In real estate leasing, a Ground Lease is a lease agreement for vacant land or for land only, excluding any existing buildings or improvements. Under a ground lease, the tenant typically has the right to develop the land by constructing improvements during the lease term.
Ownership of the land remains with the lessor, while ownership of the improvements may belong to the tenant during the lease term. At the end of the lease, the land and any improvements usually revert to the landowner, depending on the terms of the agreement.
