December 13, 2019
Safehold Inc. closed on its previously announced $285-million ground lease under the 929,000-square-foot office property at 135 West 50th St. in Midtown. The REIT announced in October that it had entered into an agreement with a $25-billion domestic core real estate fund to create the lease.
“We are witnessing significant customer demand for our innovative capital solution in New York City,” said Marcos Alvarado, Safehold’s president and CIO. “Institutional owners of commercial real estate are increasingly understanding the benefits delivered by a Safehold ground lease, and we are excited to add another high-quality asset to our rapidly-scaling portfolio.”
In recent weeks, Safehold has closed on ground leases at 425 Park Ave. and 195 Broadway, valued at $620 million and $275 million, respectively. Last month, the company entered into an agreement to originate a $180-million ground lease for 685 Third Ave.
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