ROFOs and ROFRs as they’re colloquially known give tenants the right to take additional space in the building in the future. While these rights are a headache for landlords, they protect tenants who need to grow from being “jammed” by their landlords – who know they’re in a bind – into a bad deal on … Continue reading Maximizing Lease Flexibility with ROFOs and ROFRs
Much like with rental apartments, landlords ask for security deposits to make sure you can actually afford your lease and to incent you to leave the space “broom clean” when you leave. If things go wrong, e.g. a tenant files for bankruptcy, the deposit is used by the landlord to offset their losses. What no … Continue reading Pro Tip: How to Minimize Your Security Deposit
There are two components to your rent: i) base rent, or net rent, which is the money your landlord actually receives, and ii) operating expenses, or “opex,” which are your share of the building’s operating costs (taxes, utilities, landscaping, janitorial, repairs and maintenance, etc). Depending on your property type and/or market, your lease could structure … Continue reading How Rent Works: The Last Article You’ll Ever Read
Tenant Improvement allowances, or (“TIs”), are the dollars your landlord will give you to help build out your new space. Depending on your market, landlords will typically give a certain allowance for every year of term on a new lease, and roughly half that figure for every year of a renewal lease. E.g. $50 psf … Continue reading Life Hack: Hire a Construction Manager for Free
Rule Number One. Do NOT let your advisor pick your architect! While it may seem like a convenience to let your advisor select the individual members of your core team on your behalf, otherwise known as “sole sourcing,” this is generally not good practice. If your advisor sole sources your team, the team will often feel … Continue reading How to Not Get Screwed When Hiring an Architect
Recruiting Harvard-quality, Generation Y talent requires more than a six-figure salary and the prestige of the firm’s name on a banker bag these days. Millennials today have watched hundreds of technology companies — led by founders barely old enough to rent a car — achieve 8-, 9- and 10-figure success over the past ten years. These founders, … Continue reading Will Goldman Sachs Tap the Keg?