Connect with us

Acquisitions

Safehold scoops up underlying land at 425 Park Ave

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 NotingL&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!
Continue Reading
To Top