Commercial Real Estate Investment/Commerical Real Estate Sold

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Question
I lease a building where I conduct business, I was just told by the new owner that I have 60 days to move.  This is news to me since I just signed a new lease with the old owner and remodeled the inside of the building. The previous owner never told me verbally or in writing that they were selling the building.  I know that there are landlord/tenants rights and responsibilities does this also apply to business tenants? or Is there anything I should be doing?

Answer
Lachelle:

Commercial buildings are generally purchased subject to existing leases. This means a purchaser is obligated to honor all of the terms and conditions of existing, bona fide leases.

I suggest contacting an experienced commercial real estate attorney in your area to have your lease reviewed. Provide your attorney copies of all correspondence from both the former landlord and the new landlord.

Very truly yours,

Steve

Commercial Real Estate Investment

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Stephen A. Cross, CCIM

Expertise

Commercial Real Estate: Leasing, Buying and Investing I specialize in Tenant and Buyer Representation

Experience

Since 1984 I have helped over 700 businesses of every size and description solve their real estate problems.

Publications
I have written extensively on matters related to leasing and buying commercial real estate. My articles appear in business magazines and trade journals. I also lecture on the same topics.

Education/Credentials
B.S. Accountancy (1973) CCIM (Certified Commercial Investment Member)

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