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Press release content from Business Wire. The AP news staff was not involved in its creation.

Safehold Signs Agreement to Originate New $180 Million Ground Lease in New York City

November 18, 2019
Safehold Signs Agreement to Originate New $180 Million Ground Lease in New York City
Safehold Signs Agreement to Originate New $180 Million Ground Lease in New York City

NEW YORK--(BUSINESS WIRE)--Nov 18, 2019--

Safehold Inc. (NYSE: SAFE) announced it has entered into a definitive agreement with an institutional investment manager to create a new $180 million Safehold™ ground lease under the office property at 685 Third Avenue in New York City. The transaction is expected to close in 2019, and is subject to customary closing conditions.

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685 Third Ave. (Photo: Business Wire)

685 Third Avenue is a 31-story, 639K SF office building in Manhattan’s Grand Central submarket. The building is one block from Grand Central terminal with access to the Metro-North Commuter Rail and to the 4, 5, 6, and 7 subway lines. The property has an attractive footprint, occupying the entire city block and has undergone significant capital improvements since 2004.

About Safehold:

Safehold Inc. (NYSE: SAFE) is a publicly traded REIT that originates and acquires ground leases in order to generate attractive long-term risk-adjusted returns.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191118005810/en/

CONTACT: Customers:

Tim Doherty

Executive Vice President

Co-Head of Investments

T: 212.930.9433

E:tdoherty@istar.com

Investor Relations:

Jason Fooks

Senior Vice President

Investor Relations & Marketing

T: 212.930.9400

E:investors@safeholdinc.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT

SOURCE: Safehold Inc.

Copyright Business Wire 2019.

PUB: 11/18/2019 04:05 PM/DISC: 11/18/2019 04:05 PM

http://www.businesswire.com/news/home/20191118005810/en