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July 25, 2023

'I'll Show You Mine, You Show Me Yours': More Office Tenants Looking At Owners' Books Before Signing Leases

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It's traditional in lease negotiations for the owner of an office building to ask a prospective tenant to show proof that they are in good financial standing and can be expected to pay rent every month.

But the public prognostications comparing office real estate to an "apocalypse" and a "Category 5 hurricane" haven't escaped the companies in the market for office space, leading to an increasingly common role reversal: tenants asking landlords to open up their books and provide protection in case they go under.

'I'll Show You Mine, You Show Me Yours': More Office Tenants Looking At Owners' Books Before Signing Leases

"It's not enough to just say, 'You know, we have bulletproof institutional dollars behind us,'" CBRE New York Tri-State Region CEO Mary Ann Tighe said. "The landlords still want to know about the credit of their tenants, but the tenants now say, 'OK, I'll show you mine. You show me…

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This Week’s N.Y. Deal Sheet

This week saw a handful of law firms and financial services companies, the tenant groups that were behind most of last quarter's leases, sign deals while the majority of the city's sales and financing deals took place in the outer boroughs.

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This Week’s N.Y. Deal Sheet

Tishman Speyer is getting a new tenant at 45 Rockefeller Plaza, according to a release. Puig, the home of Love Brands, is moving into 25K SF, the entire 32nd floor of the property, this fall in a relocation and expansion from its 13K SF space at 183 Madison Ave. Tishman…

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Up A Creek With A Paddle: Pickleball Concepts Gobbling Up Big-Box Stores Left Vacant By Retailers

Pickleball is probably coming to a mall near you.

The phenomenon that was ranked the fastest-growing sport in the U.S. for the third year in a row last year has become a huge new demand driver for retail properties across the country, helping fill vacant spaces that lost big-box department stores.

Up A Creek With A Paddle: Pickleball Concepts Gobbling Up Big-Box Stores Left Vacant By Retailers

In the past year, courts have opened in retail spaces in St. Louis; Concord, New Hampshire; Egg Harbor Township, New Jersey; Roswell, Georgia; and Washington, D.C. — spaces formerly occupied by Bed Bath & Beyond, Old Navy, Burlington, CompUSA and Forman Mills stores. Four locations have opened in Utah from…

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