Safehold Closes Approximately $620 Million Ground Lease at 425 Park Avenue in New York City
03 December 2019 - 8:30AM
Business Wire
Safehold Inc. (NYSE: SAFE) reported that it has closed on the
previously announced acquisition of the existing ground lease at
425 Park Avenue in New York, NY for approximately $620 million. In
connection with this transaction, the Company entered into a joint
venture agreement with a sovereign wealth fund in early September.
Safehold owns approximately 55% of the venture and acts as its
manager.
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425 Park Ave. (Photo: Business Wire)
“We are excited to add the 425 Park ground lease to our
portfolio,” said Jay Sugarman, Chairman and Chief Executive
Officer. “2019 has been a breakthrough year for Safehold and the
closing of the ground lease at 425 Park, the first new office
building constructed on Park Avenue in over 50 years, represents
another significant milestone for the company. We look to finish
the year strong and are excited to push forward with our plans for
expansion in 2020.”
425 Park Avenue is a 42-story, 670K sq. ft. Class A trophy
office building under construction in the Park Avenue corridor of
Manhattan. The building occupies the full block on Park Avenue
between 55th and 56th Street. The majority of the 18K sq. ft. of
retail space is leased to a restaurant that will be managed by
Daniel Humm of Eleven Madison Park and The NoMad.
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate
ownership by providing a new and better way for owners to unlock
the value of the land beneath their buildings. Through its modern
ground lease capital solution, Safehold helps owners of high
quality multifamily, office, industrial, hospitality and mixed-use
properties in major markets throughout the United States generate
higher returns with less risk. The Company, which is taxed as a
real estate investment trust (REIT) and is managed by its largest
shareholder, iStar Inc., seeks to deliver safe, growing income and
long-term capital appreciation to its shareholders. Additional
information on Safehold is available on its website at
www.safeholdinc.com.
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Customer Contact:
Tim Doherty Executive Vice President Co-Head of
Investments T: 212.930.9433 E: tdoherty@istar.com
Investor Relations Contact:
Jason Fooks Senior Vice President Investor Relations
& Marketing T: 212.930.9400 E: investors@safeholdinc.com
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