September 11, 2019
Ground lease REIT Safehold Inc. has entered into a definitive agreement to create a new $275-million ground lease at 195 Broadway in Manhattan’s Financial District. The transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions.
“Including 195 Broadway, Safehold has announced four deals in the New York City MSA this year totaling approximately $750 million,” said Marcos Alvarado, the company’s president and CIO. “This transaction exemplifies our platform’s expansion strategy: enter new markets, demonstrate how our Safeholds work with high quality sponsors, and build on our momentum.”
195 Broadway is located a block from the World Trade Center campus and encompasses one million square feet of office along with 22,000 square feet of retail.
Earlier this week, Safehold said it finalized a 55/45 joint venture agreement with a sovereign wealth fund related to its $620-million 425 Park Ave. ground lease acquisition in Midtown.
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