Gain insight into ground leases and the creation of estates.
In a typical space lease, even if the space includes entire building, the landlord is the owner of both the building and all improvements, with the exception of the tenant’s personal property. In a space lease, some or all of the buildout of tenant’s space may have been financed or performed by the landlord (or in some instances by the tenant), but other than personality, any improvements that are affixed to the realty, are landlord’s property, regardless of who paid for it. In contrast, in a ground lease, either the tenant constructs the improvements with its own funds or that of a leasehold mortgagee or has purchased the improvements erected on an improved property, thereby separating the estates in the property into a fee estate, which includes a right of the landlord to receive the rent over the term and to the return of the improvements at the end of that long term and a tenant’s leasehold estate, in which the tenant has both the right to occupy the ground and owns the improvements located on it. The purpose of this white paper is to explain the unique nature of a financeable ground lease. In order to do so, the author highlights some of the differences between a space lease and a ground 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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