Commercial Real Estate Leases Selected Issues in Drafting and Negotiating in Current Markets
What You Will Learn
This annual advanced course of study, comprising more than 12 hours of instruction, provides an in-depth analysis of selected issues in commercial real estate leasing with a view to existing market conditions. The course emphasizes drafting and negotiating skills. The viewpoints of the landlord, tenant, and lender are represented during the panel discussions.
Issues analyzed include: economic terms; common area maintenance charges and pass-throughs; assignment and subletting clauses; insurance; office leasing; retail leasing; subordination, non-disturbance, and attornment agreements (SNDAs); work letters and construction; the retail lease from various perspectives; defaults and bankruptcy; and for a full hour, ethics and professional responsibility.
Time is reserved throughout the program to address written questions submitted by the registrants.
Planning Chairs
Richard R. Goldberg, Ballard Spahr Andrews & Ingersoll, LLP, Philadelphia
Mark J. Levick, Law Offices of Mark J. Levick, New York
Faculty
Nancy A. Connery, Schoeman, Updike & Kaufman, LLP, New York
Mark S. Hennigh, Greene Radovsky Maloney & Share LLP, San Francisco
John S. Hollyfield, Fulbright & Jaworski L.L.P., Houston
Barron P. Lambert III, General Counsel, Shaw’s Supermarkets, Bridgewater, Massachusetts
Brad A. Molotsky, General Counsel & Secretary and Senior Vice President, Brandywine Realty Trust, Plymouth Meeting, Pennsylvania
Kathryn C. Murphy, Edwards Angell Palmer & Dodge LLP, Boston
Tandy C. Patrick, Greenebaum Doll & McDonald PLLC, Louisville, Kentucky
David L. Pollack, Ballard Spahr Andrews & Ingersoll, LLP, Philadelphia
Julian P. Rackow, Blank Rome LLP, Philadelphia
Mark A. Senn, Senn Visciano Kirschenbaum Merrick P.C., Denver
Theodore I. Yi, DLA Piper Rudnick Gray Cary US LLP, Chicago
Program Schedule
Thursday, June 1, 2006
- 8:00 a.m. Registration and Continental Breakfast
- 9:00 a.m. Introductory Remarks and Course Overview – Messrs. Goldberg and Levick
- 9:15 a.m. Principles of Office Leasing: An Overview – Ms. Patrick and Messrs. Hollyfield, Molotsky, and Yi
- Methods of escalation and common area maintenance (CAM) recovery and "pass-throughs"; building services; gross-ups; office space measurement; mixed use projects; options and expansion space; telecommunications; building services; recourse; convenience cancellations; letters of credit, security deposits, and guaranties
- 10:00 a.m. Work Letters – Ms. Connery and Messrs. Hollyfield and Molotsky
- 10:45 a.m. Networking Break
- 11:00 a.m. Letters of Intent: Concepts of Good Faith and Fair Dealing – Ms. Murphy and Mr. Senn
- 11:30 a.m. Insurance: an Attorney’s Primer – Mr. Goldberg
- 12:15 p.m. Questions and Answers
- 12:30 p.m. Lunch Break
- 1:45 p.m. Ground Leases – Messrs. Goldberg, Levick, and Senn
- The differences between space leases and ground leases; financeable ground leases
- 2:30 p.m. Industrial Leases – Messrs. Hollyfield and Rackow
- Site selection; loading docks; railroad sidings; proximity to distribution; special environmental issues; covenants, conditions, and restrictions (CC&Rs); industrial parks
- 3:00 p.m. Networking Break
- 3:15 p.m. Representing the Small Tenant – Ms. Connery and Mr. Senn
- Effective negotiation techniques when representing the "underdog"
- 4:00 p.m. Reinventing Your Building: Lease Issues – Messrs. Hennigh, Lambert, and Rackow
- Issues presented by current leases when buildings need to be repositioned or retrofitted; problems and solutions
- 4:45 p.m. Questions and Answers
- 5:00 p.m. Adjournment for the Day
Friday, June 2, 2006
- 8:00 a.m. Continental Breakfast
- 8:30 a.m. "Big Box" Retail Center Leases – Ms. Patrick and Messrs. Levick and Senn
- Leasing to the Power Tenant; managing exclusives and co-tenancies; construction issues
- 9:30 a.m. Supermarket Leases – Messrs. Lambert and Rackow
- 10:15 a.m. Networking Break
- 10:30 a.m. Mall Tenant Leasing – Messrs. Goldberg and Hennigh and Ms. Patrick
- What can the mall tenant expect to receive? Co-tenancies? Exclusives? "Front door" control? CAM caps and lock?
- 11:15 a.m. Ethics and Professional Responsibility – Ms. Murphy and Panel
- 12:15 p.m. Questions and Answers
- 12:30 p.m. Lunch Break
- 1:45 a.m. Defaults and Bankruptcies – Ms. Connery and Mr. Pollack
- Landlord and tenant workout scenarios; handling the tenant bankruptcy
- 2:30 p.m. Networking Break
- 2:45 p.m. Lenders and Leases – Messrs. Hollyfield, Molotsky, and Yi
- Lenders’ and owners’ views of estoppels and subordination, non-disturbance, and attornment agreements (SNDAs)
- 3:30 p.m. Exit Strategies – Messrs. Goldberg, Levick, and Senn
- How do tenants mitigate risk of operational and market shifts? How do landlords protect the rental stream?
- 4:15 p.m. Questions and Answers
- 4:30 p.m. Adjournment
Total 60-minute hours of instruction: 12.5
Suggested Prerequisite: Limited experience in legal practice in subject matter or completion of Basic CLE Course in subject matter
Educational Objective: Acquisition of knowledge and skills to develop proficiency as a practitioner; maintenance of professional competence as a practitioner; provision of information on recent legal developments
Level of Instruction: Advanced
Here's what registrants have said about this course:
Probably the best seminar I have attended in my 27 years as a lawyer. The faculty was excellent and well-prepared. The discussion format vs. lectures was more informative (especially when panelists disagreed and tried to work to a common position). Even though I’ve negotiated hundreds (maybe over 1,000) leases, I learned some things that I didn’t know and some nuances that will sharpen my skills.
An excellent program with insightful panelists.
An excellent presentation. The interaction of the faculty was excellent and kept things interesting.
Terrific seminar with a great panel of attorneys.
