At Miles & Stockbridge, real estate lawyers are equally adroit in representing owner/developer landlords and users in the commercial lease market, fully understanding the objectives and motivations on both sides of the leasing equation. The landlord's objective is to achieve a project fully leased to viable tenants able to meet the lease terms; the user's usual objective is to fulfill space and economic requirements that meet its business needs while minimizing its risk of default under the lease. We bring an in-depth knowledge of local leasing market conditions to the negotiating table —often the key to meeting sometimes competing goals. We fully understand that each lease transaction is different — large office leases of 50,000 square feet or more can involve few difficulties, while the lease of a small 5,000-square-foot space can mean complex and detailed negotiations. With our experience in hundreds of commercial, retail and industrial lease transactions, we work to facilitate negotiation of the lease terms best calculated to get the deal done.
We represent regional shopping mall owners/developers, as well as national retailers. We know that mall landlords are generally most concerned about a tenant's quality and image and how they integrate with the facility's retail environment. With our knowledge of mid-Atlantic market conditions, we focus on securing the most advantageous lease for retail tenants who meet these criteria and are often able to secure better terms than those offered by "one-size-fits-all" national approaches.
Occasionally, even a carefully crafted lease can end in a tenant default. In such situations, we are often able to protect the lessor's interests by renegotiating the lease terms to keep the tenant viable. Subleasing is another alternative and we have negotiated a number of such transactions, particularly involving technology industry tenants whose space needs have declined dramatically as that industry has contracted. Where there is no other alternative, we negotiate a termination or buyout of the lease so that our client can put the property back on the market. In these situations, as with all our commercial lease work, we combine flexibility and business judgment to understand the needs of each client and follow the best strategy to meet them.