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New York City-based Safehold Inc. has entered into a definitive agreement with a $25 billion domestic core real estate fund to create a new $285 million Safehold ground lease under the office property at 135 West 50th Street in New York City. The transaction is expected to close in the fourth quarter of 2019, and is subject to customary closing conditions.
“Institutional owners of commercial real estate are increasingly turning to Safehold to maximize value during a recapitalization,” said Marcos Alvarado, President and Chief Investment Officer. “We are helping some of the most sophisticated real estate investors be more efficient with their capital with our tailored solution.”
135 West 50th Street is a 929K SF office building in Midtown Manhattan. The building provides excellent access to transit, hotels and amenities, and is currently undergoing significant capital improvements and renovations to strengthen its position in the market.