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Safehold signs 2 ground leases totaling $660M

Safehold Inc. signed two ground leases totaling almost $660 million and completed two previously announced ground leases totaling roughly $140 million.

The new leases include a roughly $620 million acquisition of an existing ground lease at 425 Park Ave. in Manhattan, N.Y., for which the company signed a letter of intent with an unnamed sovereign wealth fund to form a joint venture to complete the acquisition. Safehold will own a 55% stake in the venture and act as its manager.

The second new ground lease is related to a student housing property in the Phoenix metro area.

The closed deals are ground leases underlying office buildings in New York and Austin, Texas.

The new deals are expected to close in the third or fourth quarter, subject to closing conditions. Safehold noted that the closing of the 425 Park Ave. lease is not conditioned on completing the joint venture.