One of my pet peeves is a lack of communication from vendors and counter-parties. If I'm providing monetary compensation for a product or service, I want to know that my interests are being addressed. I have countless examples of people deciding that the best policy is total radio silence unless there is good news to … Continue reading Overcommunication?
Experience is something you get right after you need it.
“He just doesn’t have enough experience to draw upon. He’s never been in a moment like this before.” That was the quote from one of the analysts talking about Rory McIlroy’s collapse during the final round of the 2011 Masters. They were talking about how in his first big spot in a major championship, there … Continue reading Experience is something you get right after you need it.
Searching for Fools
I read Eduardo Porter's The Price of Everything a few years ago. One of the sections that really rang true was titled “Searching for Fools.” It was about how auctions are an effective way to identify who will pay the highest price for a particular item. I love the idea of an auction and encourage my … Continue reading Searching for Fools
We missed our notice date!!!
I received a panicked call from a client the other day... "We missed our renewal notice window! We were supposed to tell the landlord that we wanted to stay! The general counsel is freaking out!!!" As I talked him off the ledge, I explained that while a renewal provision certainly provides protection and expands your … Continue reading We missed our notice date!!!
Deals never go according to plan
At the outset, most lease deals look pretty straightforward. There is an expiring lease, a defined need, and an established geography. The tenant engages a real estate broker to explore options in the market and identify the best possible options, enter into negotiations, and ultimately settle on a short list of buildings with which negotiations … Continue reading Deals never go according to plan
That’s not negotiating… That’s begging!
I got a call from a prospective client the other day. He leases an office in the adjacent space to another client of mine. They had talked about how I had recently helped my client restructure his lease, and the prospect wanted to know more. Shortly after the conversation opened, it was clear to me … Continue reading That’s not negotiating… That’s begging!
One of the biggest challenges of brokerage is managing all of the shifting dynamics and priorities of the various stakeholders. Everybody is busy and the long project timelines make it easy for clients to back-burner a real estate project in favor of more pressing issues. I’ve written before about the importance of leaving enough time … Continue reading Critical dates
The Security Deposit part II
I wrote last week about different ways to structure a security deposit when negotiating a lease. While there are a few options when it comes to posting the deposit, there are also options when it comes to the structure. One of the things that any landlord wants to ensure is that his up-front investment will … Continue reading The Security Deposit part II
Why use a broker?
I was asked by a prospective client why they should hire a broker… They felt there was a compelling case for going it alone: They were renewing in place and had a renewal option in their lease. They had a good relationship with the landlord and didn’t want to rock the boat. The landlord would … Continue reading Why use a broker?
4 Considerations before you sublease your office
There are a variety of reasons that a tenant might consider placing their space on the sublease market. Whether it’s because you've outgrown the space and need more capacity or business has contracted and there is too much capacity, subleasing can provide some relief from the lease obligation. Here are four things to consider as you … Continue reading 4 Considerations before you sublease your office