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Safehold Inks Ground Lease for Unizo’s 685 Third
Safehold Inc. entered into a definitive agreement with an institutional investment manager to create a $180-million ground lease under 685 Third Ave., a Midtown office property. Published reports say the investment manager is BentallGreenOak, which reportedly is acquiring the 639,000-square-foot office property from Unizo Holdings for around $450 million.
Tokyo-based Unizo paid $467.5 million for 685 Third two years ago. In recent months, the company has sold off most of its Manhattan office holdings.
For Safehold, meanwhile, the pending 685 Third deal follows a $275-million ground lease for 195 Broadway, which closed earlier this month, and a $620-million ground lease for 425 Park Ave.
In its third-quarter earnings presentation, Safehold said its portfolio value has increased sevenfold since it went public in June 2017. On a pro forma basis, the REIT’s portfolio would be valued at $2.4 billion by year’s end.
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- ◦Sale/Acquisition
