Sixty leases, certified (EN)

6:16 · English · Lease Abstraction

Watch this video

Enter your details to access the library. We'll email you a code to verify your address.

See how we use your data in our Privacy Policy.

About this video

A Manhattan office REIT re-abstracts sixty leases across two Midtown towers before certifying its rent roll to a JV partner.

Full description

Crestbrook Properties, a listed Manhattan office REIT, must certify a sixty-tenancy rent roll across Crestbrook Plaza and 220 Park Tower to its JV partner Halverstone. Ellie abstracts every lease on the house template with a citation for every field, builds the portfolio register from the executed documents rather than the property manager's roll, and reconciles Kerridge's rent roll and trailing-twelve billing to the leases, amendments and side letters. Fifty of sixty tenancies tie exactly. Four do not: a tax base year never updated after a Third Amendment ($205,833 a year over-billed, $617,499 to date), a six-month expansion abatement keyed as twelve ($708,000 under-billed), a letter of credit that lapses before the security period ends, and a released guaranty still shown live. The option review finds three notice deadlines missing or wrong on the leasing calendar, including the anchor tenant's Article 41 expansion. Every finding clicks through to the clause; the certification memo and a shareable Brief close the cut.

Key points

  • Sixty abstracts built from the executed documents, every field cited to instrument, section and page
  • One portfolio-wide question finds the four places the property manager's billing does not match the leases, in dollars
  • Citations click through to the clause: the Third Amendment opens at Section 4(b) with the base-year reset highlighted
  • Three option notice deadlines the leasing calendar missed, including the anchor's 68,000 RSF expansion option
  • A certification memo and a shareable Brief for the JV partner, with the tie-out count a partner can trust
Video details
Roles
Asset Manager
Processes
Lease Abstraction
Geographies
US
Markets
United States
Tags
midtown-lease-register