Attn: NAIOP Minnesota members
Get insights on best practices when drafting letters of intent with Laura Graf, Partner, Dorsey & Whitney LLP and Anna Coskran, Principal, NTH.
- Preferential Rights: ROFO vs. ROFR – the benefits and pitfalls of each and how they impact future leasing activities.
- Contraction Options: As the need for space changes based on changes in workforce and technology, how can these rights be addressed?
- Extension Options: What is the standard here? What goes into the calculus?
- Improvements: Turnkey vs. Allowance – where are the efficiencies?
- Credit Enhancements: What is the basis for determining amounts? Letters of Credit vs. Cash Security Deposits (burn offs) – how are these decisions made? Why are we always saying “TBD” in the LOI?
- Tenant Credit and Financials: What is the market requiring and how can these issues be addressed with a Tenant with challenging financials?
- Other Tenant Concessions: What is new and emerging in the market and how do we best memorialize these? How are Millennials and Gen Z impacting these considerations?