Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Midtown New York  + Office  |  August 6, 2019
Paul Bubny
By: Paul Bubny

Safehold Reaches $620M Deal for Ground Lease on 425 Park

Ground-lease REIT Safehold Inc. said Monday it had signed a contract to acquire the existing ground lease at 425 Park Ave. for approximately $620 million. In connection with the 425 Park transaction, Safehold has entered into a letter of intent with a sovereign wealth fund to form a joint venture to complete the acquisition.

Safehold would own 55% of the venture and act as its manager. The company said closing the 425 Park deal wasn’t contingent on completing the JV.

Additionally, Safehold said that it had closed on two previously announced ground leases underlying office buildings in New York and Austin, TX totaling approximately $140 million, bringing the aggregate portfolio to $1.3 billion. Founded as Safety, Income and Growth, Safehold is managed by iStar Inc., its largest shareholder with 65% ownership.

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With Safehold

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).
Order Reprints
  • ◦Sale/Acquisition