Bought my first medical office building

[Bharath Raj]

I bought my first medical office bldg in Houston. It was listed for $750000, but I was able to acquire it for $600000. It's 5100 sq ft. There is one tenant who occupies ~1500 sq ft. I get a rent of ~$19/sq ft (NNN lease). I intend to use ~1800 sq ft for my own office, and lease out the remaining. Do I need to notify my acquired tenant regarding the ownership change? Do I need to do a new lease? Do I use a attorney? Any input would be greatly appreciated.

Thanks

Raj

[Priyanshu Adathakkar]

@Bharath Raj let me be blunt, from what you have posted I should say that I think you got the shorter end of the stick, but then again I do not have the full picture! To answer your question, yes, you should introduce yourself to your tenant. New lease is not necessary you are required to honor the lease signed by the previous owner.