Workouts of Office Leases
As businesses seek to control costs by downsizing their workforces and taking other steps, they often look to their office and retail leases as potential sources of savings. Demands by commercial tenants to renegotiate or workout their leases have put pressure on landlords to maintain their rent rolls where they can, renegotiate where they must, and not trip defaults in their own mortgage obligations. This program will explore the practical economics of working out office and retail leases, both from the vantage point of landlords and tenants, including what each can reasonably expect from the other, and major tax and landlord mortgage considerations.
Day 1 – March 9, 2010 – Office Leasing:
- Economics of renegotiating office leases
- Determining what a tenant can reasonably ask for in a workout
- Landlord responses and potential remedies
- Landlord mortgage issues
- Income and property tax concerns
Day 2 – March 10, 2010 – Retail Leasing:
- Economics of renegotiating retail leases
- Workout strategies and alternatives for retail tenants
- Landlord responses and potential remedies
- Special workout issues with national retail chains
- Bankruptcy issues
Speakers:
Mark A. Senn is a partner in the Denver law firm of Senn Visciano Rosenstein P.C, where he has an extensive national real estate practice, including commercial leasing, purchases and sales, title cases, condominiums, loan and workout transactions, and mezzanine financing transactions. He is the author of "Commercial Real Estate Leases: Preparation, Negotiation and Forms" (3d ed.) and "Commercial Real Estate Transactions Handbook (3d ed), both published by Aspen Law & Business. He is a member of the Board of Governors of the American College of Real Estate Lawyers and a member of the Board of the Advisors of the newsletter “Commercial Lease Law Insider.” He received his B.S., with distinction, from Stanford University and his J.D. from Boalt Hall School of Law at the University of California, Berkeley.
Richard R. Goldberg was a partner and is now Senior Counsel in the Philadelphia office of Ballard Spahr, LLP, where he has an extensive real estate practice, including development, financing, leasing, and acquisition. Earlier in his career, he served as Vice President and Associate General Counsel of The Rouse Company for 23 years. He is past President of the American College of Real Estate Lawyers, past Chair of the Anglo-American Real Property Institute, and past Chair of the International Council of Shopping Centers Law Conference. Mr. Goldberg is currently a Fellow of the American College of Mortgage Attorneys and is a member of the American Law Institute. Mr. Goldberg received his B.A. from Pennsylvania State University and his LL.B. from the University of Maryland School of Law.
