685 Third Ave.
NEW YORK—Safehold Inc. has closed on the previously announced $180 million Safehold ground lease under the office property at 685 Third Ave., a 31-story office tower one block from Grand Central Terminal.
685 Third Avenue is a 639,000-square foot office building in Manhattan's Grand Central submarket. The property occupies the entire city blockfront and has undergone significant capital improvements since 2004.
This has been a prolific year for Safehold, which has closed numerous deals in New York City. It just closed a $235 million ground lease at 135 West 50th St. as well as recently acquiring an existing ground lease at 425 Park Ave. for $620 million in a joint venture agreement with a sovereign wealth fund.
In November it closed a $275 million ground lease for 195 Broadway in Downtown Manhattan.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
