Commercial Office and Retail Leasing: What Tenants and In-House Counsel Need to Know
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will prepare counsel for commercial tenants for leasing issues unique to office and retail leases and best practices to protect tenant interests, as well as provide insight on the after-effects of the COVID-19 pandemic on landlord and tenant rights, obligations, and relationships. The panel will examine and compare office and retail leasing transactions and identify their key similarities and essential differences, with an overlay of how the pandemic continues to bear on those transactions.
Outline
- Overview
- Current state of the market
- Drafting rent relief lease amendments
- Rights to rent abatement and lease termination
- Letters of intent
- Credit and security under leases
- Tenant space planning considerations
- Build-out of leased premises, determination of commencement date, and work letters
- Use of premises, exclusive use and radius provisions, continuous operation and kick-out clauses, hours of operation
- Responsibility for real estate taxes and operating expenses/common area maintenance; operation expense exclusions and caps
- Tenant self-help rights
- Indemnity provisions
- Assignment and sublet provisions; SNDAs, permitted transfers, and estoppel certificates
- Real estate tax consideration
- Alterations
- Casualty and condemnation
- Final thoughts and practical considerations
Benefits
The panel will review these and other key issues:
- How has COVID-19 continued to affect retail and office leasing?
- What type of rent relief structures are we seeing?
- What are the specific areas of concern when drafting retail and office leases?
- How much should a tenant negotiate an LOI?
- What are some common tools to provide tenants with flexibility in meeting future space planning needs?
- How can counsel best balance specificity and flexibility in classifying the tenant's business when negotiating exclusive rights?
- What are typical operating expense exclusions?
- What are the potential gross sales carve-outs when rent is based on the tenant's revenue?
- What basic indemnity issues should tenants be aware of?
- How should tenant and landlord obligations be defined concerning operating expenses, maintenance, and repairs?
- What exit strategies should tenants consider upfront in a lease negotiation?
Faculty
F. Julian Freeman
Partner
Cox Castle & Nicholson
Mr. Freeman is an experienced real estate transactional attorney, recognized within the real estate community as a... | Read More
Mr. Freeman is an experienced real estate transactional attorney, recognized within the real estate community as a skilled and efficient dealmaker who develops creative solutions for clients’ complex business objectives. His practice includes all aspects of commercial real estate transactions, including acquisitions and dispositions, development, joint ventures, management of real estate assets, and a particular emphasis on office, industrial, and retail leasing.
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Corin M. Korenaga
Partner
Cox Castle & Nicholson
Mr. Korenaga is a transaction real estate attorney whose practice focuses on acquisitions, dispositions, leasing, and... | Read More
Mr. Korenaga is a transaction real estate attorney whose practice focuses on acquisitions, dispositions, leasing, and merger and acquisition deals. He prides himself on strategically and efficiently negotiating, documenting, and closing transactions, all while paying close attention to his clients’ business objectives.
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