The only protection is if you had agreed to have an option to renewal. [another reason to use a broker, if you didn't...very standard to have this option]
JEROME CHANG Mid-Wilshire 5405 Wilshire Blvd (2 blocks west of La Brea) | Los Angeles CA 90036 ph: (323) 330-9505 Downtown 529 S. Broadway, Suite 4000 (@Pershing Square) | Los Angeles CA 90013 ph: (213) 550-2235 Santa Monica 1450 2nd Street (@Broadway) | Santa Monica CA 90405 ph: (310) 526-2255 On Aug 13, 2014, at 2:04 PM, George Aye <[email protected]> wrote: > Thanks Aaron, > > There's no imminent signs as of right now, but it's a general lurking fear I > have. I'm curious to know if there could have been any new language in your > lease that might have given you any kinds of protection re: rent increase > etc. If none of it would be binding, then so it goes, but I wonder how to put > us in the strong position if this even happens. > > Cheers, > > George > > On Wednesday, August 13, 2014 1:55:15 PM UTC-5, Aaron Cruikshank wrote: > Hi George, > > We went through this situation at HiVE Vancouver. Nothing bad happened except > for our landlord changed. Do you have a concern that they'll force you out of > the space? I'm sure the building was sold with you factored into it. No one > wants to buy a building without a revenue stream. You're the revenue stream > for the building. > > As a leasee, you don't really have any power in this relationship beyond > threatening to leave the building and forcing them to lose revenue while they > try to find another tenant. > > I think the only potential problem on your horizon is re-negotiating your > lease when your current lease is up. Depending on how much the new owner paid > for the building, they may want to jack up your rent. I would advise going > into that negotiation with some other properties in mind that you could move > to so that it's clear to the new owner that you will walk if the terms aren't > favourable. The new owner most likely won't want you to leave and bought the > building assuming that you'll be a long-term tenant. > > TL,DR: Unless you have heard something indicating that they're going to throw > you out, all you need to do is start prepping for your lease negotiations in > nine months. > > Aaron Cruikshank > Principal, CRUIKSHANK > phone: 778.908.4560 > e-mail: [email protected] > web: cruikshank.me > twitter: @cruikshank > book a meeting: doodle.com/cruikshank > linkedin: in/cruikshank > > > > > > On Wed, Aug 13, 2014 at 9:10 AM, George Aye <[email protected]> > wrote: > Dear Coworking folks, > > I've been a long time lurker on the list, and have been constantly inspired > by the frank dialog on and reading the challenges we all face running our > spaces. > > A little background: My co-founder and I started a small design office, > called Greater Good Studio 3 years ago and after a period of running the > business from our bedroom, we needed a space to collaborate with our team and > clients. We came across our current building and started renting from our > landlord just over a year now. And in a dual effort to offset our overhead as > well as grow a studio culture, we opened our coworking space called The Logan > Share. Our focus has simply to make it the most distraction-free coworking > space in Chicago. > > Our current situation: We have 9 months left of our current lease and we > fully expect to sign on for 5 more years. We have been very fortunate and in > the last 15 months grown from just 1 renter to now 24 renters, covering all > all our overheads and making a little on the side. > > My questions and concerns: Has anyone had any experience with their building, > that they run their coworking space from, sold out from under them? Is buying > the building outright the only way to prevent this from happening to us? Were > there any signs this was going to happen beforehand that we should look out > for? Is there language we should include in our lease to prevent/delay/help > us so it doesn't happen? > > If anyone have experience or advice in this area, I would greatly appreciate > it. > > Thanks! > > George > > The Logan Share > 2864 N Milwaukee Ave > Chicago, IL 60618 > The most distraction-free > coworking space in Chicago > > > -- > Visit this forum on the web at http://discuss.coworking.com > --- > You received this message because you are subscribed to the Google Groups > "Coworking" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > For more options, visit https://groups.google.com/d/optout. > > > -- > Visit this forum on the web at http://discuss.coworking.com > --- > You received this message because you are subscribed to the Google Groups > "Coworking" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > For more options, visit https://groups.google.com/d/optout. -- Visit this forum on the web at http://discuss.coworking.com --- You received this message because you are subscribed to the Google Groups "Coworking" group. 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