Category Archives: Tenant Build-out

Overview of Tenant Improvement Strategies

While many lease provisions never come to light for tenants, there is one that all tenants face after the lease is signed: the Tenant Improvement Provision a/k/a “Work Letter”. Given the amount of dollars at stake and its operational significance … Continue reading

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Tenant Improvement Strategies – Allowance Approach

Under the Allowance Approach, the tenant is allotted a cash allowance from the landlord for construction and related costs.  To the extent the total costs are less than the allowance, and if properly negotiated, the tenant retains the savings.  On … Continue reading

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Tenant Improvement Strategies – Turnkey Approach

As the name implies under this approach, the landlord – at its sole cost – is responsible for all elements of construction based upon an agreed to scope of work.   Many tenants are attracted to the simplicity of this approach, … Continue reading

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