The Intricacies of Commercial Leases: Renewal, Length and Breaking
On March 9, 2010,
in Buy-Rent-Lease?, Commercial Leasing,
by Michael Coretz
Because your company's future space needs are uncertain, renewal options for an office lease can be quite helpful. However, some landlords may be reluctant to grant such options, because doing so limits their flexibility to market the space to prospective tenants. If the landlord is amenable to a renewal option, try to get the option [...]
Examples of Tenant Savings
On March 1, 2010,
in Commercial Tenant Representation,
by Michael Coretz
Tenant A: Advertising Firm What: Expansion/Early Renewal Doubled in size Landlord built-out space to-suit at no additional cost to Tenant – saving $52,000 Reduced lease rate by $1.75/SF with reduced annual escalations – saving $30,000 Two new renewal options with pre-negotiated refurbishment allowances Further expansion rights secured for contiguous space at a favorable terms [...]
