Comprehensive Reviews Of Commercial Leases
Cushing & Dolan, P.C.‘s real estate attorneys handle a wide range of commercial leasing matters. We draft, review, and negotiate large commercial leases for lessors and lessees, and our experience includes commercial lease transactions for office buildings, multiunit tenant buildings, restaurants, shopping centers, mixed-use buildings, and warehouses.
Our Attention To Detail Is Paramount
With this knowledge and practical experience, we can address the many complex details in a lease transaction such as the Letter of Intent, build-out provisions and usage restrictions. In any situation we take care to craft solutions that support the overall business objectives of our client.
The purchase of a business also includes corporate and real estate issues. Our lawyers can address leasing issues in this context, including title review and issue resolution, title certification, permitting and licensing, land use, zoning issues, subdivision and environmental concerns. We also provide related corporate services such as buy-sell agreement planning.
Step-By-Step Overview Of The Commercial Leasing Process
The commercial leasing process requires careful attention to detail for both landlords and tenants. Understanding each phase helps ensure all parties secure favorable terms while establishing a solid foundation for their business relationship.
Initial Needs Assessment And Property Search
The journey begins with assessing space requirements, including square footage needs, location preferences, budget constraints and necessary amenities. Tenants should consider proximity to customers and employees and growth projections affecting future space needs. Commercial real estate brokers can provide access to suitable properties and arrange tours to evaluate potential spaces.
Letter Of Intent (LOI)
After identifying a property, parties typically draft a Letter of Intent outlining fundamental terms for the final lease agreement, such as rental rate, duration, security deposit and tenant improvement allowances. While nonbinding, the LOI establishes good faith and provides a framework for detailed negotiations, helping identify potential deal-breakers early.
Lease Negotiation
This phase transforms general LOI terms into specific provisions addressing rent structure, operating expenses, maintenance obligations, permitted use clauses and build-out specifications. Landlords typically present their standard lease form, which tenants and their attorneys review and modify to align with their interests. This negotiation requires attention to both immediate terms and long-term implications.
Due Diligence And Review
Thorough due diligence includes comprehensive lease review by legal counsel, property inspections, verification of zoning compliance and confirmation of required permits. Tenants should investigate building systems and ADA compliance, while landlords verify the tenant’s financial stability to ensure they can meet lease obligations.
Finalizing And Signing The Lease
After completing negotiations and addressing due diligence concerns, parties prepare the final document for execution. This includes addressing remaining contingencies, finalizing exhibits and securing any required approvals. The signing process typically involves exchanging the executed lease with initial payments such as security deposits and the first month’s rent.
Post-Signing Considerations
The process continues beyond signing with move-in coordination, tenant improvements, insurance coverage and utility setup. Establishing clear communication channels helps address issues during occupancy. Both parties should maintain organized records, calendar important dates like rent increases or renewal deadlines, and ensure ongoing compliance with all lease terms.
Contact Our Firm For A Free Consultation
Whether you are a commercial landlord, a tenant or other party to a lease transaction, you can depend on Cushing & Dolan, P.C., for sound advice and efficient representation.
To discuss your needs with an experienced Boston commercial lease attorney, call 888-759-5109 or submit your information online. We can meet with you in one of our seven offices in the Greater Boston area.