National Lease Advisors recently saved a retail lease administration client over $130,000 by communicating with their landlord and amending the terms of their lease. Many leases, not just retail, have stringent timelines for the construction of tenant improvements. Like many leases in the world, our client’s lease did not contemplate the impact that COVID-19 would have on their construction schedule.
The rent commencement date and tenant improvement allowance deadline were scheduled in the lease to be in late-2020. The critical dates were going to pass before client could even begin construction due to delays caused by COVID-19. NLA proactively worked with the landlord and offered a solution that delayed the rent commencement date and TIA deadline date to an achievable timeframe. The combination of the client being able to receive their full tenant improvement allowance and the savings of rent by pushing back the commencement date saved our client $130,000.