NEW YORK–(BUSINESS WIRE)–Nov. 18, 2019– Safehold Inc. (NYSE: SAFE) announced it has entered into a definitive agreement with an institutional investment manager to create a new $180 million Safehold™ ground lease under the office property at 685 Third Avenue in New York City. The transaction is expected to close in 2019, and is subject to customary closing conditions.
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685 Third Ave. (Photo: Business Wire)
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 block and has undergone significant capital improvements since 2004.
Safehold Inc. (NYSE: SAFE) is a publicly traded REIT that originates and acquires ground leases in order to generate attractive long-term risk-adjusted returns.
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Source: Safehold Inc.
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