Safehold, a REIT managed by Jay Sugarman’s iStar, has signed a contract to buy the underlying land at 425 Park Avenue from Nuveen for $620 million. The under-construction 47-story office development is already 48 percent leased. Ken Griffin’s hedge fund Citadel will occupy 16 floors at the building.
- Worth Noting: L&L is retaining the leasehold on the property.
- Flashback: Nuveen (at the time – TIAA) paid $315 million for the ground lease in 2011. Well done!