A long-term lease of land only — not the improvements on it — in which the tenant (ground lessee) constructs and owns any buildings during the lease term, with ownership of the improvements reverting to the land owner at lease expiration.
Ground leases typically run 50–99 years and are used when a land owner wishes to retain long-term land ownership while allowing a developer to build and operate improvements. The ground tenant pays a land rent (typically a fraction of the value of the improved property) and owns the building during the lease term. Ground leases are common in dense urban markets, near universities, and on public or trust-held land. They create complex leasehold financing structures — lenders to the ground tenant require leasehold mortgage protections. At lease expiration, the building reverts to the land owner, making the final years of a ground lease a significant economic event.
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