All Forum Posts by: Eileen Baston

New Tenant has completely new terms - 10 year term: 

I represent Landlord in shopping center with multiple tenants.  Barbershop tenant is selling his business to another barbershop. Landlord has approved.  I will draft new lease.  However, current Tenant has one year left on his lease to be assumed by new tenant. Assignment is in place.  Do I treat this like an entirely new lease with new tenant? Do I include language in new Lease or is this just covered in the Assignment and include the Assignment as an exhibit...Do I just work off the original lease with original Barbershop tenant.  This is is new to me.  Thank you for any guidance.  

I really appreciate this conversation - My question goes one step further... We represent the Landlord. Tenant's original lease had one option to extend, which they exercised and is due to expire. An unassociated broker has reached out to me saying Tenant wants to stay an additional 5 years. This would of course be a brand new lease at FMV - what to do about this broker's expectation that our Landlord is to pay a commission. This is a new situation for me. Any advice would be appreciated. Is it wiser just to start marketing the space and find a new Tenant with our own brokerage team? Apologies if this is not where I start off asking a question...as I'm realize I just posted a reply.