commercial leases

[Brandon McCombs]

I asked a similar question to this a few weeks ago but it was concerning existing residential tenants in the building. I'm not sure if the commercial tenant involved in this question poses any difference in answer. Background: I just purchased an apt building that has commercial storefronts on the first floor. One storefront has an existing tenant. 

The lease is written of course to be between the previous owners' company and the existing tenant's company with an initial lease term of 1 year from May 1 2014 to April 30 2015. Does this wording nullify it for new owners of the building (thus providing an opportunity for me to use my own lease) or is this commercial lease tied to the property (not the owner) and therefore still in effect until the initial 1 year lease term has expired in April of next year?

thanks

[Mike Giudici]

You could always approach them and ask if they would like to sign a new lease now before the term is up. Some Tenants would, some won't. No harm in asking though.