My two teammates and I embarked on a one day 143 mile bike ride last year from Penn Station to Montauk. My friend Jeff had completed this ride before and he was well trained and came with a GPS. It was my first time doing the ride. We were lucky Jeff was on our team as there was a torrential rainstorm that day complete with 10 MPH headwinds and cold weather. Our bike ride turned into an expedition.
Jeff bravely took the lead at the onset bearing the brunt of the rain and wind. The lead rider cuts through the wind in a cycling “pack” making it easier and faster for the rest of the group. We were reliant on the GPS as we could not see the road signs that were painted on the street.
Despite three flats and a couple of near car crashes we made it to Montauk in good time. I finished strong and toward the end of the ride I was able to take the lead and pull the group taking turns with Jeff, thus giving him a much needed break.
Cycling is a team sport and when cyclists work together in a “pack” they perform much better than when riding alone. I am involved in several commercial lease negotiations for tenants and I am finding that working together as a team is beneficial in leasing as well as cycling.
As commercial real estate advisors representing tenants, we play a role very similar to that which Jeff played in my bike ride across Long Island last year. Commercial real estate lease negotiations can be very complex and the tenant representative leads a process which allows a company to reach its real estate goals while minimizing its costs.
This includes typical brokerage services such as acquisitions, dispositions, renewals and lease modifications as well as strategic planning (workforce and location planning), project management (construction, design and relocation) and post-lease activities (lease audits and database management).
Real estate leasing can often be a long and arduous process. Like my bike ride across Long Island, there can be many unexpected pitfalls along the way. Most often the pitfalls arising from commercial real estate negotiations result from the landlord as well as their broker and/or attorney attempting to get the better end of a negotiation. This happens often in New York City as landlords are very sophisticated and have a favorable negotiating position.
Closing a commercial lease deal involves several parties including, tenant, broker advisor, architects and attorneys. As the tenant advisor, my team and I take the lead in the commercial real estate “pack” making the process easier and more advantageous for our customers. A tenant advisor is similar to a GPS system guiding the tenant through the snares presented by the opposing real estate parties. This allows the tenant to cut through the process with less effort and complete the deal with strength and in a good position.
Lease clauses are an example of potential pitfalls in a commercial real deal. I have been involved in reviewing several of these recently and they can be lethal to your business. Feel free to read the below for more information.
http://www.cresapartners.com/blog/
November was a good month for my team and I. We recently picked up assignments for one of the nation's largest telecom companies, a top fashion company, a leading technology and media company, a prestigious law firm and a large hospital. We are working with professional services firms and other firms including banking, investment, insurance, law, media, technology, fashion and design and health care.
Buildings in which we represent tenants include: The GM building at 767 Fifth Avenue, The Chelsea Market at 75 Ninth Avenue, 757 Third Avenue, 1370 Avenue of the Americas, 888 Seventh Avenue and 141 West 36th Street.
We have been able to save enormous amounts of money for our clients and we would be delighted to provide you with a “gratis” consultation. Twenty minutes can save you twenty percent on your commercial real estate costs. Please feel free to call us for more details. Thanks.
All my best,
Joseph
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Posted by: courier services | August 20, 2011 at 01:02 AM