Learn how to identify the issues that will help you evaluate, navigate, and memorialize lease termination transactions and minimize the risk.
When either a landlord or tenant approaches you, as either its outside or in-house attorney, to represent it in connection with the termination of a lease, there are a number of legal and business issues you should evaluate and consider to allow you to both assess the parties' respective rights, obligations and determine how best to memorialize their agreements, to the benefit of the party you are representing. The facts of why a lease termination is being sought is generally at the forefront of any initial analysis, whether it is for convenience, is the implementation of lease rights, is due to one party's need that the other party cannot fulfill or represents a workout, short of court proceedings. Lease terminations are most commonly sought by a tenant who can no longer utilize its leased premises, for a number of reasons. Conversely, there are instances in which landlord requires a space for the expansion of a larger tenant or some other strategic reason, including extensive remodeling or demolition of the building (or to get rid of a problem tenant). These motivating factors will be discussed, as will the issues that arise from each of them. Although terminating a lease does not involve the negotiation of a document as long and complex as the lease itself, it can present its own complexities and issues that require careful consideration and attention (some of which are not that obvious and may require protracted negotiations). What I intend to convey in my presentation is how to identify the issues that will help you evaluate, navigate and memorialize these transactions and minimize the risk to your clients or companies. Like all transactions, there are pitfalls and unintended consequences that should be analyzed, so that what seems to be a fairly simple transaction does not end up having any unforeseen effect on your client (which could have been dealt with or at least conveyed as an issue to your client before execution and implementation). This will also minimize the risk of your client later asking you why you didn't consider or warn it about an issue that later arises.
Agenda
Faculty
Stephen E. Friedberg
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
- Member at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
- More than 45 years of experience specializing in leasing, including complex ground leases as well as retail, office, industrial and data center leases
- Co-chair of sale/leaseback practice
- Led and structured a sale/leaseback program at firm, negotiating and closing over 50 transactions for CVS and numerous sale/leaseback transactions for other clients
- Prior experience includes in-house counsel for Kimco with responsibility for more than 10,000 leases
- Negotiated office and retail leases for sites as large as 350,000 square feet, industrial leases for sites up to 1,000,000 square feet, and created leases for both landlords and tenants in the data center space, including entire data centers and multi-tenant developments
- Created a program to for a client owning large office and mixed-use buildings in large cities in which the client sold its buildings (not the land) to third party purchasers, as part of transactions in which my client entered into 99-year ground leases with such purchasers and retained the fee interest in the properties
- Has lectured on various issues concerning sale/leasebacks, ground and office leasing, data centers, and a number of topics regarding shopping center financing, development, and leasing
- J.D. degree, Case Western Reserve University; B.A. degree, Michigan State University
- Can be reached at [email protected] or 212-692-6875
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