Choyce Peterson Announces New Demand for Lease Abstracts
Online, January 13, 2010 (Newswire.com) - Choyce Peterson, Inc. (www.choycepeterson.com), a commercial real estate brokerage and consulting firm, today announced it is experiencing a significant increased demand for lease abstracts, one-page summaries of up to 30 key components in larger commercial leases, typically 40-to-75 pages long.
The company has been approached by area businesses with up to two years remaining on their original lease, with a request to explore new options in today's marketplace. Companies have also expressed concern about areas of liability and the possibility for renegotiations, renewals, relocations and space modifications.
John Hannigan, Principal of Choyce Peterson, said, "The demand for lease abstracts is greater today than I have seen in more than 20 years in the industry. Both our prospects and clients alike are curious about their obligations and opportunities in Fairfield and Westchester Counties, especially due to continuing uncertainty in the real estate market. We have found unusual clauses and hidden language in some of these leases, often to the tenant's detriment."
Hannigan went on to describe his company's one-page lease abstract and its ability to summarize all of a company's rights and options in the full document. These options can include a right to cancel the lease, reduction of the original security deposit, rights to expand or hidden liabilities.
Some of the other key components are option notice dates, sublease and assignment guidelines, alteration restrictions, holdover and default penalties, and restoration obligations.
Alan Peterson, Principal of Choyce Peterson, concluded, "C-Level executives are starting to realize the profound impact of a lease on their business. Every single word in your lease either defines your "space" or what it is costing you. It dictates expenses and stipulates deadlines, spells out a landlord's responsibilities and a tenant's options. Typically, a physical lease, once executed, is buried in a filing cabinet where it remains for months, or even years."
About Choyce Peterson
Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm, was founded in 1997 and includes offices in Stamford, CT and Rye Brook, NY. The company has negotiated millions of square feet of transactions, spanning 42 states and Canada, for national clients such as Pepsi Bottling Group and Mercedes-Benz Credit Corp. as well as local clients in Fairfield and Westchester counties. The Choyce Peterson process delivers creative and comprehensive real estate solutions to help clients derive maximum value from their real estate decisions.
Principals John Hannigan and Alan Peterson offer more than 50 combined years of real estate experience. Prior to joining Choyce Peterson, Mr. Hannigan worked for the former Rostenberg-Doern Company and specialized in the Fairfield/Westchester County region. He has won numerous real estate awards during his 20-year career. He holds a degree in marketing from Fairfield University.
Alan Peterson previously served as a Principal of the former Rostenberg-Doern Company and Director of Commercial Real Estate for Champion International. He has worked with major corporations including Pepsi Bottling Group, GTE, Mercedes-Benz Credit Corporation, James River Corporation and Cendant Corporation. Mr. Peterson holds an undergraduate degree in accounting and a graduate degree in finance.
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