Cozen O’Connor has one of the country’s preeminent ground leasing teams, comprising attorneys with decades of experience in the formation, negotiation, and operation of ground leases in real estate markets across the United States. The firm regularly represents ground lessors and ground lessees and is well known as a legal leader in the creation of ground leases as enhanced financing tools.

Experience

Firm attorneys have extensive experience representing major developers/sponsors (such as Silverstein Properties, the Related Companies, and Arden Group) in ground lease transactions related to large-scale development projects. We are adept at syncing ground lease structures with acquisition agreements, lending and construction loans, and tenant requirements, as well as conducting due diligence and property and title review to accurately assess risk.

Cozen O’Connor also has deep experience serving real estate owners and investors in connection with ground lease transactions, including through the firm’s longstanding representation of Safehold Inc., a pioneer in the modern ground lease marketplace and the first publicly traded company to operationalize ground leasing on a national scale. We have a strong track record of leading acquisitions and ground leasing for owners/investors, which have produced robust and sustainable returns.

Services

Cozen O’Connor is knowledgeable about the full range of modern ground lease transaction issues, including:

• Ground rent escalations and adjustments
• Leasehold estate financeability
• Tax structuring and transfer tax considerations
• Project development provisions
• Improvement and alteration allowances
• Assignment and subleasing terms
• Tenant purchase options and rights of first offer
• Condominium of fee or leasehold estate ownership structures
• Casualty and condemnation provisions
• Insurance and restoration obligations
• Agreements between ground lessors and leasehold mortgagees, mezzanine loan lenders, and preferred equity providers
• Non-disturbance agreements with subtenants
• Fee mortgages

Distinction

Cozen O’Connor differentiates itself by providing legal services competitive with any peer Am Law 20 firm while utilizing a significantly more entrepreneurial and less tradition-bound approach. Cozen O’Connor attorneys take a creative and business-forward approach in tailoring their services to suit the legal, practical, and operational needs of specific clients and situations.