New Broker Enters into a Commercial Lease in Graduate Hospital
Our real estate broker client recently left her position as a residential real estate agent working for another real estate broker in Center City, Philadelphia to start her own real estate brokerage for another real estate company. As part of her transition, she was looking for the right space to start her new life as a real estate broker.
She identified such a space in the Graduate Hospital section of Philadelphia. The only issue was that she would be leasing the space from another real estate broker who was in the process of relocating their business operations to another space nearby. In other words, she would be the subtenant to the current tenant leasing the space from the property owner.
The first thing we asked for was a copy of the master lease between the property owner and the tenant (who would be our client’s sublandlord), as our client would essentially “step into the shoes” of her sublandlord. After we confirmed the terms and conditions of the master lease and the tenant’s right to renew the term of the master lease, we worked together to prepare the sublease between our real estate broker client and the sublandlord.
Our real estate broker client wished to perform improvements and upgrades to the interior and exterior of the space, so we required the permission of the sublandlord and the property owner as well. Ultimately, we reached an agreement as to the terms and conditions of the sublease between our real estate broker client and the sublandlord, with the written consent of the property owner, executed as a written sublease.
Since then, our real estate broker client, Maria Quattrone & Associates | RE/MAX @ HOME, has been thriving as one of the largest real estate brokers in the Philadelphia region.
I have worked with Alan over the past 15 years. He has successfully assisted many of our clients with positive outcomes. His dedication to his business and his clients is top-notch. I would highly recommend him for real estate attorney work in Philadelphia.
- Maria Quattrone, RE/MAX @ Home
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