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'As Is' Deals: What Do the Parties Really Mean?

By Paul Robeznieks

In today's competitive commercial real estate market, landlords and tenants spend much time and effort to structure lease transactions to add value to their respective portfolios. They each factor into their economic analysis relevant concerns such as rent, construction costs, construction build-out periods, operating expenses and revenue forecasts. An additional factor that should be considered in this process is the cost incurred by both parties to administer the lease obligations during the lease term for ongoing maintenance, repair and replacement items.

In many lease transactions the landlord agrees to build out some type of shell condition (raw, vanilla, turnkey or variation thereof) prior to delivery of the premises to the tenant. Thereafter, the landlord and tenant's ongoing maintenance, repair and replacement obligations in the lease typically correspond to their build-out obligations and warranties on workmanship (ie the landlord does the structural and exterior, and the tenant does nonstructural and interior).

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