Thread: Misc Anyone here in commercial real estate or a commercial landlord?
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Old 03-12-2009, 05:00 PM   #6
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Join Date: Oct 2004
Location: Tennessee
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Quote:
Originally Posted by Rain Man View Post
It's a ten-story building with about 100,000 square feet, and we have about 6 percent of that. One client has five full floors, two others have one floor, and we have half a floor. The rest is scattered among smaller tenants, and about 10 or 15 percent is vacant.

I'm definitely going to be talking to the other tenants and will demand an audit. My concern is whether the five-floor tenant (a health club) has some other deal struck since they have multiple health clubs in the city, but I bet the other tenants will be interested in participating.
On the surface, it sounds as though you have enough large tenants to garner their interest and who can afford to pool some money for a retainer, Mr. Rain Man.

My advice, however, is to hire an attorney to request the audit. It should only cost you about $500 or so. That was the key in our case. Once the landlord realized that they were dealing with a law firm representing a majority of the tenants, they suddenly backed off the increase and found other ways to economize. Funny, that.

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