Safehold has completed the purchase of the existing ground lease at 425 Park Avenue in New York City for approximately $620m. Safehold will manage and own 55 percent of the retail space while the other 45 percent will be held by a sovereign wealth fund. Currently under construction, 425 Park Avenue will offer 670,000 sq ft of class A office space on 42 floors.
“We are excited to add the 425 Park ground lease to our portfolio,” said Jay Sugarman, chairman and CEO of Safehold. “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. We look to finish the year strong and are excited to push forward with our plans for expansion in 2020.”
