We only represent tenants.
Vicus never acts as a landlord's agent.
Why? So we can act as our client’s unwavering advocate, free of the conflicts of interest that are inevitable when attempting to represent both landlord and tenant. Since the lease negotiation process is oppositional in nature, this freedom is crucial in serving a tenant’s best interest.
Meet Vicus Partners
Why You Need a Broker
This one’s obvious. Your rent is what you pay per rentable square foot per year. Expert rent negotiation can save you thousands of dollars every month.
Some landlords will offer 1-12 months at the start of a lease term. We know how and when to ask for this to get you the best deal and the breathing room you need.
Sublease and Assignment Clause
This is a provision that gives you the ability to maneuver should you wish to shrink, grow or merge. This clause is a minefield. Make sure you understand what you are agreeing to.
Operating Expense Clause
Your rent is going to go up yearly to account for the escalating cost of operating a building. Will it be tied to the building’s actual increase in expenses or as a straight percentage of the rent?
Free Freight Time Elevator Charges
When you move into a building, you are entitled to some free hours on the freight elevator. Moves typically happen at night and over-time elevator charges can be steep. Get what you deserve.
Real Estate Tax Clause
You’re going to pay a proportionate share above a base year. If they go from $100,000 to $120,000 and you have 10% of the building, you’re going to pay 10% of the $20,000 increase or $2,000. Make sure you have the right base year.
Electric is a profit center for many landlords. They understand it in a way you never will: connected vs. demand load; rent inclusion vs. sub-meter; watts per square foot usable vs. rentable. We can guide you through it so you don’t leave money on the table.
You can have a “put” on space which means you have to take it at a certain time for a certain price. You can have a right of first refusal or a right of first offer and it can be for a fixed price or it can be for some percentage of “fair market value” often 90 or 95% of FMV.
Renewal terms guarantee that you won’t be kicked out. This in and of itself can be valuable. Like expansion options, price can be fixed or based on a percentage of fair market value.
Tax Treatment of a Landlord's Contribution
Depending on how the lease is worded, the million dollars the landlord is spending to build your space could be recognized as income to your organization. Don’t let this happen.
Landlords want this with smaller deals because they don’t want to lose the option to do a big deal because you have a thousand feet and they can’t move you. What’s important is that if they do move you within the building, it’s not going to be to worse or smaller space. The landlord should move you at their cost and expense and
Initial Construction and Alteration Clause
If the landlord is building your space, you want to understand what is and what isn’t included. Do you have special power needs? Who is paying for the Class E hookup of the life safety system.
The Coworking Craze: Is It For Me?
Coworking – it’s the talk of the town in New York City real estate, and has substantial impact on the city’s business landscape from small businesses to Fortune 500 companies, landlords to tenants, and us to you. We wanted to share information...
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How Medici Quarters is Disrupting the NYC Residential Scene There are a few things you know you’re getting when you get to New York City: incredible pizza, traffic jams at any time of the day or night, and some of the highest rental prices in the...
The Rise of the Tech Firm in NYC: Where to Be, and What to Ask For
We talked in The Rise of the Tech Firm in NYC: How to Win the Right Space about the tech and start-up revolution in NYC, and how to win the right space for your concept. Now let’s talk about what this means for you – where should you be, and what...