Pitfalls Of Giving Tenants Preemptive Rights To Lease

Law360, New York (November 18, 2013, 1:12 PM EST) -- Preemptive rights to lease additional space are commonly sought by tenants during lease negotiations in connection with multitenant office buildings. The two most common preemptive rights are a right of first offer and a right of first refusal.

Such rights primarily benefit the tenant and, if landlords are not careful in crafting these provisions, could substantially hamper the landlord’s ability to market the subject space to potential tenants. As a result, it is important that landlords understand the distinction between the two preemptive rights and the...
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