Team Approach
We believe
in working closely with our clients' other professionals in a team
approach to assist the client in establishing and then realizing appropriate
physical, economic and legal objectives for the leasing transaction.
A well- rounded team from a tenant representation perspective would
consist of:
- a knowledgeable broker who not only knows the market,
but also knows how to analyze the economics of transactions, so that
the various space options can be accurately compared (We will be pleased
to refer you to brokers who do work primarily in Chicago as well as
brokers who work nationally, and with whom we have worked closely
over many years, for your qualification.);
- an architectural and
engineering consultant who not only can prepare plans and specifications,
but who also will be of assistance in making a determination as to
space requirements (including projections for future growth and how
to utilize the leased space in order to obtain optimum efficiency)
and managing a build-out within the budget; and
- a lawyer with commercial
leasing experience who not only will be able to confirm that the lease
sets forth the business transaction which was negotiated, but also
will be of assistance in structuring and negotiating the transaction
based upon his understanding of both the underlying law of leasing
and the practicalities of building operation.
It would be ideal if
the team could be assembled prior to starting the process. Unfortunately,
however, while many prospective tenants have engaged a broker, and
some have engaged a design professional, only a few have thought to
involve a lawyer with commercial leasing experience at the site
or building selection stage of the transaction.
In our experience, it would be very beneficial to the
process of identifying appropriate objectives and achieving those
objectives if experienced commercial leasing counsel were to be brought
into the matter at the earliest possible point. If counsel is "in
the loop" to assist in the negotiation of the letter of intent, there
will be an opportunity to "pre-negotiate" some of the issues and lease
provisions as part of the business transaction. Negotiating these
issues and lease provisions after a letter of intent has been executed
would be more difficult, time consuming and costly.
