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In the Spotlight: Rights of First Offer
As the competition to clear vacancies escalates in many office leasing markets, more prospective tenants are able to extract concessions that were once only the province of larger users. This article discusses one of those concessions ' the “right of first offer” or “ROFO.”
A ROFO is an expansion right. It gives a tenant a “first look” at leasing other space that becomes “available” during the tenant's lease term before the landlord takes the space to the overall market. Tenants like ROFOs because they provide an opportunity to bid on desirable space before the market can drive up the rent for such space, without requiring that the tenant make an upfront commitment at lease execution. From the landlord's perspective, a ROFO is seen as the least harmful method for a landlord to accommodate a tenant's future expansion needs without overly encumbering its building. Because the ROFO rights are triggered early in the leasing process for the “available” space, the ROFO can be addressed with minimal disruption to overall leasing efforts.
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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.
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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.