NEW YORK–Safehold Inc. has agreed to purchase the existing ground lease for the Alohilani Resort in Waikiki Beach for $195 million. The transaction is Safehold's first investment in Hawaii.
The company has additionally entered a 55/45 joint venture agreement with a sovereign wealth fund, to acquire the ground lease for 425 Park Avenue in New York. Following the acquisition, Safehold's 55% investment interest will total $340 million.
Upon the closing of both ground lease acquisitions, Safehold's portfolio will grow to $1.9 billion.
Safehold Inc., which is taxed as a REIT, is managed by its largest shareholder, iStar Inc.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
