Two years ago, Virginia (not her real name) contacted me to help her find a new location for her business currently located in the Garment District. She had an issue which we can all understand.
Last year I had the pleasure of representing a foreign client who wanted to find a retail space. One of the storefronts we were considering was adjacent to a large corner unit that was leased to an accessory unit of a world famous brand. Recently, I found out that the tenant, who had only been in the space for less than a year, decided to close the store and sublet the unit for the remainder of the lease—even though the tenant had invested millions of dollars into the construction and design of the space.
When corporations are looking for office space, they typically start by casting a large net. This involves taking the interests of all key players into consideration before narrowing down the choices.
In the previous post, we discussed subleasing, assigning, desk-sharing and the option to cancel as some of the remedies a business might use to get out of a lease. In this post, we discuss the least desirable ways to get out of a lease: buyout and litigation.