Safehold Closes $180 Million Ground Lease in New York City
December 23 2019 - 04:30PM
Business Wire
Safehold Inc. (NYSE: SAFE) has closed on the previously
announced $180 million Safehold™ ground lease under the office
property at 685 Third Avenue in New York City.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20191223005129/en/
(Photo: Business Wire)
“We are happy to close out this record-breaking year with
another core Safehold transaction, helping a strong institutional
buyer acquire high quality real estate in a better, more efficient
way,” said Jay Sugarman, Chairman and Chief Executive Officer.
“Delivering better capital and enabling building owners to generate
better returns with less risk, is our guiding mission, and we look
forward to bringing our unique capabilities to more building owners
and acquirers around the country in 2020.”
685 Third Avenue is a 31-story, 639K SF office building in
Manhattan’s Grand Central submarket. The building is one block from
Grand Central terminal with access to the Metro-North Commuter Rail
and to the 4, 5, 6, and 7 subway lines. The property has an
attractive footprint, occupying the entire city blockfront and has
undergone significant capital improvements since 2004.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191223005129/en/
Customers:
Tim Doherty Executive Vice President Co-Head of
Investments T: 212.930.9433 E: tdoherty@istar.com
Investor Relations:
Jason Fooks Senior Vice President Investor
Relations & Marketing T: 212.930.9400 E:
investors@safeholdinc.com
Safehold (NYSE:SAFE)
Historical Stock Chart
From Feb 2024 to Mar 2024
Safehold (NYSE:SAFE)
Historical Stock Chart
From Mar 2023 to Mar 2024