Commercial Lease Negotiation

[Elizabeth Scheivert]

Hello! I'm in the process of buying a business, and that business is located in a leased building. I know that the current lease is $7252 a month for a 9,670 sq/ft building, $.75 per sq/ft. When I called the leasing company they stated that the current lease is "severely" under market prices and that they will be charging the new tenant $1.20 per sq/ft; $11,604 a month. They mentioned this without knowing that I know what the current tenant pays. A 60% increase seems outrageous to me. Is anyone able to provide insight on how to possibly negotiate this with the leasing company?