Tenant defaults on 5yr lease in 3 months

[Nitin Dhiman]

Hello commercial RE owners,

I have a business tenant that signed a 5 yr lease a couple months ago. The business has few other locations and they decided to shut down one location (the one in my building) just 2 months into the lease! According to the lease, a tenant that defaults will owe all rent due till the end of the lease term. I'm trying to figure out the best course of action.

Going by the letter of the law, I should be able to go after the business for the remaining 58 months of rent. Is this what most of you (commercial RE owners) would do? Hire an attorney and pursue full payment? Or would you strike a deal to have the business pay the rent (and leasing costs) until a new tenant is found?

Thanks.

Nitin