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 In launching your search for space, the order in which you select your team is crucial, for it can have serious implications concerning the cost, quality and the long-term results of the project. For example, while many people select their broker first, they run the risk of inadvertently employing someone of questionable qualifications to perform unspecified work; or of employing a qualified broker without requiring appropriate additional services; or of employing a qualified broker with a serious conflict of interest. In New York, under certain circumstances, a broker can legally serve two clients on opposite sides of the same deal, but it is hard to believe that this will not impact the quality of the broker's representation. (See: How To Select a Broker) Your lawyer is the key member of your team who can help you with the selection and employment of your broker and other members of your team (including your licensed architect, engineer and other consultants). In a transaction as complicated and fraught with unanticipated issues as a lease of commercial real estate, much of the team should be in place even before the search is started. (See: Doing Business in New York, and Other Consultants for Tenant) When it comes to leasing of commercial real estate, not all lawyers are equally up to the task. Lawyers who concentrate in the procurement and leasing of commercial space are experienced in the issues that accompany these processes. This experience is crucial for commercial leases, which often involve significant spaces and last for significant periods of time. Even commercial leases for smaller spaces and shorter terms can present issues of cost and liability that are equally significant. If you are a corporation, your general counsel or other corporate lawyer simply may not have had the relevant kind of experience to effectively represent you in a leasing situation. In New York, as well as other large money-center cities, there are a number of firms, including the sponsor of this site, the real estate department of Akerman Senteriftt, LLP, that have the capabilities of handling all aspects of sophisticated commercial real estate transactions.  |
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