New York City-based Safety, Income & Growth Inc. has originated a new ground lease on two office buildings, 100 & 200 Glenridge Point, in the Central Perimeter submarket of Atlanta, GA, with repeat client Richmond Honan.
The transaction marks the third time Richmond Honan has utilized a SAFE Ground Lease solution and represents SAFE’s fourth successful ground lease in Atlanta, GA. The ground lease features fixed annual rent escalations over 99 years with periodic CPI-based adjustments.
According to a statement, the two adjacent Glenridge Point buildings are both five stories and total 185,000 square feet. The property is well-located at the intersection of GA-400 and I-285, near three hospital systems, three MARTA transit stations, and multiple corporate headquarters.
“We are building strong momentum in the Atlanta marketplace. The SAFE Ground Lease provides a low-cost, long-duration solution that continues to enable clients to unlock value and achieve better returns,” says Greg Camia, SVP in the Atlanta office.
Safety, Income & Growth Inc. is the first publicly traded company that focuses on acquiring, owning, managing and capitalizing ground leases. The company seeks to provide safe, growing income and capital appreciation to shareholders by building a diversified portfolio of high quality ground leases.