One asset. Two sides. One solution provider.

Capital that wants to own a half.

1031 exchangers are the primary source. A whole leased fee or a whole leasehold is replacement property with a fixed price and a fixed date, which is the one thing an exchanger on day 140 cannot find anywhere else. We keep standby positions for line 3 of the identification form. 1031 Solutions · the sheet for intermediaries.

Landowners holding a fee under an old lease that no lender will finance, who want it re-papered or sold. Fixing a legacy lease.

Leasehold investors who want current income from the building half, with the land risk carved out. Fractional structures are arranged privately with licensed partners; never offered on this site.

Property that needs the land cost out of the stack.

Developers and owners with a land-heavy project. Below roughly $35 million of total cost we are usually the buyer, on our own balance sheet. Principal. Above it, we structure the split, write the lease to the standard every leasehold lender uses, arrange the debt, and run the fee sale to every buyer whose box it fits. Capital Markets Advisory.

Flexible where it matters. Rigid where the lender needs it.

The institutional ground-lease form is written for one buyer’s balance sheet, in a handful of markets, above a size floor. It is excellent at what it does and it says no to most of the market. We are flexible on the things that kill deals for no good reason: size, market, timing, which half an investor takes, how the price is built when the land value and the project cost disagree, and how a sponsor’s equity is credited.

We are rigid on the things that make a leasehold financeable, because that is what makes both sides whole: the fee is never subordinated, escalations are fixed with a capped inflation test and never a fair-market-value reset, we never lend on the leasehold, and we never sit behind C-PACE. Gentle on structure, immovable on the lease.

Someone drew two boxes on a whiteboard.

In 2015 we were developers, stuck with two institutional-size entitlement projects the city had said yes to until it said no. A man walked into the office and drew a green box on top of a blue box: the building, and the land underneath it. He said we would be the green box and he would be the blue one. We asked what each box earned and said we would rather be the blue box.

Valor Ground Lease Ventures came out of that afternoon. We bifurcated our own stuck deals, then other people’s, as principals with our own capital. That is still true on the small deals. What changed is that we now spend as much time on the people who want to own the blue box as on the people who need to sell it.

Principal, structurer or advisor — in writing.

We say which role we are playing before any work starts. On an advisory engagement we do not bid on the land we are engaged to sell. If a deal is better served by us as principal, we say that first. Joe Bous, Washington, DC.

FAQ.