We represented the owner of a commercial building, where the anchor multi-national corporate tenant renting two spaces under one lease was attempting to terminate the lease as to one space while maintaining the lease as to the other space.

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July 27, 2012

July 2011 Settlement of Interest
 
We represented the owner of a commercial building, where the anchor multi-national corporate tenant renting two spaces under one lease was attempting to terminate the lease as to one space while maintaining the lease as to the other space. We filed suit in Manhattan seeking declaratory judgment that lease could not be severed with regard to the two spaces and that the tenant’s alleged termination was ineffective. After we brought a motion for summary judgment, Landlord and Tenant agreed to a settle the case in a settlement and lease modification agreement whereby Tenant retained the disputed space for a slightly reduced term compared to what was provided in the lease and Landlord waived some back rent owed on that space.
 
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