I recently presented to a group of entrepreneurs, business owners, and business professionals about the commercial real estate market. I told them how recently someone contacted me out of the blue; it was a dentist that was refereed to me by another client of mine. The dentist contacted me very worried and concerned telling me “My Landlord is kicking me out of my space, they are kicking me out and I’ve been there for many years, I need your help!”
After further research, we found out that the dentist moved into the space about 3.5–4 years ago and did a 5 year lease with the Landlord. The Landlord now has another very interested Tenant who is looking to take the majority of his first floor and that is where the dentist is located. In an office building the first floor and the top floors are the prime spaces.
When the dentist signed the lease almost 4 years ago, he was all gun-hoe about the space. He loved the location, the building, and the space since it was formerly a medical practice and had some existing plumbing already in place decreasing his initial build-out expense. The dentist still invested over six figures in his build-out.
What happened back then was that the dentist was so in love with the space that he did not think about it much and immediately signed the lease. In the lease there was a Right To Relocate clause that allowed the Landlord to relocate the Tenant at the Tenants sole expense. What should have happened was that the Right To Relocate clause would have been stricken out of the lease or at least have the Landlord pay all relocation, build-out, and moving expenses but the dentist did not have me in his corner back then representing him, he did not have anyone.
I mentioned this because if you are a startup or a seasoned business owner who has been leasing space for many years it does not cost you a single penny to have someone like me review your lease and see how we may be able to help you and your business now and in the future to come.
Your Commercial Real Estate Expert,