Safehold Inc. has closed on the previously announced $180 million Safehold ground lease under the office property at 685 Third Avenue in New York City.
“We are happy to close out this record-breaking year with another core Safehold transaction, helping a strong institutional buyer acquire high quality real estate in a better, more efficient way,” said Jay Sugarman, Chairman and Chief Executive Officer.
He added that “Delivering better capital and enabling building owners to generate better returns with less risk, is our guiding mission, and we look forward to bringing our unique capabilities to more building owners and acquirers around the country in 2020.”
685 Third Avenue is a 31-story, 639K SF office building in Manhattan’s Grand Central submarket. The building is one block from Grand Central terminal with access to the Metro-North Commuter Rail and to the 4, 5, 6, and 7 subway lines. The property has an attractive footprint, occupying the entire city blockfront and has undergone significant capital improvements since 2004.