Commercial Leasing: A Transactional Primer

This book is the first among legal textbooks to examine a crucial component of real property practice: commercial lease law. Commercial leasing is the lifeblood of commercial real property development in the United States. Real property lawyers regularly represent landlords, tenants and lenders in the leasing of commercial space. This is true in periods of booming real estate development, as well as in periods of economic downturn. Leasing practice is transactional and centers on a single negotiated document the commercial lease. By the end of a course based on this book, students will have developed a genuine understanding of the major terms of the commercial office lease, the goals and objectives of parties to the transaction, and the skills crucial to effective representation. Bogart and Hammond have crafted a book uniquely suited to teaching this important area of practice. The book utilizes a sophisticated commercial office lease form promulgated by the ABA. Each chapter focuses on a particular lease provision. Chapters pull apart contractual language and terms of art, reveal the motivations of the parties to the deal, and finally, examine the underlying substantive law. In addition to presenting interesting case opinions, each chapter provides numerous challenging, real-world problems. Chapters typically conclude by asking students to apply what they have learned to provisions taken from the much-publicized ''Killer Lease.'' The book includes a chapter explicitly discussing professionalism, ethics and negotiations, and contains drafting and negotiation exercises that force students to pull together skills and substantive law lessons. This second edition also includes new problems patterned on authentic leasing practice as well as recent important cases. In much the same way that real estate lawyers confronted newly developed environmental law a generation ago, real estate lawyers today are learning how to meet client demands that leaseholds and leasehold contracting satisfy standards of resource sustainability. This new edition therefore includes a chapter on ''Green Leasing.'' Real estate, property, and transactional law professors who want to help students to develop a real understanding of a transactions-based practice will enjoy Commercial Leasing. This book will form the basis of an exciting elective real estate transactions course.