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In the Spotlight: Addressing the Dilemma of Tenant Parking
Dedicated parking spaces appurtenant to office leases, especially covered spaces, are a prized commodity, particularly in suburban markets where virtually all of a tenant's employees drive to work. A tenant may be able to negotiate an arrangement where it receives more parking passes than the actual number of cars it is permitted to park at the premises at any given time under the theory that not all employees with a parking pass will actually show up for work on any given day. The problem presented by this approach is, of course, the one day when every driver with a parking pass shows up for work and there is no room for all of their cars.
One creative way to get around this problem may be to negotiate an arrangement where a tenant is given more parking passes than its allotment of parking spaces, but required to park any excess vehicles in tandem spaces. Most commuters (and, by extension, tenant real estate representatives who have to listen to the complaints) despise tandem parking spaces because of their lack of convenience and flexibility. Landlords are generally not particularly enamored of the tandem spaces either, given the hassle involved with enforcing tandem parking rules and the tight lot/garage layouts required for tandem spaces. In this situation, one solution is to allot a dedicated tandem parking area for the tenant's overflow parkers that the tenant is required to police. This allows the tenant the flexibility of dealing with its overflow parking, including possibilities such as valet parking and/or assigning the less desirable spaces to designated employees, and frees the landlord from the hassle of dealing with the logistics of tandem parking. It also allows the landlord to offer more parking options to attract potential tenants than the traditional X number of spaces per rentable square foot method.
William Crowe
Dedicated parking spaces appurtenant to office leases, especially covered spaces, are a prized commodity, particularly in suburban markets where virtually all of a tenant's employees drive to work. A tenant may be able to negotiate an arrangement where it receives more parking passes than the actual number of cars it is permitted to park at the premises at any given time under the theory that not all employees with a parking pass will actually show up for work on any given day. The problem presented by this approach is, of course, the one day when every driver with a parking pass shows up for work and there is no room for all of their cars.
One creative way to get around this problem may be to negotiate an arrangement where a tenant is given more parking passes than its allotment of parking spaces, but required to park any excess vehicles in tandem spaces. Most commuters (and, by extension, tenant real estate representatives who have to listen to the complaints) despise tandem parking spaces because of their lack of convenience and flexibility. Landlords are generally not particularly enamored of the tandem spaces either, given the hassle involved with enforcing tandem parking rules and the tight lot/garage layouts required for tandem spaces. In this situation, one solution is to allot a dedicated tandem parking area for the tenant's overflow parkers that the tenant is required to police. This allows the tenant the flexibility of dealing with its overflow parking, including possibilities such as valet parking and/or assigning the less desirable spaces to designated employees, and frees the landlord from the hassle of dealing with the logistics of tandem parking. It also allows the landlord to offer more parking options to attract potential tenants than the traditional X number of spaces per rentable square foot method.
William Crowe
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.