Commercial Real Estate Investment/office lease

Advertisement


Question
I have been in the same office space for the past 10 years. About 6 months ago the owner sent me a text asking if I wanted to exercise my option to renew for another 2 years. I texted that yes this was acceptable to me. The building was sold last month and the new owner claims I am month-to-month and has given me a 30 day move out notice. Will a text message hold up in court for renewing a lease?

Answer
John:

Your question requires that a legal conclusion be crafted for which I am not qualified. However, as a practical business matter, I would want to know if the renewal period had already begun and if the contract rent was being paid as specified in the lease agreement? Was the lease in writing? When did the prior lease period end? Where you paying a new rental rate for the renewal period? Conduct of the parties when ambiguity arises plays a role. If the lease was in writing, what does it specifies regarding the exercising of your right to renew? Notice of intent to renewal provision? These are issues you need to find answers to and then armed with this information consult a local real estate attorney to advise you properly. Good luck.

Carl

Commercial Real Estate Investment

All Answers


Answers by Expert:


Ask Experts

Volunteer


Carl Quesinberry

Expertise

Extensive experience in Tenant Representation, Site Selection, Lease Negotiations, Economic Incentives, Investment Analysis, Apartments, Industrial Real Estate, Manufacturing, Warehosuing, Distribution, Development, Market Analysis, Feasibility Studies. Airport Real Estate, Airport Property Leasing, Hangar Development, FAA Fair Market Value Doctrine

Experience

27 years exclusive to commercial real estate and corporate advisory services

Publications
Supply Chain Management

Education/Credentials
BSBA in Finance, University of Central Florida MSA in Acquisition and Contract Administration, University of West Florida PhD candidate, Economic Development, University of Southern Mississippi

©2016 About.com. All rights reserved.