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extremely valuable. If you are leasing, try to
get as many expansion, contraction,
renewal and termination rights as your
landlord can tolerate. Armed with these
rights, you adjust the size of your space
and the length of your lease term in order
to conform your real estate obligations to
your business needs.
Develop a strategy. If your lease is not
expiring at the time you plan to move, and
you are unable to negotiate an early termination
deal with your landlord, then you
may need to look at assigning your lease
or subleasing your space. If your lease
does not have enough unexpired term to
make it worthwhile to a new user to move
into your space (probably three to five
years, minimum), you may be stuck with
the space for the remainder of your term.
Developing a disposal strategy is simpler
for owned sites: in most cases you will sell.
In this case, you have less control over timing,
because you own the property.
Paper the deal. Once you have the
business terms ironed out, you will need to
document your new deal. If you are buying,
you will enter into a purchase agreement
with your seller. After signing the purchase
agreement you will probably have a period
of time for due diligence, where you can
inspect the property, and make an election
as to whether or not to move forward.
There may be some warranties and
indemnity obligations that survive closing—but
usually only for a year or less. The
relationship of buyer and seller, then, is
fairly short-term.
Leases are different. Leases will usually
have a minimum initial term of five years,
but 10- and 15-year deals are common,
depending on the market and type of
asset. Because the landlord-tenant relationship
is both long term and interdependent,
it is important to negotiate your
lease with care. Pay particular attention to
the provisions that relate to obligations
during the period of construction, and also
to surrender at the end of the lease term—
these are the two areas where disputes
most commonly arise.
Start early! Don’t underestimate how
long this process will take. Although each
case is different, each of the major steps
along the way (site selection; deal negotiation
and closing; construction and movein)
can easily take several months. Market
conditions can easily lengthen any of these
steps. In most cases it is safe to assume
that start-to-finish a relocation will take at
least a full year, but very possibly even
longer.”
What our clients
say about Doherty...
The HRO industry’s most highly-personalized,
high-touch service. “Customer-centric approach –
very timely and things get done right the first time.”
Responsive and accessible partners; always
there for our clients. Quick answers, supportive,
broad knowledge base, experts in specific fields.”
Professionals with in-depth HR expertise.
“Proactive in guiding us through countless HR rules,
laws and issues. Doherty has helped us solidify our
employee services and employment practices,
allowing us to be a better employer and a better
operator.”
Committed to the client’s bottom line. “Doherty
provides us with higher quality HR services than we
could afford ourselves while also providing us
backup for our existing HR staff.”
And our favorite. “Best thing since sliced bread.”
...and what we say to our clients —
“Thank you. It is our
pleasure serving you.”
UPSIZE | 27 | ONLINE
NOV08