tishman Speyer, Mr. Terceira was at Hines managing the MEP design and construction for Goldman Sachs 30 Hudson Project. The building is 780 feet tall, 1.5 million square feet and is LEED certified.
Mr. Terceira is a licensed professional engineer and holds a Bachelor of Science in Electrical Engineering from New York Institute of Technology.
Marc Rosenberg is a Director with Cove Property Group and is responsible for the development and construction associated with real estate acquisitions and redevelopment projects.
Mr. Rosenberg has diverse experience across numerous market segments in New York City and has managed the construction of corporate interiors and special projects. He was responsible for the management of field staff and trade contractors from the preconstruction process, developing initial cost estimates through completion of all finish trades and project closeout.
Prior to joining Cove, Mr. Rosenberg was Senior Project Manager for Tishman Construction in New York City. There he was responsible for managing the preconstruction and construction of the multi-phased project to reposition the world headquarters of Citibank in New York City, specifically completing the construction of the Corporate Center facility for Citi executives and managing the preconstruction activities to create the Town Square.
As Account Manager for Icon Interiors, Mr. Rosenberg was responsible for the construction of corporate interiors for such companies as LinkedIn, Cleary Gottlieb Steen & Hamilton, The Durst Organization, Crain Communications and Two Sigma, contributing in upwards of 2 million square feet of commercial space to the New York City market.
Mr. Rosenberg holds a Bachelor of Architecture degree from the University of Miami and began his career in architecture and urban planning with Cooper Robertson and Partners developing urban infill solutions and private residential buildings throughout the United States.
Yingying Zhu is a Vice President with Cove Property Group and is focused on the acquisition, asset management, and disposition of real estate assets.
Prior to joining Cove, Ms. Zhu was an Acquisition Associate with Stellar Management, a large owner-operator platform in New York City. She was one of the key members responsible for acquiring, financing, operating and redeveloping a $3 billion multi-family and office portfolio in New York. Ms. Zhu was involved in major projects including 211 McGuinness Boulevard (Ground-up Development), 305 East 86th Street (Multi-family Redevelopment) and One Soho Square (Office Repositioning). Before Stellar Management, Ms. Zhu held positions with Gaia Real Estate's Acquisition and Asset Management team and Tishman Speyer's Emerging Market Portfolio Management team.
Before her time in the United States, Ms. Zhu spent three years working in China working as a Senior Analyst for Lehman Brothers Real Estate Private Equity's opportunistic fund and closed their first three deals in China including Asia's largest pre-IPO investment in 2008.
Ms. Zhu is a CFA Level II candidate and holds LEED AP designation with BD+C specialty. Ms. Zhu holds a Master's Degree in Real Estate from Cornell University and a Bachelor's Degree in Construction Management from Tsinghua University, China.
Bill Concannon is an Vice President with Cove Property Group and is focused on the acquisition, asset management, and disposition of real estate assets.
Mr. Concannon began his career in corporate strategy consulting, working with industrial and commodity focused firms throughout the United States. Prior to joining Cove, Mr. Concannon worked in the US Real Estate Investments team at The Carlyle Group. Within Carlyle’s Opportunity Fund, he supported the entitlement, financing, development, lease-up, and sale of real estate assets throughout the Western United States. Mr. Concannon also focused on launching Carlyle’s Real Estate Core-Plus Investment Vehicle.
Mr. Concannon earned a Master’s in Business Administration from The Wharton School and holds a Bachelor’s degree in Finance from the McDonough School of Business at Georgetown University.
441 Ninth Avenue | New York City
441 Ninth Avenue was originally an 8-story building built as a warehouse in 1962 and later redeveloped as an office building in 1983. The property was acquired fee simple by Cove and its Joint Venture Partner in a marketed transaction in 2016 from Emblem Health, which owned and occupied the property prior to sale.
The existing building possesses a side core configuration with generous 50,000 RSF plates, 14’4″ slab-to-slab heights and natural light on four sides and an onsite parking garage.
The property is located between 34th and 35th Streets along the entire block front on 9th Avenue, at the heart of the Hudson Yards and Penn Station development. It benefits from superior transportation access, being equidistant between Penn Station and the new 7 train extension servicing Hudson Yards, as well as the Port Authority and the Lincoln Tunnel.
Cove’s business plan is to fully reposition the existing 8 story building and add an incremental 17 stories of rentable office floors above. The fully redeveloped Class A office property, named “Hudson Commons”, will total approximately 700,000 RSF across 25 stories, with floor plates ranging from 16,000 RSF to 50,000 RSF. The contemplated design will incorporate 14’-28’ ceiling heights, 8’3” vision glass in the podium, floor-to-ceiling vision glass in the tower and 14 terraces & balconies. The property is targeting LEED Gold and Wired Platinum certification and aims to offer a full package of amenities including tenant lounges, bike room, ample outdoor space and meeting room & conferencing facilities. The varied and flexible floor layouts are suited to a range of different sized tenants and industries including TAMI (Technology, Advertising, Media and Information), fashion, financial services and legal tenants.
For more information please visit: www.hudsoncommons.com
101 Greenwich Street | New York City
101 Greenwich Street, formerly 2 Rector Street, is a 26-story, Beaux Arts style building built in 1907 that will be transformed by Cove into a Class-A office building.
The property was acquired fee simple by Cove and the Multi-Employer Property Trust (MEPT), managed by Bentall Kennedy and NewTower Trust Company in a marketed transaction in 2016 from CIM Group and Kushner Companies— owners of the building since 2013.
The property is located in Manhattan’s Financial District on Rector Street between Greenwich Street and Trinity Place, two blocks south of the newly developed World Trade Center, with extensive retail and access to public transportation. It is ideally located to benefit from the growth that this submarket has experienced over the past decade. The unique physical characteristics of the property— namely its unique U-shaped floor plan with a side core configuration, 12’ slab-to-slab heights, sweeping views and light on six sides, beautiful terra-cotta facade with large windows, and relatively column-free and loft-like aesthetics— identify this building as a highly unique leasing opportunity in downtown Manhattan.
For more information visit: www.101Greenwich.com