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Long term tenant signs lease renewal

| May 10, 2018 | Commercial Real Estate |

Generally speaking, the sign of a successful business is continuity. Having a longstanding physical location means that a business has established a following that is committed the success of the people supporting it. It also allows the business to rely on a brand based on generations of customer service to distinguish itself in the marketplace.

This exemplifies the relationship between ABS Partners Real Estate and the law firm of Wolf Haldenstein Adler Freeman & Herz. The long time civil rights law firm recently signed a lease renewal at 270 Madison Avenue in Manhattan. Usually a lease renewal would not garner headlines or adulation, but the fact that the Wolf Haldenstein firm has been at the same address since its inception in 1924 is remarkable.

According to a recent globest.com report, ABS Partners has invested more than $20 million over the years to keep 270 Madison Avenue up to date. The latest renovations involved upgrades to the building lobby to incorporate historic details that will meld with modern finishes. The building will also undergo updates to its technological capabilities.

While this relationship may be unusual, it goes to show that a healthy relationship between tenant and owner can lead to a long, successful relationship. An experienced real estate attorney can  be helpful to smooth out rough spots that may arise from time to time, and to protect the rights of a tenant when a landlord becomes overzealous.

Whether you are initiating a relationship with a building owner, or have a longstanding relationship, a skilled lawyer can advise you.