Office and retail leases are among the most common forms of commercial real estate transactions, and both require a broad and often nuanced understanding of lease law. Although there is substantial overlap between office and retail leases, there are also many material differences. These differences can be subtle, and the concepts are unique and significant enough to warrant careful review and consideration by savvy counsel. Some key issues include:

  • Permitted use provisions
  • Annual rent increases
  • Assignment and subletting terms
  • Default and remedy provisions and tenant and landlord obligations concerning operating expenses
  • Capping liabilities
  • Maintenance and repairs
  • Indemnity provisions

Careful and precise drafting of these provisions are critical to avoiding or resolving potential disputes and protecting clients’ interests.

In this practical webinar, you will learn about commercial tenants for leasing issues unique to office and retail leases and best practices to protect tenant interests.

Upon course completion, you will be able to:

  • Examine and compare office and retail leasing transactions
  • Identify their key similarities and essential differences
  • Address critical issues unique to these types of lease agreements

Course Outline:

I. Overview
II. Letters of intent
III. Credit and security under leases
IV. Tenant space planning considerations
V. Build-out of leased premises, determination of commencement date, and work letters
VI. Use of premises, exclusive use and radius provisions, continuous operation and kick out clauses, hours of operation
VII. Responsibility for real estate taxes and operating expenses/common area maintenance; Operation Expense exclusions and caps
VIII. Tenant self-help rights
IX. Indemnity Provisions
X. Assignment and sublet provisions; SNDAs, permitted transfers, and estoppel certificates
XI. Real Estate Tax Considerations [CMK Note: I actually read an interesting case recently about real estate tax assessments relating retail property on gov’t property like airports]
XII. Alterations
XIII. Casualty and Condemnation
XIV. Final thoughts and practical considerations

You will learn the following:

  • What are the specific areas of concern when drafting retail and office leases?
  • How much should a tenant negotiate an LOI?
  • What are some common space planning tools?
  • How can counsel best balance specificity and flexibility in classifying the tenant’s business when negotiating exclusive rights?
  • What are typical operating expense exclusions?
  • What are the potential gross sales carve-outs when rent is based on the tenant’s revenue?
  • What basic indemnity issues should tenants be aware of?
  • How should tenant and landlord obligations be defined concerning operating expenses, maintenance, and repairs?
  • What exit strategies should tenants consider upfront in a lease negotiation?
Faculty Member
Julian Freeman
Cox, Castle & Nicholson

Julian Freeman is a real estate transactions attorney at Cox, Castle & Nicholson.  His practice includes all aspects of commercial real estate transactions, including acquisitions and dispositions, development, joint ventures, management of real estate assets, and a particular emphasis on office, industrial and retail leasing.  Since 2007, Mr. Freeman has drafted and negotiated leases and lease amendments for over 15 million square feet of office, industrial and retail space located throughout the nation (and primarily in the western U.S. metropolitan areas), including the largest new office leases in Orange County, California in 2014 (191,000 feet) and 2018 (154,418 feet), each as identified by the Orange County Business Journal.

Faculty Member
Corin Korenaga
Cox, Castle & Nicholson

Corin Korenaga is a transactional real estate attorney at Cox, Castle & Nicholson whose practice focuses on leasing, acquisitions, dispositions, and real estate M&A deals.  He serves as the lead attorney for leasing, tenant disputes, and other day-to-day operational matters at several major developments owned by national and regional landlords.  Over the years he has routinely handled in excess of 1.5 million square feet of leasing-related transactions annually.  Homebuilders, multi-family developers, and other commercial real estate developers also trust Mr. Korenaga to guide them through the various aspects of acquisition, disposition, and development of real estate projects as well as other merger, recapitalization, and asset deals.

CLE Credits (Law)

Credit Value Type Format
NALA - - Credit not available
NFPA - - Credit not available
AL 1.5 General
AK 1.5 General
AR Not Available General
AZ 1.5 General
CA 1.5 General
CO 1.8 General
CT 1.5 General
DE 1.5 General
FL 2 General
GA 1.5 General
HI 1.5 General
IA 1.5 General
ID 1.5 General
IL 1.5 General
IN 1.5 General
KS Not Available General
KY 1.5 General
LA 1.5 General
ME 1.5 General
MN 1.5 General
MO 1.8 General
MS Not Available General
MT 1.5 General
NC 1.5 General
ND 1.5 General
NE 1.5 General
NH 1.5 General
NJ 1.8 General
NM 1.5 General
NV 1.5 General
NY 1.5 General
OH 1.5 General
OK 2 General
OR 1.5 General
PA 1.5 General
RI 1.5 General
SC Not Available General
TN 1.5 General
TX 1.5 General
UT 1.5 General
VA Not Available General
VT 1.5 General
WA 1.5 Law and Legal Procedure
WI 1.5 General
WV 1.8 General
WY 1.5 General

In some CLE states, the course will be submitted to the bar after you register. If for any reason the course is not approved, we will fully refund your registration fee. If a state is listed on this course, then we are confident the course fits that state's standards and already is or will be approved for credit.

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Can I still receive Continuing Education Credits if I view the webinar recording instead of the live presentation?

In most cases, the answer is yes. Recorded webinars are not eligible for CLE credit in the following states: AR, KS, MS, NE, and RI. In all other jurisdictions, recorded programs are eligible for credit. In addition, CPE credit is not available for recorded webinars. Please note that recorded webinars are only eligible for a certain period of time based on the jurisdiction. To ask about your specific type of Continuing Education Credit or the requirements in your jurisdiction, please call us at 703-372-0550 or contact us.

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