The Commercial Landlord's Perspective (Series: Real Estate Leasing Dumbed Down)

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Practical and entertaining education for
attorneys, accountants, business owners
and executives, and investors.
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DISCLAIMER
The material in this webinar is for informational purposes only. It
should not be considered legal, financial or other professional advice.
You should consult with an attorney or other appropriate professional
to determine what may be best for your individual needs. While
Financial Poise™ takes reasonable steps to ensure the information it
publishes is accurate, Financial Poise™ makes no guaranty in this
regard.
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MEET THE FACULTY
Moderator:
David Levy – NRC Realty & Capital Advisors
Panelists:
Howard Kline – The Law Offices of Howard F. Kline
Biff Ruttenberg – Atlas Partners LLC
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ABOUT THIS WEBINAR:
The Commercial Landlord's Perspective
The process of representing a commercial landlord in a lease transaction is multi-faceted.
While generation of cash flow is ultimate goal, there are other very important goals. These
include minimizing risk, preserving the asset, enhancing the property and about a
multitude of other issues.
This webinar focuses on the major concerns of real estate professionals in advising a
landlord. When should the landlord insist on the language in the lease, and when should
the landlord consider a concession or compromise? What is the role of the local real estate
market in this analysis and why is it so important? After participating in this webinar, one
will have a solid grasp of what commercial landlords need and why.
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ABOUT THIS SERIES:
Real Estate Leasing Dumbed Down
Purchasing real estate presents a number of threshold questions. Should a real estate investor use
his or her own money, or seek investors? What type of legal structure makes the most sense and
why? When one is in the process of acquiring a property, what are the most important items to
inspect? What if the buyer finds a big problem? When one wishes to sell a real estate investment,
how much is the right price? What is the value and how is it determined?
At its base, commercial real estate is all about cash flow. What makes this possible is the commercial
lease. A lease creates a long-term relationship between landlord and tenant, who have diametrically
opposing goals. How does one navigate through the minefield of legal issues in a lease and end up
with a contract that both sides can live with for years to come?
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EPISODES IN THIS SERIES
3/11/19 Episode #1:
4/08/19 Episode #2:
The Commercial Tenant's Perspective
5/13/19 Episode #3:
The Commercial Broker's Perspective
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Dates shown are premiere dates.
All webinars will be available
On Demand approximately 4 weeks
after they premiere.

Episode #1:
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OVERVIEW OF COMMERCIAL LEASING
⚫ Landlords are generally guided by several core principles in any lease negotiation:
➔ Receiving ongoing returns on investments in their property;
➔ Ensuring the structural integrity and safety of the property and its systems;
➔ Managing the property’s use and by whom it is used;
➔ Maintaining the property’s character; and
➔ Having tenants bear as much risk and responsibility as possible in connection
with their occupancies.
⚫ Different business types have different requirements of space that can impact the
finances of a property for a landlord. Landlords should consider such items as energy
needs, parking spaces, signage, etc.

OVERVIEW OF COMMERCIAL LEASING (cont’d)
⚫ Basic Lease Terms:
➔ Description of the premises
➔ Use
➔ Base rent
➔ Additional rents
➔ Bankruptcy/insolvency
➔ Repairs
⚫ Special situations, variables and complexities should be addressed when drafting and
negotiating commercial leases terms
➔ Alterations
➔ Insurance
➔ Casualty
➔ Eminent domain;
➔ Assignment and subleasing
➔ Surrender of premises
➔ Security deposits, letters of credit and guarantees

UNIQUE CONSIDERATIONS FOR COMMERCIAL
LEASES
⚫ Retail – exclusivity, co-tenancy, percentage rent, going dark; also consider larger tenants
often have their own forms of lease, estoppels, subordination, non-disturbance,
and attornment agreement (SDNAs), which they often have the leverage to impose upon
most landlords.
⚫ Office – relocation provisions are important to allow landlord flexibility (with floorplans);
operating expenses, must be sure that all such expenses are covered and uniform.
⚫ Industrial - permits and use are often necessary and must be addressed; hazardous
materials and equipment must also be carefully considered. Hours of operation and
access are a couple of other provisions that often require additional attention with
industrial leases.

SINGLE TENANT VS. MULTI - TENANT
⚫ Single Tenant: No demising wall, entire property typically included in lease.
Most often the lease is triple net meaning that the tenant is responsible for all
expenses of the property, including, property taxes, building insurance,
maintenance and repairs, and utilities. Single tenant leases typically have
longer terms and include more tenant obligations (i.e., repair and maintenance
obligations).
⚫ Multi - Tenant: Typically tenants each pay their proportionate share of the
property taxes, building insurance, maintenance and repairs, and utilities.

LETTER OF INTENT OR TERM SHEET
⚫ Letter of Intent (LOI) or Term Sheet is typically negotiated directly by
the parties and their brokers.
⚫ While LOI or term sheets are a useful tool in negotiated a favorable lease,
they are unenforceable.
➔ Landlords should realize that their ability to lease space can be
adversely affected in the long term if they earn a reputation for
retracting or renegotiating term sheets.

LETTER OF INTENT OR TERM SHEET (cont’d)
⚫ From a landlord’s perspective, the more details in an LOI the better, in
particular, the following terms should be included in LOIs:
➔ Term of the lease
➔ Commencement date and expiration date
➔ Base rent (if net lease), gross rent (and what it includes if gross lease) or
modified gross rent (where a tenant is required to pay for some building
expenses)
➔ Tenant’s proportionate share of expenses

LETTER OF INTENT OR TERM SHEET (cont’d)
➔ Permitted uses
➔ Options (i.e., extensions, expansion, rights of first refusal, right of first
offer, termination)
➔ Tenant inducements (i.e., rent abatement, tenant improvement allowance)
➔ Security deposits or guaranty
➔ Who’s lease form will be used (landlord or tenant)

COMMENCEMENT DATE
⚫ One of the most important concerns, from the landlord’s perspective, is providing the
tenant with possession of the premises by the agreed upon commencement date. This
date must be set so that the previous occupant of the premises will have vacated and
all required construction will be completed by the commencement date.

COMMENCEMENT DATE (cont’d)
⚫ Concerns:
➔ Previous tenant may hold over after the expiration of its lease and that the new
tenant’s construction may not be completed on schedule.
➔ Landlords will want to set up the commencement date as a “floating date,” which
is dependent upon when the premises can actually be delivered.
➔ Landlords will also seek protection in the lease from exposure to liability in the
event that they are unable to provide the new tenant with possession by the
commencement date.

➔ Conversely, tenants will desire protective language in the lease regarding the
possibility that the landlord will not have the space available by the targeted
commencement date.
➔ Landlord wanting tenant to open and pay rent as soon as possible
➔ Who is doing the work to the space (smaller spaces vs. larger spaces; type of work
being done before commencement)

➔ If Tenant is the only party performing significant work prior to lease commencement,
having a set rent commencement date based on when Landlord delivers the Premises
➔ Delays in Commencement Date (i.e.. If Tenant delays, want commencement date to
start sooner; avoiding Tenant imposing any deadline or rent abatement/lease
termination rights because of Landlord's delay in delivering the Premises)

RENT
⚫ Triple Net Lease – Tenant pays a base rent to the owner/landlord and is responsible
for all of the property expenses (including: real estate taxes, property insurance,
utilities, maintenance and repairs)
⚫ Gross Lease – Owner/landlord covers all the property’s operating expenses including
real estate taxes, property insurance, maintenance and repairs, utilities and janitorial
costs.
⚫ Modified Gross Lease – Hybrid of a triple net lease and a gross lease.

RENT (cont’d)
⚫ Percentage Rent – Typically found in retail leases, percentage rent essentially means
that in addition to receiving annual basic rent, landlord will also receive a percentage
of the tenant’s gross sales (typically only in effect after gross sales exceeds a certain
agreed to amount called a “breakpoint”).

REPAIR AND MAINTENANCE OBLIGATIONS
⚫ In a “triple net” lease, the entire obligations for repair and
maintenance are shifted to the tenant. In a full service office lease,
most repairs are performed by the landlord.
⚫ In a retail lease, it is not uncommon for the tenant to be responsible
for the maintenance, repair and, if necessary, the replacement of
the HVAC unit serving its space.

OPERATING EXPENSES
⚫ “Operating Expenses” are all of the landlord’s expenses incurred in connection with
the operation of the property. Typically, this includes: taxes, insurance, maintenance
and operating expenses. What is included and excluded in “operating expenses”
should be specifically listed in the lease and is typically the subject of much
negotiation.
⚫ Both for administrative reasons and economic reasons, an owner of a multi-tenant
property should try to maintain the uniformity of the operating expenses in its leases.

OPERATING EXPENSES
⚫ In order to prevent landlord abuse, most leases will include audit rights for the tenant
to review the actual operating expenses of the property. The audit provision should
include:
➔ The specific documentation that landlord must make available to tenant,
➔ The time period for tenant to review and, if necessary, to notify landlord of any
errors,
➔ It is a good idea for landlord’s to restrict the type of 3rd party auditors to those who
are non-contingency based, and
➔ In the event of an error, the mechanism and timing for correcting the error and if
applicable, having the landlord pay for the cost of the audit to the extent that
landlord was responsible for any errors.

OPERATING EXPENSES (cont’d)
⚫ “Gross Up” provision allows a landlord to calculate the operating expenses for a building
that is less than fully occupied to the amount that such expenses would have been had the
building been fully occupied (or typically 95% occupied as negotiated). Although this
seems at first glance to favor the landlord, it is also for the tenant’s protection. The
expenses that are “grossed up” are the variable expense (i.e., janitorial, maintenance and
utilities) in a building not the fixed expenses (i.e., property taxes and insurance).

ASSIGNMENT AND SUBLEASE
⚫ Most leases provide that the tenant may not assign or sublet without the landlord’s
consent and that the landlord may withhold its consent for any reason or no reason
⚫ These provisions can have a major impact on a tenant’s ability to engage in corporate
transactions or exit a location for an alternate site.
⚫ The landlord will often take the position that it should be the sole judge as to the
suitability of a proposed subtenant or assignee. However, when pushed, most landlords
will at a minimum set for the requirements and parameters, which will be used to judge
the suitability of a proposed subtenant or assignee. Examples of parameters include:
suitable financial statements, reputation and experience. This criteria could also be added
in the lease form to avoid any questions when this issue arises.

ASSIGNMENT AND SUBLEASE (cont’d)
⚫ Most tenants would prefer the flexibility of being able to assign or sublet for a use that
is different from their own. Most landlord would prefer to limit this flexibility.
⚫ It is a good idea to include that the original tenant shall remain liable under the lease
notwithstanding any such assignment or sublease (this is often negotiated)
⚫ Since the landlord’s review is often based on the creditworthiness of the assignee (and
to a lesser extent the sublessee), the provision in the lease should explicitly require the
tenant to deliver all necessary financial information and documentation for landlord
to complete its review and include a net worth limitation provision which requires a
minimum net worth for any such assignee.

EXCLUSIVITY, PERMITED USES & USE CLAUSES
⚫ When a landlord grants an exclusive use provision to one tenant, it limits the
number and type of other potential tenants to which it may lease other premises in
the shopping center. Once a landlord grants a tenant an exclusive use provision,
the landlord must be very careful to not enter into a new lease that would violate
this exclusive use provision.
⚫ Depending, the landlord may also be obligated to make sure an existing tenant is
not currently engaging in the prohibited use and does not modify its use of its
premises in the future in a way that would violate the new tenant's exclusive use
provision (if the landlord has approval power over a change in the tenant's use of
its premises).

EXCLUSIVITY, PERMITED USES & USE CLAUSES
(cont’d)
⚫ Landlords should keep detailed records of all of the exclusive use provisions granted
to all of the tenants.
⚫ A landlord should want any exclusive use provision to be drafted in such a way that
it is easy for both tenant and landlord to understand and easy to enforce when the
landlord is obligated to do so.
⚫ What the tenant may sell or operate in its premises not only affects the tenant but
also impacts the tenant mix of the center and the landlord's future leasing plans, as
well as the center's profitability.

RECAPTURE RIGHTS
⚫ A recapture clause permits a landlord to terminate the entire lease or a portion of it for
the proposed assigned space. By giving control of occupancy to landlords, such clauses
ensure that they receive all enhanced value of leased property.
⚫ Although any number of events can trigger a landlord's right to recapture property,
they frequently are activated by a tenant requesting assignment of a lease.
⚫ A recapture clause allows the landlord to be somewhat arbitrary in its consent to the
assignment. A contract stating that a landlord must be reasonable in consenting to an
assignment may require a court's interpretation of the term reasonable, an uncertain
result at best. Landlords can create an exit strategy and sidestep this issue by
providing a mechanism to recapture the property without being held to a
reasonableness standard.

INSURANCE
⚫ Insurance and indemnity provisions must be reviewed carefully both by landlord and
its insurer. Typically the tenant’s insurance must include sufficient coverage for its
personal property, commercial general liability insurance (typically in a range of $1
million to $3 million) and all other insurance applicable to the particular use.
⚫ Additional insured vs. named insured
⚫ Policy limits
⚫ Landlord must consult with its insurer to confirm that there are no “gaps” in coverage
⚫ Indemnity and subrogation
⚫ If there is a lender, landlord should always include any of its lender requirements in
the insurance provision.

GUARANTEE AND SECURITY DEPOSIT
⚫ It is important to always know exactly which entity is the tenant, i.e., if it is an affiliate
of a creditworthy entity that does not have any assets of its own.
⚫ The underwriting for the tenant should be included in the LOI and the possibility that
a guaranty or security deposit may be required should also be expressly stated in the
LOI.
⚫ Some factors to consider for the amount of a Tenant’s Security Deposit include:
balance sheet and income statement of the prospective tenant; tenant’s historical track
record; nature of the tenancy (retail, office or industrial); the length of the lease term;
the amount money a tenant is putting into the space (cosmetic v infrastructure) and if
there is a straight personal or good guy guaranty.

GUARANTEE AND SECURITY DEPOSIT
(cont’d)
⚫ There has been a rise in the incorporation of Good Guy Guaranties, which is not
intended to be a straight personal guarantee. One or more of the principals of a
corporate or limited liability company (a “Guarantor”) will guarantee to the landlord
that it pay all base and additional rent payments provided for under the lease up until
the day the space is surrendered to the landlord – whether or not prior to the
expiration of the lease term.

DEFAULTS
⚫ The default provision in the lease should not be the subject of too much negotiation.
⚫ The tenant is often concerned with having an opportunity to cure defaults. For this
purpose defaults should be divided into 2 categories, monetary and non-monetary.
➔ Monetary should be simple, i.e., if payment is not made within 5 days of when
due, the lease is in default.
➔ Typically, 30 days is given for non-monetary defaults.
⚫ The lease should also contain a term that the cure period does not apply in the event of
more than one default in a given period of time. This is critical because (i) landlord’s
want the ability to exercise remedies against chronic defaulters, and (ii) such default
may also cause the landlord to be in default under its loan.

DEFAULTS (cont’d)
⚫ It is also important that the lease provide that if a default occurs tenant
will not have the benefits of any rent abatements or options (i.e.,
extension, expansion, etc.).
⚫ It is also a good idea to have a notice provision in the lease which allows
for the most efficient means of providing notice (i.e., email or fax) so that
there is no delay.

REMEDIES
⚫ Important to know statutory remedies which vary by state, this should be
included in the lease.
⚫ Termination of lease and acceleration of rent. Landlord should have the right
to both terminate the lease and accelerate all rent in the event of a default.
⚫ Landlord should also have the right to enter and take possession of the
premises. This is important to allow the landlord to re-let the premises which
may mitigate the damage. All of landlord’s expenses (including, legal,
brokerage, tenant improvement, etc.) should also be the responsibility of
tenant. Note that having a guaranty or security deposit is obviously of
significant value in such instances.

RELOCATION
⚫ Relocation provisions provide the landlord with flexibility to move a tenant to
another comparable space in the building to utilize the rentable space in as
efficiently as possible.
⚫ Benefits include:
➔ Maximum flexibility in connection with future management of Property.
➔ Flexibility with respect to prior granted rights (expansion rights, rights of first
refusal).
➔ Flexibility to certain large tenants that may have future expansion needs that
have not been negotiated.
➔ If Center is older, provide flexibility for reconfiguration of Center.

SURRENDER
⚫ The surrender provision provides the terms for returning the premises from
tenant to landlord at the expiration (or earlier termination) of the lease term.
⚫ It is important to provide that the premises will be returned in the condition it
was delivered, subject only to wear and tear. Any permitted alterations should
be removed as well.
⚫ Any security deposit or guaranty should include a period past the expiration of
the lease term so as to allow for the turnover of the premises.
⚫ From the landlord’s perspective the surrender of the premises should be as
efficient as possible to avoid delays with any new leases/tenants.

HOLDOVER
⚫ This provides the terms and conditions if a tenant fails to surrender the premises
at the expiration (or earlier termination) of the lease term.
⚫ In addition to providing that monthly rent shall be (typically) 150%-200% of the
monthly rent applicable on the last month of the term, it is important that this
provision state:
➔ The tenancy shall be a tenancy at sufferance
➔ The landlord shall be entitled to all damages incurred by landlord as a result
of such holdover
➔ The landlord is entitled to exercise its re-entry rights and all other rights
under the lease.

ESTOPPELS
⚫ Estoppels are critical for property owners. This provision becomes very
important particularly during times that either the property is for sale (or being
marketed) or is being re-financed. During either of these scenarios, timing is
critical and therefore the language in the provision must be carefully
considered accordingly.
⚫ This provision must clearly provide for:
➔ The timing of the estoppel (typically 10 days)
➔ The specific items that the tenant will be certifying in the estoppel
➔ A form estoppel (typically this is the lender’s form)

ESTOPPELS (cont’d)
➔ What happens if the estoppel is not returned in the given time period (i.e.,
that tenant is estopped from claiming that there are any defaults under the
lease or that the lease is not in full force and effect and that any such non-
response is a default under the lease).
⚫ It is important to also provide that, if applicable, the tenant will also cause any
guarantor to also affirm its obligations under the guaranty in the estoppel.

SUBORDINATION AND SDNAs
⚫ It is important to include a provision that the lease is automatically subordinate to
both mortgage financing existing at the time of the lease and to any future mortgage
financing. This provision should be self-operative without the need for any further
documentation unless required by landlord or its lender.
⚫ A subordination, non-disturbance and attornment agreement should only be included
for tenants with more leverage (or as required by lender). However, in the event that
this requirement is negotiated into the lease, it is important to include a form that is
agreed upon by tenant, landlord and its existing lender at the time.

SUBORDINATION AND SDNAs (cont’d)
⚫ You want to avoid entering into extended negotiations about the form of SNDA. Since
there are three parties involved and each has its own priorities, it is often a sticking
point that causes both additional cost (landlord typically pays both its own cost and
that of its lender) and time.

TENANT IMPROVEMENTS
⚫ The tenant improvements provision contains the terms and conditions under which
tenant may make any improvements to the premises during the term of the lease.
⚫ Typically, this should specify the process for landlord approval of such tenant
improvements. Often tenants are allowed to make improvements which are less than
a certain dollar amount without landlord approval however they should always notify
landlord and it is imperative that the provision contain requirements which protect
the landlord and the building, i.e., prohibition on mechanics liens, all contractors
must be fully insured and approved and use high quality materials, work must only be
completed during specified hours and noise and waste must be minimized and
controlled as well.

TENANT CONCESSIONS
⚫ These are negotiated based on the leverage of the specific tenant and the
market. It is recommended that all concessions be specifically described in the
LOI.
⚫ Rent abatement – it is a good idea to try and spread this out through the term
of the lease so landlord does not have such a large up front risk. The provision
should also specify that the abatement is only for base rent and not for
operating costs and that in the event of a default, tenant must pay back any
abatement and the provision is otherwise void.

THIRD PARTY CONSIDERATIONS
⚫ Although the lease is between tenant and landlord, consideration must be given by
landlord to the interests of:
➔ Its lender(s)
➔ If applicable, other parties to declarations or covenants, conditions, and
restrictions (“CC&R’s”) which apply to the property
➔ In particular with regard to retail properties, the rights of other tenants in the
property (i.e., exclusives, co-tenancy and use restrictions)

THIRD PARTY CONSIDERATIONS (cont’d)
⚫ With respect to landlord’s lender, special attention must be given to the following
provisions:
➔ Payment of rent (i.e., lockbox, timing of debt service payments, payment of taxes)
➔ Default (including notice and cure)
➔ Insurance (lender requirements must be incorporated into provision)
➔ Estoppels and SNDAs
➔ Subordination
⚫ To the extent there are restrictions contained in any declarations or CC&Rs that are
recorded against the property, the lease must be consistent and contain any applicable
terms including, typically, that the lease is subject and subordinate to such documents.

ISOLVENCY
⚫ Tenants can not simply surrender the leased space to the landlord before the end
of the term of the lease, without any consequences. However, many tenants fail to
anticipate the need for flexibility on both the lease term and the amount of space.
⚫ If a Tenant is unable to find a subtenant, and are forced into a bankruptcy filing,
they have a right to assume and assign a lease as part of a restructuring process.
⚫ To assign a retail lease in Chapter 11, among other things, the assignee must
provide “adequate assurance of future performance” (See 11 USC Section
365(b)(1)(C))
⚫ Bankruptcy Courts will disregard the “use” clause when a lease is not in a shopping
center.

ISOLVENCY (cont’d)
⚫ Section 365(b)(3) provides, “adequate assurance of future performance of a lease of real
property in a shopping center includes adequate assurance—
➔ of the source of rent and other consideration due under such lease, and in the case of an
assignment, that the financial condition and operating performance of the proposed
assignee and its guarantors, if any, shall be similar to the financial condition and
operating performance of the debtor and its guarantors, if any, as of the time the debtor
became the lessee under the lease;
➔ that any percentage rent due under such lease will not decline substantially;

ISOLVENCY (cont’d)
➔ that assumption or assignment of such lease is subject to all the provisions thereof,
including (but not limited to) provisions such as a radius, location, use, or exclusivity
provision, and will not breach any such provision contained in any other lease, financing
agreement, or master agreement relating to such shopping center; and
➔ that assumption or assignment of such lease will not disrupt any tenant mix or balance in
such shopping center. (emphasis added)

EFFECT OF BANKRUPTCY CODE CHANGES
ON LEASE SALES
⚫ Changes:
➔ Code limits the time to assume or reject to 7 months (210 days).
➔ First 120 days are automatic,
➔ Additional 90 days for cause,
➔ Any additional time requires the consent of the landlord.
➔ Assumption or assignment of a lease of real property must be subject to the provisions o
the lease, such as use clauses.
➔ Defaults must be cured, or adequate assurance will be promptly cure, before a lease can
be assumed.

EFFECT OF BANKRUPTCY CODE CHANGES
ON LEASE SALES (cont’d)
⚫ Observations:
➔ 7 months is not a lot of time, particularly for a retailer with a lot of leases.
➔ Assumption requires “curing” defaults. Thus, by forcing an “early” assumption,
the landlord gets its pre-petition defaults paid quickly and paid in full, while
other creditors wait for distributions under a plan.
➔ Assumption creates administrative liability for remaining rent, subject to new
two year cap.

ABOUT THE FACULTY
DAVID LEVY – david.levy@nrc.vom
David Levy is Vice President of Business Development for NRC Realty & Capital Advisors. NRC conducts
structured sales, sealed bid sales, and auctions of all types of real estate and real estate-based businesses. NRC
is distinguished for being the largest broker of gas stations and convenience stores in the U.S. The firm also
provides financial advisory services with a focus on the gas station and convenience store and franchise
restaurant sectors. NRC’s clients include corporations, small businesses, banks, private equity, hedge funds,
non- traditional lenders, receivers, trustees, investors, and more. The firm has experience in consensual sales
of premium, surplus or non-strategic assets, as well as those involved bankruptcy, restructuring, and other
distressed situations. NRC has sold $1.5 billion in commercial and residential real estate assets in its 26-year
history.
Mr. Levy has an MBA from Miami University and holds the prestigious CCIM designation.
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ABOUT THE FACULTY
HOWARD KLINE – howard@hfklaw.com
Howard has been involved in commercial real estate for over 39 years now as both an attorney, broker,
arbitrator and now radio show host and founder of CRE Radio & TV, since December 2010.
Over the years, I have worked in-house as General Counsel and Director of Real Estate for a national user of
office, R &D and retail space, utilizing both my legal and brokerage licenses, General Counsel for a major
regional supermarket chain that owned its own shopping centers. As an attorney, I have also practiced law as
outside counsel to many major commercial landlords doing lease transactional work and lease litigation,
including unlawful detainers and rent collections. As a real estate salesperson, I have served as a tenant rep in
New York City and as a broker for numerous lease transactions throughout the United States.
While I continue to practice law on behalf of commercial landlord’s and tenants, my passion has become the
radio show. It is incredibly fulfilling to inspire others to improve themselves and reach for the stars.
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ABOUT THE FACULTY
BIFF RUTTENBERG – biff@atlaspartners.com
Biff Ruttenberg has 48 years of retail development, redevelopment, management, and leasing experience. His
real estate background, including mortgage banking, construction, real estate brokerage and lending
experience, has contributed to Mr. Ruttenberg’s years of successful business projects and relationships. He
holds a BA from the University of Pennsylvania and an MBA from the Kellogg Graduate School of Management
at Northwestern University.
He is the president of Atlas Partners, LLC, a real estate services firm focusing on consulting to asset-based
lenders, institutions and other users of commercial space. It specializes in workouts, turnarounds,
dispositions, and maximizing the value of difficult properties. The company’s registered slogan is "The real
estate department for companies that do not want to be in the real estate business...but are."®. Affiliates of
Atlas Partners also acquire distressed debt and operating businesses.
To read more, go to https://www.financialpoise.com/financialpoisewebinars/faculty/biff-ruttenberg-2/

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IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily
for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education.
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The Commercial Landlord's Perspective (Series: Real Estate Leasing Dumbed Down)

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The Commercial Landlord's Perspective (Series: Real Estate Leasing Dumbed Down)