Here’s What You Should Know if Your Building Has Been Sold

If you occupy a building that’s been sold, be aware of the following changes. One immediate change that can happen is you will have a new property manager. If so you'll be notified of the change of address under the notices provision of your lease. Going forward all rent payments and correspondence will need to go to the new landlord or landlord agent. However, under new ownership your lease terms do not change. Your lease is a legally binding document until it expires. Before the sale finalizes you will be asked by your current landlord/seller to sign an estoppel agreement,…
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What Should You Expect From Your Commercial Real Estate Advisor?

The logic behind a commercial real estate advisor who specializes in tenant representation is that in order for a tenant to secure the best possible contract terms they will need access to market information, transaction expertise and negotiating skills equal to that of the landlord who utilizes professional representation. Tenants should look for a real estate advisor who specializes in tenant representation with the appropriate market knowledge, relative experience and most importantly is someone they can trust to assist them with an important business and financial decision. Your advisor should: Be willing to invest the time to truly understand your…
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Considering a Relocation? A Guide to How Much Time You Need

Market conditions, the size and complexity of the transaction, and option notice dates can help determine when to begin the process of evaluating your office lease. Time should be your ally, not your enemy during negotiations with any landlord. Landlords know that other buildings you’re considering will most likely have to create a space plan, get construction pricing, agree on a rental rate, prepare and execute a lease document, apply for construction permits and prepare the space for occupancy. This is, at a minimum, a 4 to 6 month process. So a tenant that waits until there are only six…
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What’s The Best Fit – Class A or Class B Buildings?

In metropolitan areas across the globe, commercial buildings have classifications. One building is considered a Class A building while the building down the block is a Class B building. Why is that? The differences between Class A buildings and Class B building can be found in the rating system established by the Building Owners and Managers Association International (BOMA.) These ratings establish the terms where brokers, tenants, landlords and analysts are speaking the same language about the quality of available office market spaces. Following is some general information about what defines a Class A and Class B building to help you…
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The Building You Occupy Has Been Sold. Now What?

Here are some things you need to know if you occupy a building that’s been sold. An immediate change that may happen is you will have a new property manager. If so you'll be notified of the change of address under the notices provision of your lease. Going forward all rent payments and correspondence will need to go to the new landlord or landlord agent. However, under new ownership your lease terms do not change. Your lease is a legally binding document until it expires. Before the sale finalizes you will be asked by your current landlord/seller to sign an…
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Tenants Need To Know – Who Pays For That?

Typically when leasing office space, most contracts will require that the tenant pays for most, if not all, building operating expenses. However, tenants should not have to pay commissions, improvement costs or depreciation among other things. We found a comprehensive list of those and other items you shouldn't have to pay for at the Ruminations blog. Check it out! In order to protect your interests in lease negotiations, consider engaging howardcommercial. We know the ins and outs of the real estate transaction including all the provisions contained in a lease agreement. A real estate lease is complex legal document with…
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Commercial Real Estate Dual Representation

What is Dual Representation?                                                                If you’re involved in any leasing/purchasing real estate process it’s likely you’ve come across the term “dual representation” and it’s basically this: dual agency representation happens when the same broker or firm represents both the tenant and landlord in the same transaction. It’s common to find this happening when big firms are involved in the process. What might seem like an ideal solution at the…
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The Value of an Experienced CRE Broker

Selecting the right office space is one of the most important decisions a business owner can make. It’s crucial to have an expert commercial real estate broker to guide you through the process. A commercial real estate professional, exclusively representing your interests, will not only  handle every detail of the transaction but they will also provide invaluable insights, connections and business support that will ultimately benefit both your top and bottom line. Access to In-Depth Market Knowledge There are a multitude of places your business could call home. Experienced brokers make it part of their job to be in constant communication with…
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How Much Time Do I Need To Find New Space?

Market conditions, the size and complexity of the transaction, and option notice dates can help determine when to begin the process of evaluating your office lease. Time should be your ally, not your enemy during negotiations with any landlord. Landlords know that other buildings you’re considering will most likely have to create a space plan, get construction pricing, agree on a rental rate, prepare and execute a lease document, apply for construction permits and prepare the space for occupancy. This is, at a minimum, a 4 to 6 month process. A tenant who waits until there are only six months…
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You’re Joking, Right?…We Have To Do What?

The Restoration Provision When reviewing a multipage, landlord-centric commercial lease it’s easy to get glassy-eyed and often overlook seemingly harmless language. The restoration provision, usually tucked away under the Surrender of Premises Clause in your lease, is a perfect example and could be a potential tripwire hiding in plain sight. It’s a legal obligation for a tenant to restore, at the landlord’s request, the premises back to the condition it was in before you moved in or remove alterations and improvements as the landlord sees fit. This could be a very expensive parting gift to your landlord should they exercise…
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