Feature

Modify Standard Office Building Lease for Retail Tenant

September 23, 2013    
As mixed-use commercial properties have become prolific over the last few years, office building owners have had to get used to the idea of leasing space to retail tenants in buildings that traditionally might’ve been used strictly as office space.
Q & A

Renting to Holiday Pop-Ups

September 23, 2013    
Q: There are several vacant spaces in my shopping center. With the holiday season coming up, I’m worried that increased foot traffic from holiday shoppers that has always boosted profits in the past will be lured away by fully leased centers nearby. I’ve been approached by specialty...
Owner Loses

Tenant Disputed Rent Calculation Based on CPI Adjustment

September 23, 2013    
Facts: The lease between the owner of a warehouse and its tenant set out base rent for the first several years of the lease. Under the lease, every seven years the base rent would be adjusted to include the original base rent plus an amount calculated using changes in the Consumer Price Index (CPI...
In the News

Malls Get Second Life as High-Tech Company Campuses

September 22, 2013    
A former shopping mall will be the new site of Google, Inc. after what has been described as the year’s biggest commercial real estate lease deal so far in Silicon Valley. The mall, which is being revamped into office space, is in Mountain View, Calif. Google isn’t the only tech company...
Feature

Include Nine Protections in Termination Option Clause

August 28, 2013    
Despite an uptick in the commercial real estate market, many owners are still trying to fill vacant space. There isn’t an endless supply of big-box tenants to fill large vacant space, so when previously reliable chains like Blockbuster and Circuit City began moving out of their spaces, many...
Drafting Tips

Define "Primary" and "Secondary" Uses in Lease

August 28, 2013    
As a retail property owner, you’ve certainly spent time considering the tenant synergy—that is, stores functioning together to draw shoppers that a center normally wouldn’t capture without them as a group—that will maximize profits. That’s why the use clause in your...
Owner Loses

Lease Didn't Give Owner and Tenant Same Right to Terminate

August 28, 2013    
Facts: A large national retailer of arts and crafts materials and a shopping center owner signed a lease with an ongoing cotenancy provision requiring the owner to lease the anchor store in thecenter to a regional or national tenant meeting certain criteria. If the owner fails to maintain an anchor...
In the News

Will START-UP NY Set Back Existing Businesses?

August 28, 2013    
A controversial new program that will allow expanding and start-up companies to locate on or near college campuses and receive tax-free benefits for up to 10 years in New York has been the subject of debate among Empire State business owners, real estate brokers, and lawmakers. Critics of Gov....
Feature

Special Issue: Minimizing Accident Liability

August 7, 2013    
If you own a shopping center or office building long enough, an accident involving a shopper or visitor to the property will inevitably happen. Accidents can be a nightmare for owners: In the best-case scenario, you’ll have to deal with a situation that forces you to spend time consulting...
Plugging Loopholes

Include Common-Area Accidents in Indemnification Clause

August 7, 2013    
An owner is typically responsible for maintaining the common areas of its building or center, so if someone is injured in these areas, the owner is the party that will most likely have to pay for damages from an accident. If the accident was caused by a condition stemming from the actions of your...