I had a manufacturer client that had been doing business in the same building since their inception 55 years
earlier. As a concession to getting some rent relief from the family that had owned the property since the dawn of time, they agreed to a six month cancellation clause in the event the property was sold. It never occurred to my client that might happen…and then it did. When they got the six month notice from the new owner they were blindsided. That is when I was referred by their banker to help them find a new home.
The president and CFO of the company were panicked. How could their established manufacturing company possibly find a new location and move there in six months? Their fear was existential -- was the company doomed?
With 25 years of property management experience , I knew how hard it is to physically pry a tenant out of a space. Ultimately, the law will side with a landlord against a tenant that is ignoring valid demands to vacate their premises but it takes time and a lot of legal gyrations. My message to them was to take action toward the goal of vacating the property and communicate
their progress to the new owner. Six months might turn out to be a year but if they were responding in good faith to the demand to leave, the landlord would certainly spare themselves the legal cost of being draconian. I also reminded my client that the new owner had plenty of hurdles of their own to clear in order to make the necessary changes at the property to accommodate their business there.
My client settled into their new home across town approximately 10 months after I signed on as their broker. They followed my advice and kept the new owner informed; in the end, the scary monster under the bed turned out to be Shrek. OK, maybe a little ugly but docile.
Hire experience and let it be your guide. Don’t go it alone.
