Virginia Theological Seminary (VTS)


Ground Lease Analysis and Conversion, Alexandria, VA

Evaluated an existing off-campus ground lease owned by the VTS which eventually led to the execution of a new venture agreement with the lessee.  A private leasehold, comprised of an aging apartment building, approached the VTS about purchasing the Seminary’s fee interest (existing ground lease had 30 years left on the term).  After detailed analysis of various scenarios and review by the college’s board, Bolan Smart was assigned to explore a possible conversion of the ground lease to a joint venture.  Bolan Smart subsequently negotiated with the ground lessee a new agreement which would preserve many of the features of the original ground lease while freeing up the overall asset for interim reinvestment.  A ground lease to fee partnership conversion was successfully executed in 2018.