Learn about the terms and intricacies of ground leases and the rules and regulations that support them.
This course will provide you with an in-depth primer on the uses and structural underpinnings of ground leases, as well as the differences between ground and space leases. As you will learn and as some of you may already know, ground leases transfer virtually all of the responsibilities of ownership to the tenant for the term of the ground lease, which is much longer than those in a space lease (generally 50 or more years and most commonly 99 years).
Although the tenant owns the building and improvements for such an extended period, the landlord ends up with a rent flow and a reversionary interest in the improvements at the end of the term. Moreover, because the improvements are costly and the tenant bears the risks and responsibility for constructing or purchasing them, tenants generally obtain leasehold financing to pay a portion of such costs. Such financing arrangements and the rating agencies governing such mortgages have complex rules and requirements that imbue many aspects of the lease.
Agenda
Faculty
Stephen E. Friedberg
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
- Member at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
- More than 45 years of experience specializing in leasing, including complex ground leases as well as retail, office, industrial and data center leases
- Co-chair of sale/leaseback practice
- Led and structured a sale/leaseback program at firm, negotiating and closing over 50 transactions for CVS and numerous sale/leaseback transactions for other clients
- Prior experience includes in-house counsel for Kimco with responsibility for more than 10,000 leases
- Negotiated office and retail leases for sites as large as 350,000 square feet, industrial leases for sites up to 1,000,000 square feet, and created leases for both landlords and tenants in the data center space, including entire data centers and multi-tenant developments
- Created a program to for a client owning large office and mixed-use buildings in large cities in which the client sold its buildings (not the land) to third party purchasers, as part of transactions in which my client entered into 99-year ground leases with such purchasers and retained the fee interest in the properties
- Has lectured on various issues concerning sale/leasebacks, ground and office leasing, data centers, and a number of topics regarding shopping center financing, development, and leasing
- J.D. degree, Case Western Reserve University; B.A. degree, Michigan State University
- Can be reached at [email protected] or 212-692-6875
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