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On Nov. 27, 2017, the Marion County Superior Court in Indiana granted Simon Property Group, L.P. (Simon) a preliminary injunction prohibiting Starbucks Corporation from “(a) Failing to occupy and conduct business as usual in the leased premises for any of the Teavana stores at any Simon shopping center owned in whole or in part or managed by Simon, including any failure to be open and operating during normal business hours, as required by the Leases; and (b) Conducting, promoting, or advertising any fire, ‘going out of business,’ or similar sale, as prohibited by any of the Leases.” Simon Property Group, L.P. v. Starbucks Corporation, No.49D01-1708-PL-032170, 2017 WL 6452028, at 27 (Ind. Super. Nov. 27, 2017).
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‘Best Efforts’ Clauses In Commercial Leases
By Gary M. Rosenberg, Alexander Lycoyannis and Michael A. Pensabene
Undefined terms of art such as “best efforts” are often utilized in commercial leases, but the interpretation of those terms and the enforceability of the clause, when left to the courts, will turn on how the lease is drafted.
The Impact of New York’s Greenhouse Gas Law
By Matthew Schneid
New York City's Local Law Number 97 was enacted to amend the New York City Charter and Administrative Code to achieve reductions in greenhouse gas emissions by 2050. This is accomplished by requiring buildings to retrofit their systems with more energy efficient systems or purchase certain permitted carbon offsets.
How to Strike a Deal In a Stagnant Net Lease Market
By Chad Kurz
Transactions have slowed in just about every category for commercial real estate and net lease is no exception. The reasons are myriad for that but let’s boil them down.
Can ChatGPT Take the Place of Real Estate Lawyers?
By Tony Alfonso
While we marvel at the myriad applications of ChatGPT, it’s important to note that this newly introduced tool has nuances which can create problems if misunderstood — especially when attempting to produce legal documents or legal advice in real estate transactions.
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