Safehold Facilitates Ground Lease Deals with Admiral Capital

A little more than two weeks after Admiral Capital announced the acquisition of two Class A office buildings in the far north Dallas submarket, Safehold Inc. facilitated ground leases beneath the two office buildings. Safehold, headquartered in New York City, continued widening its footprint in Texas by inking deals for the 161,131-square-foot Duke Bridges III in Frisco, TX, and the 98,750-square-foot Parkwood Place in Plano, TX.

The 99-year lease term include fixed annual base rent escalations, along with periodic CPI lookbacks. An unnamed institutional lender provided the leasehold loan.

Admiral acquired Parkwood Place at 5601 Democracy Dr. from KBS. The property is 76% leased to 20 different tenants. Joint venture partners Pillar Commercial and Artemis Real Estate Partners sold Duke Bridges III, at 7460 Warren Pkwy. The asset is 94% leased.

Pictured: Duke Bridges III,  Frisco

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