How does it work with................

Question

How does it work with big tanants, in this case Bank of america

I have my own office (former bank) building that i will like to present to them for lease

Did i need to go with a leasing agent that works with them in this area in this case Allentown PA ?

If yes any suggestions for a good leasing agent in that area for banks etc.

Or can i contact them directly and it just need to be approved by the local area contact that they might have ?

If yes how can i contact them directly,witch department ?

Did they only lease or can i offer them to buy the building for a below below market value ?

Please respond

Thanks

Or call me at 646 246-0748

NA NA · Answer

Frank and Jeff have a good handle on this process. If you're going to play with the big boys, it really is important for you to make sure you've got your A-game and your power team ready to go. Having an attorney who is very knowledgeable about Real Estate and Commercial Landlord/Tenant contracts as well as a Commercial Realtor, can be keep you from getting slaughtered at some point in the lease.

Typically, Commercial leases will run (or should run if you're the landlord) at least 5 year, with renewals and escallations (increases based on certain triggers or market standards, i.e., annual, indexed, etc.) and can run for 20 years (at least 15) if you're trying to get financing for the property. So you want to make sure your team is up to speed on making sure that your lease will hold up with you at least being protected (and preferrably making money). If you don't get it right because you tried to save money by not hiring a good, knowledgeable attorney and COMMERCIAL Realtor, then the odds are you're gonna lose! So don't cheat yourself. One of the Secrets to winning is to play pro ball with pro players.!

Jeff Fry · Answer

I guess it depends on the situation. If a National Tenant has another location in mind and you pull that on their broker, you will not make that deal.  If your spot is the only option, you might have a chance.   I do leasing for one of the largest property owners in town and we have a great standard NNN lease, but Verizon, US Cellular, Dollar General, Office Max, many others, won't use it.  They want the same, or at least very similar leases in all their locations.  They'll go to a different location.  I'm speaking from experience.  I'm not saying that a National Tenant won't use the landlord's lease, but it's the exception, not the rule.

Frank Gallinelli · Answer

When dealing with national tenants, an experienced commercial broker can add a good deal of credibility to your offering and can guide you if you do get into negotiations with such a tenant (and no, I'm not a broker).

In any case, you will absolutely need an attorney who is experienced with commercial leases if you get to that point, because such leases are quite technical.  There will be some boilerplate, of course, but many of the issues that need to be covered will be entirely specific to the deal (and no, I'm not an attorney, either).

Frank Gallinelli · Answer

Regarding the lease, I as landlord favor giving my version of the proposed lease to the tenant first, even if it is a national tenant.  For one thing, it's my property and I think I should have first dibs on proposing how things ought to be.  (I once had an apartment tenant hand me what he thought his lease should be.  I handed it back unopened and said, "I don't care if it's word-for-word the same as mine.  I give you the lease.")

Second, it will cost me less in attorney's fees to if my lawyer doesn't have to spend hours parsing out their standard lease, but instead starts with his own landlord-friendly version.

Jeff Fry · Answer

I agree with gallinelli, a good attorney is really worth it when dealing with national tenants.  They tend to have their own lease forms (when you have hundres of locations it makes sense that they have the same lease everywhere), and usually they favor the tenant (why wouldn't they?). A good attorney can get some of the language changed and make sure you know what outs that tenant has.  I'm biased, but a GOOD broker can really add value if they know what they are doing.

Jeff Fry · Answer

Call up Bank of America Corporate and ask for their real estate department.  They'll get you to the right person.  If you asked about retail I have a directory for that, but there are no banks in it.

Hope this helps,