I am very frustrated with the center we are in and am looking for a way to move. I was told (and it is indicated as an additional exhibit in the lease) that the back portion of the center would consist of over 70,000 sq ft of office space. I was told that this space would start construction as soon as my building was complete. It is now two years later. They have not yet begun construction on the office space and are now trying to sell the land. This means there will be nothing there but dirt and rocks for at least two more years.
Other tenants are walking away, two have left in the past couple of months and at least three more are planning on closing in the next couple of months. The place is about to become even more of a ghost town than it is. I want to do it legally.
Does a diagram on a exhibit of the lease showing the office space leave me enough wiggle room to walk?
I am going to speak with an attorney but wanted some expert advice from all of you.
Thanks
Michele
Michele,
I’m not the world’s foremost expert on leases. But… if the landlord promised something in writing that he/she can not deliver in a timely manner I would say yes, they did not live up to their part of the lease agreement.
However, no one in this forum can give you the advice your attorney can give you. So, definitely consult your attorney and get back with us to let us know what he/she said. -J_r0kk
I would think you would need some sort of timetable and completion date in writing to be able to have something to stand on, but again talk to an atty.
How haved the other guys who have left got out of their leases?
Thanks for the advice guys.
One guy got did not have a personal guarantee, one actually owned the building and just closed and is doing nothing with the property (probably headed for foreclosure). The other two I am trying to track down. I have only seen one place with an orange sticker in the window indicating that they probably bolted in the middle of the night. The other got out somehow.
To me there are legal issues, but mainly it is an ethical issue. You cannot tell people that they are going to be surrounded by over 75,000 sq ft of office space then decide not to do it and leave everyone hanging. Luckily I am making it due to some very good press, but others have lost and are losing their life savings. It is pretty sad.
Vacant office space is still office space…Better see a lawyer…RCS…
Sorry, I didn’t explain that well. The 75,000 sq ft of office space never was built and they have now scapt the plans to build it. We now have a huge lot of rocks and dirt behind us.