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Commercial Leases: Building Today’s Tenant Improvements – Interrelationship of Commencement Date and Work Letter

Recorded on: Mar. 5, 2018
Running Time: 01:47:44

Full Transcript:



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Taken from the Web Program Negotiating Commercial Leases 2018 held March 2018 in New York

Commercial Leases: Building Today’s Tenant Improvements – Interrelationship of Commencement Date and Work Letter [01:47:43]

  • Agreements to enter into ground leases and master leases – conversion to condo
  • High value property – selling pieces of the property – future condominium declaration
  • Hot topic – later creation of multiple superior interests and impact on expansion and option rights
  • Timeline of creation of interests – impairment of rights – securing the landlord work/$
  • Negotiations of the SNDRA – "R" is for full recognition – Deal with the lender in beginning – Abatements and credits for landlord's work funded by tenant loan!
  • Purchase extensions and options may not work after conversion
  • Bring the lender and security interest holders to the table first – Secure the landlord's work funding and related rental credits/abatements – Hot topic – Loss of abatements and offset protections
  • Owner in workout will not fund TI or brokerage commission – Tenant the "equity investor"
  • Negotiating today’s tenant options

The purchase price of this Web Program segment includes the following articles from the Course Handbook available online:

  • CBRE, LatAm Fit-Out Cost Guide, Occupier Projects, 2016–17 Edition
    Kelly Merino
  • CBRE, Asia Pacific Occupier Cost Guide, 2017–18 Edition
    Kelly Merino
  • CBRE, EMEA Fit-Out Cost Guide, 2017–18 Edition
    Kelly Merino
  • CBRE, North America Fit-Out Cost Guide, 2017–18 Edition
    Kelly Merino
  • CBRE, Project Management
    Kelly Merino
  • Requests for Proposals and Letters of Intent—When and How to Use
    Michael E. Meyer
  • Mixed Use Property: Retail / Office / Residential (Chart)
    John Busey Wood
  • Saga of Superior Interests: Article 27—Subordination
    John Busey Wood

Presentation Material

  • Construction Cost - Interiors
    Joseph Fabrizi, Kelly Merino
(s)
Joseph Fabrizi ~ Executive Vice President, CBRE, Inc.
Meyer Last ~ Fried Frank Harris Shriver & Jacobson LLP
Kelly Merino ~ Director, CBRE, Inc.
Michael E. Meyer ~ DLA Piper LLP (US)
John Busey Wood ~ Akerman LLP
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