Safehold Inc. signed a definitive purchase agreement for the existing ground lease under the Alohilani Resort in Waikiki Beach in Honolulu for $195 million, marking the company's debut investment in Hawaii.
The diversified real estate investment trust also separately finalized a 55/45 joint venture agreement with an unnamed sovereign wealth fund for its ongoing ground lease acquisition at 425 Park Ave. in Manhattan, N.Y. The lease is being acquired for roughly $620 million, with Safehold's 55% investment interest totaling about $340 million.
