Extending commercial lease - NJ

[Yaro L.]

Hi Guys, 

Quick question: 

We acquired an office building with existing tenants earlier this year, one of the tenants lease is due to expire in a few months and seems they will be extending their lease. 

Question is, should I just sign an extension of prior owners lease or have them sign a brand new lease?

Also - would it be bad practice to moderately increase the rent (they haven't had an increase in about 3 years and their yearly $/sq ft is slightly below the market).  Or can I scare off the tenant by increasing rent at the first chance I get ? 

Ty