{"id":1004351021,"date":"2019-09-09T13:31:48","date_gmt":"2019-09-09T21:31:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004351021"},"modified":"2019-09-10T05:06:42","modified_gmt":"2019-09-10T13:06:42","slug":"istar-affiliate-closes-535m-in-ground-leases","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/istar-affiliate-closes-535m-in-ground-leases\/","title":{"rendered":"iStar Affiliate Closes $535M in Ground Leases"},"content":{"rendered":"<div id=\"attachment_1004351030\" style=\"width: 179px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/918px-425ParkNYC-e1568064335663.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004351030\" data-attachment-id=\"1004351030\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/istar-affiliate-closes-535m-in-ground-leases\/918px-425parknyc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/918px-425ParkNYC-e1568064335663.jpg\" data-orig-size=\"600,1067\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"918px-425ParkNYC\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;425 Park Ave. Image via Wikimedia Commons&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/918px-425ParkNYC-e1568064335663.jpg?w=576\" class=\"wp-image-1004351030 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/918px-425ParkNYC.jpg\" alt=\"\" width=\"169\" height=\"300\"><\/a><p id=\"caption-attachment-1004351030\" class=\"wp-caption-text\">425 Park Ave. <em>Image via Wikimedia Commons<\/em><\/p><\/div>\n<p>Safehold Inc., a subsidiary REIT of iStar, announced the finalization of a joint venture ground lease purchase of 425 Park Ave. in Manhattan for $340 million, as well as the separate ground lease purchase of Alohilani Resort in Hawaii for $195 million.<\/p>\n<p>In an agreement first announced last month, Safehold will purchase the ground lease of 425 Park Ave., a Manhattan office tower currently under construction, along with a joint venture partner, an unnamed sovereign wealth fund. Safehold\u2019s 55 percent stake in the property will total $340 million, according to the company. The 47-story office building, which topped out in December 2018, is being developed by L&amp;L Holding Co. and GreenOak Real Estate. Global asset management firm Citadel <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-lands-a-big-one-at-manhattans-425-park-avenue\/\">has already pre-leased<\/a> a big chunk of the office space at the property, which is expected to open early next year.<\/p>\n<p>Meanwhile, the company also announced the finalization of a joint venture acquisition of the Alohilani Resort Waikiki Beach in Honolulu, Hawaii, for $195 million. The purchase is Safehold\u2019s first investment in the state. The 839-key hotel opened after <a href=\"https:\/\/www.commercialsearch.com\/news\/hawaiian-hotel-kicks-off-115m-redevelopment\/\">a $115 million rebranding<\/a> and redevelopment last year and is located one block from the waterfront in Waikiki Beach. Guest amenities include an infinity pool, a 280,000-gallon oceanarium and two on-site restaurants by \u201cIron Chef\u201d Masaharu Morimoto.<\/p>\n<p>A representative of Safehold did not respond to a request for more information on the deals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT finalized a previously announced joint venture agreement for a ground lease of 425 Park Ave. in Manhattan and the additional ground lease of a Honolulu hotel.<\/p>\n","protected":false},"author":745,"featured_media":1004351036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1588,21751,21783,1600,21742,21747],"tags":[38037,46937],"class_list":["post-1004351021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-honolulu","category-hotel","category-investment","category-new-york","category-latest","category-office","tag-istar","tag-safehold-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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