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New York & Tri-State  + Office  |  December 3, 2019
Paul Bubny
By: Paul Bubny

Safehold Closes on Ground Lease at 425 Park

Safehold Inc. closed on its previously announced acquisition of the ground lease at 425 Park Ave. for approximately $620 million. The seller was reportedly Nuveen, which had acquired the ground lease in 2011.

In connection with this transaction, which Safehold announced in August, the REIT entered into a joint venture agreement with an undisclosed sovereign wealth fund in early September. Safehold owns approximately 55% of the venture and acts as manager.

“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,” said Jay Sugarman, Safehold’s chairman and CEO. “We look to finish the year strong and are excited to push forward with our plans for expansion in 2020.”

425 Park is a 42-story, 670,000-square-foot office tower under development by L&L Holding Company.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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