I was reviewing an office lease today for a client of mine. In general, the lease was a pretty basic lease, 5,000 SF, 5 years, market rate, 2 2-year extension options, and that's where things got a little wierd. The second option started in 2017 and ended in 2015. Clearly this was a typo, but it really made me think. This lease had already been reviewed by the tenant, by the investor, and by the investor's attourny. Now clearly you cannot have a lease term that ends before it begins, so this option was basically worthless to the tenant. The tenant was negotiating on their own behalf, and did not have a second pair of eyes review the lease for them. This really got me thinking. I've always known that I add value for my clients by reviewing business terms and making sure they are getting the best deal available in the market, but it never occured to me that sometimes catching a simple typo can could save my clients money.
If you are planning to negotiate an office lease, or any other commercial lease in Reading, PA, and you would like a second set of eyes, give me a call today.
Comments(0)