Adam Bothun 
The work letter is one of the most negotiated exhibits in a commercial lease. It is the document that governs how the tenant’s space gets built out: who designs it, who builds it, who pays for it, and what happens when things go wrong. For tenants investing significant money in improvements, the work letter is … Read more
Every commercial buildout involves a fundamental question: which work does the landlord do, and which work does the tenant do? The answer determines who hires the contractors, who pays for what, and who bears the risk if construction goes wrong. Getting the division right in the lease prevents the finger-pointing that derails so many tenant … Read more
When a landlord hands over commercial space, the condition of that space varies enormously. One tenant might receive a raw concrete shell with no finishes at all. Another might get a finished space with painted walls, carpet, and working lights. The terms landlords use to describe these conditions, like cold shell, warm shell, and vanilla … Read more
Commercial leases run on dates, and two of the most important are the lease commencement date and the rent commencement date. They sound similar, and in many leases they are the same day, but they do not have to be. Understanding the difference, and negotiating each one deliberately, can save a tenant months of rent … Read more
Moving into commercial space is rarely as simple as signing a lease and showing up on day one. Most tenants need time to build out the premises, install equipment, and prepare for opening before the rent clock starts. Early access and fixturing periods are the lease provisions that make this possible, giving tenants the right … Read more
Free rent is one of the most valuable concessions a commercial tenant can negotiate. It means months of occupancy without paying base rent, usually at the start of the lease term. For a business moving into new space, those rent-free months can offset moving costs, fund the buildout, or simply preserve cash during the expensive … Read more
A tenant rep broker is a commercial real estate professional who represents the tenant, and only the tenant, in a lease transaction. Unlike the listing broker, who works for the landlord, the tenant rep’s job is to find the right space at the best possible terms for the business moving in. For companies leasing office, … Read more
Commercial leases almost always involve brokers, and brokers have to get paid by someone. For tenants new to office, retail, or industrial space, the question of who actually writes the commission check can be confusing. In most commercial transactions, the landlord pays the brokerage commission, not the tenant. That is the standard arrangement across the … Read more
In a base year lease, everything hinges on the base year. Your rent increases are measured against the operating expenses incurred in that single year, so the composition of the base year determines what you pay for the entire term. Base year exclusions are the costs you negotiate out of that baseline, and they are … Read more
When a commercial lease sets renewal rent at fair market rent, or when a landlord quotes you a rate for new space, that number comes from somewhere. Fair market rent is supposed to represent what a willing tenant would pay a willing landlord for comparable space in an open market. But landlords and tenants often … Read more