The Commercial Tenant'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.
About this PowerPoint: if you are looking at this PowerPoint without the benefit of
listening to the conversation that surrounded it then you are doing yourself a disservice.
This PowerPoint was prepared in contemplation of being viewed in conjunction with
listening to a one hour webinar on the topic
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MEET THE FACULTY
Moderator:
David Levy – NRC Realty & Capital Advisors
Panelists:
William D. Himmelstein – Tenant Advisory Group
Howard Kline – The Law Offices of Howard F. Kline
Scott A. Weinstein – Field and Goldberg, LLC
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ABOUT THIS WEBINAR:
The Commercial Tenant’s Perspective
A commercial tenant views a lease negotiation quite differently than does the landlord. As most
leases tend to be drafted by the landlord, a tenant must begin an uphill battle to gain as many
concessions as possible. This is an arduous task made easier by a full understanding of what
are the most important issues for a tenant in a commercial lease transaction.
How does the financial profile of the tenant enter into the picture? Where can a tenant get hurt
the most by hidden costs or unforeseen expenses? Why is “leverage” the most important
concept to consider in this process? This webinar will help one understand how the tenant,
generally the underdog in lease transactions, can turn the tables and become the most powerful
player in the leasing game.
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ABOUT THIS SERIES:
Real Estate Leasing Dumbed Down
Commercial real estate is one of the most understandable of investments. We live and work within
real estate. It is tangible. One can see it. Yet, underneath this veneer of simplicity there are many
legal and practical issues to consider. hese issues are impacted by the market and the leverage of the
parties, both of which are moving targets. 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:
The Commercial Landlord's Perspective
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 #2:
The Commercial Tenant's Perspective
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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: This is more common, typically each tenant pays its proportionate share
of the property taxes, building insurance, maintenance and repairs, and utilities.
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VALUE OF TIME
Prospective tenants often underestimate the length of time it will take to find suitable
location and negotiate a lease.
Allowing for adequate time can create a significant advantage. It allows you to become
familiar with the market.
Explore the possibilities of build-to-suits, new development projects that are not yet on
line or simply consider more of the currently available space.
Possibilities expand, so does your negotiating leverage. It is better to have multiple
landlords/developers vying for your business.
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LETTER OF INTENT OR TERM SHEET
Negotiating terms via a term sheet is only the beginning; but a term sheet cannot address
all of the issues that arise under a lease.
The letter of intent (“LOI”) is typically negotiated directly by the parties and their brokers.
LOIs are typically non-binding, however, this must be explicitly stated.
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(cont’d)
From a tenant’s perspective, the more details in a 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) or gross rent (and what it includes if gross lease)
✓ tenant’s proportionate share of expenses and at least a rough list of what is included
in the expenses and what is excluded
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(cont’d)
Terms to include in LOIs CONT’D:
✓ the permitted use: this should include tenant’s specific use but should be as broad as
possible
✓ Options (i.e., extensions, expansion, rights of first refusal, right of first offer,
termination)
✓ Tenant inducements (i.e., rent abatement, tenant improvement allowance)
✓ Whether a security deposit or guaranty will be required (or note that such requirement
will be based on landlord’s review of tenant financials)
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BUILD-TO-SUIT/NEW CONSTRUCTION
Tenants can benefit from being early in a renovation project if they make
sure to see the following:
1. Evidence of Landlord control of the Site
2. Evidence of Landlord’s financing and equity capital.
3. Evidence of state grant funding, if part of the financing.
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BUILD-TO-SUIT/NEW CONSTRUCTION
(cont’d)
4. Evidence of a bind construction contract that offers compliance with current
regulations.
5. Evidence of zoning and entitlements by the local municipality.
6. Evidence of design and construction approval by the local municipality.
7. Issuance of building permits.
Without evidence as noted, a Tenant risks wasting valuable time with a “Owner”
who may not yet own the property, or is unable to redevelop the property.
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RENT STRUCTURES
Triple Net Lease – is a form of lease whereby the tenant is responsible for all of the
expenses of the property (i.e., including: real estate taxes, property insurance, utilities,
maintenance and repairs).
Gross Lease – is a form of lease where the tenant’s rental rate includes all of the
buildings expenses (i.e., including: real estate taxes, property insurance, utilities,
maintenance and repairs). Expenses are compared to a Base Year or Stop, and those
increases (if any) are passed through to the Tenant, hence the term “pass-throughs.”
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RENT OBLIGATIONS
Many clients fail to understand that many other components can affect the total rent
obligation.
• Real difference between rentable square feet and usable square feet, particularly in
office buildings where the common area on multi-tenant floors are allocated and
included in the calculation of rentable square footage. This can result in a larger
rentable square footage, which ultimately results in higher rent.
• Base rent is one component of the total rent expense.
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RENT OBLIGATIONS (cont’d)
• Tenants are also responsible for its pro rata share of operating charges,
which include a share of real estate taxes common area maintenance
expenses and insurance expenses.
• Pass through charges can be substantial and represent a significant rent
expense.
• A prospective tenant needs to consider these expenses and manner in which
the prospective landlord addresses them. A gross lease rate of $30 psf might
be more favorable than a net lease rate of $22 psf.
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• Many leases are modified forms of triple net and/or gross. It is critical that the LOI
specify what is intended rather than using terms of art that have different meanings to
different people. For example, a “modified gross lease” is a lease where the tenant is
required to pay for only some of the building expenses, and the LOI should specify
which expenses so that there is an agreement between the parties (and not rely on each
party’s understanding of what “modified gross lease” means).
• 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”).
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In new buildings where taxes and operating expenses are initially lower, tenants benefit
from having a net lease. But in later years, once fully occupied, taxes will be higher.
Gross leases are seen more often in older buildings. The key is choosing the right Base
Year or Stop amount. The “Stop” is an amount above which the Tenant stops paying
and the Landlord starts paying.
Regardless of whether it’s a net or gross lease, tenant should ask landlords for the
following:
1. Tax and expense history for the prior three years.
2. Planned capital improvement.
3. Landlord’s reasons underlying their tax and operating expense estimates for the
upcoming year.
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BUILDING OPERATING EXPENSES OR
COMMON AREA MAINTENANCE (CAM)
• “Building Operating Expenses” or CAM are all of the landlord’s expenses incurred in
connection with the operation of the property in which the premises are located. Typically,
this includes: taxes, insurance, maintenance, amenities 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.
• Each tenant has a proportionate share of the Building shown as a percentage, based on its
rentable size (the numerator) and the size of the Building (the denominator).
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(cont’d)
• From a tenant’s perspective, it is important to limit the CAM expenses to those which apply
to either common areas in the property or that are not specifically paid for by other tenants.
It is important to keep such provisions from becoming a profit center for a landlord.
• Tenants should also review the Landlord’s expenses to be sure that exclusions are properly
noted.
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(cont’d)
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:
(i) the specific documentation that landlord must make available to tenant,
(ii) the time period for tenant to review and, if necessary, to notify landlord of any errors, and
(iii) in the event of discrepancy, 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.
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BUILDING OPERATING EXPENSES
OR COMMON AREA MAINTENANCE
(CAM) (cont’d)
• “Gross Up” this 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., security guards,
snow removal , landscaping and insurance).
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(CAM) (cont’d)
Building Operating Expenses or CAM Expenses typically include the following:
1. amenities (including roof decks, tenant lounges, bike rooms, fitness centers with
showers, bowling alleys, and food halls);
2. janitorial services;
3. waste removal;
4. HVAC and elevator maintenance;
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(CAM) (cont’d)
5. pest control;
6. security;
7. fire alarm and monitoring;
8. property management (should be capped);
9. building supplies;
10. snow removal;
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(CAM) (cont’d)
11. electricity;
12. gas/water and sewer;
13. insurance;
14. property taxes
15. landscaping
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INSURANCE
• Insurance and indemnity provisions must be reviewed carefully both by tenant 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
• Tenant must consult with its insurer to confirm that there are no “gaps” in coverage
• Indemnity and subrogation
• Consider the hazards in a specific geographic zone (hurricanes; flooding)
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ASSIGNMENT AND SUBLEASE
• Critical to maximize the ability of tenant to assign its interest in the lease or sublease
any portion (or all) of the premises.
• Typically this provision includes the right of landlord to approve any and all
assignments and subleases. It should in each case be qualified by “reasonable”
discretion. It is also a good idea to remove as much subjectivity as possible by
providing that if the assignee (not necessary in a sublease since the tenant is still on the
hook) has a net worth that is at least equal to the tenant’s then the assignment is
approved.
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ASSIGNMENT AND SUBLEASE
(cont’d)
• Since tenants that are entities may during the term of a lease be part of a re-
structuring, merger, buy out or other transaction, it is important to spell out exactly
what constitutes an assignment and when landlord approval is required (try to limit as
much as possible, one should try and avoid giving the landlord too much power over a
corporate restructuring).
• Wherever landlord discretion is necessary, timing should be considered as well.
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EXCLUSIVITY, PERMITTED USES &
USE CLAUSES
• Tenants need to write down before even searching for space just how they will be
using their space. Sounds simple, but it’s often overlooked.
• Use Clauses, including exclusivity, should be clear, easy to understand by the tenant
and the landlord and approved in a written initial Proposal from the leasing agent
or landlord.
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USE CLAUSES (cont’d)
• An exclusivity provision 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 cannot enter into a new lease that
would violate this exclusive use provision.
• Exclusive use clauses may prevent a tenant from subletting the lease to another
tenant. However, it will not prevent a tenant in bankruptcy from assigning the
leases to another tenant, as Bankruptcy Courts will disregard the “use” clause when
a lease is not in a shopping center.
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Examples:
Sample retail:
Tenant shall use the Demised Premises as a retail supermarket having all departments
found in such markets, and such other departments as Tenant in its sole discretion may
determine, including, but not limited to, bakery, delicatessen, video, flowers, etc.
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Sample special uses:
A packaged goods headquarters for a food company might have a test kitchen. These
require special venting to the exterior, certain fire protection, and extra floor loading to
hold the equipment.
A nonprofit that trains large groups of people should look like this:
The Premises are to be occupied for general office and administrative uses (the “Use”).
Landlord acknowledges that the nature of Tenant’s business involves periodic meetings
and trainings at the Premises of personnel not regularly officed in the Premises, and
such periodic meetings and the resulting increased traffic will qualify as the permitted
Use.
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CREDIT ENHANCEMENTS
• 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.
• Especially when a tenant is a newer or entrepreneurial venture, it is necessary to provide some
form of credit enhancement. The typical credit enhancement options are: cash security deposit,
letter of credit security deposit, full guaranty, limited guaranty or good guy guaranty.
• A tenant should include as much detail as possible in the LOI, including, if there is a “burn off”
(i.e., the reduction or elimination of the security deposit after a period of time without any
defaults).
• It is also important to provide for, as applicable (i) the return of the security deposit, or (ii) the
expiration of the guaranty, at the end of the lease term.
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DEFAULTS
• Most important from a tenant’s perspective is having an opportunity to cure defaults.
• To the extent possible, written notification of defaults should be required.
• 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 (most often it
is 5 days sometimes a tenant can negotiate more) of when due, the lease is in
“Default”.
✓ Typically, 30 days is given for non-monetary defaults. Language should also be
included for non-monetary defaults that as long as a tenant is proceeding with
diligence and in good faith, if the cure takes longer than the given period, it shall
not be a default (usually there will be an outside date negotiated).
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DEFAULTS (cont’d)
• 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.
• It is a good idea to try and add a landlord default provision which also provides tenant
with remedies in the event of a landlord default.
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REMEDIES
• Important to know statutory remedies which vary by state, this should be included in
the lease.
• Be careful to not waive various remedies, many landlord form leases include language
that if agreed to waives certain tenant remedies.
• Some examples of remedies include: self-help, off-set rights, abatement rights and the
ultimate is a termination right.
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LOCATION AND VISIBILITY
• Tenants in understand the concept of “location, location, location” but fail to address
their lease the conditions that make the location so desirable. For retail tenants,
visibility and access are a critical importance, yet fail to address this issue in their lease
when issues arise such as when trees or signage obscure visibility, curb cuts in the
parking lot are changed to impede access to the store, or redevelopment of the mall
directs foot traffic away from the store.
• Tenants are sometimes surprised to find that in many leases the landlord has reserved
the right to relocate the tenant to a different space.
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RELOCATION
• The relocation provision allows the landlord to move the tenant to other comparable
space in the building. This is more typical in an office lease for smaller tenants.
• From a tenant’s perspective it is important that
✓ there is sufficient notice,
✓ limit the number of relocation(s) per term,
✓ the relocation premises is at least the equivalent in all material respects to the
original premises,
✓ termination right if it is dissatisfied with the relocated space, and
✓ that all expenses associated with the relocation are the responsibility of the
landlord.
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DETERMINING LEASE TERM
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.
Some tenants, upon finding an attractive location, are inclined to tie up the space by
signing a long-term lease. However, it may make more sense to sign a shorter term lease
with fixed-rate renewal options. If a long-term lease is preferable, it may still make
sense to negotiate early termination rights.
While rights can be negotiated later in the lease term when circumstances so dictate, the
tenant is rarely in a good negotiating posture as it is when initially negotiating the lease.
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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.
• From a tenant’s perspective, the less you have to remove the better but regardless, it
should be clearly stated in the surrender provision.
• If there are any items (furniture, fixtures, tenant improvements, etc.) which tenant
wants to protect (i.e., make sure that it does not become the property of landlord upon
the expiration of the lease), it should be specifically provided for in the surrender
provision.
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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.
• It is important for a tenant to try and carve-out a little cushion (i.e., if the timing for the
next lease is not favorable), one way to try and do this is to attempt to negotiate to
delay the effectiveness of the holdover rent (typically 150%-200% of the last month’s
rent) for the first 30 days following the expiration of the lease term.
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ESTOPPELS
• An Estoppel Certificate is a legal affirmation that a tenant’s business terms are
correct as outlined in the Estoppel document.
• An estoppel is usually required at the time of a possible sale of the property or a
refinancing. In either case, a landlord would like to have an estoppel reflect that the
lease is in good standing and that there are no issues with the tenant.
• Estoppels for a tenant are important because they provide an opportunity to address
any lease issues, which may otherwise be ignored by a landlord (or at least not
addressed as quickly as a tenant requires).
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ESTOPPELS (cont’d)
• This provision must clearly provide for
✓ the timing of the estoppel (typically 10 business days in case the signatory is
traveling, or simply unavailable),
✓ the specific items that the tenant will be certifying in the estoppel,
✓ a form estoppel (typically this is the landlord’s lender’s form),
✓ what happens if the estoppel is not returned in the given time period.
• It is important for a tenant to make clear in the estoppel that the estoppel does not
modify any terms in the lease (rather the estoppel is intended to give a snapshot of the
lease and key provisions that are not otherwise ascertainable from the lease).
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SUBORDINATION AND SNDAS
• Many leases (usually larger tenants or tenants with more leverage do not agree to this) 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 allows the Landlord to seek financing
that is secured by the property.
• From a tenant’s perspective, it is important to also include language which acknowledges that the
lease is subordinate but which provides that the lender or future owner shall not disturb the lease
tenancy of the tenant provided no default exists under the lease.
• The Non-Disturbance Agreement allows the Tenant to continue to occupy the Property so long
as the Tenant is not in default despite the property being sold, refinanced, or in default. This
particular clause is important when the Tenant has agreed to subordinate its Lease to a lender.
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SUBORDINATION AND SNDAS (cont’d)
• The Attornment Agreement is when the Tenant actually acknowledges the new owner
as being the new Landlord, and all aspects of the Lease including rent due remain in place.
• A tenant should try and negotiate for a subordination, non-disturbance and attornment
agreement to be required from existing lender and future lenders. A form of such
agreement (SNDA) should be included in the lease.
• Building sale velocity and elective refinancing is high. Smart tenants ensure that they have
an SNDA in place to protect their interests over time.
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REPAIR AND MAINTENANCE
• In most leases the general principal is that landlord is responsible for capital repairs and repairs
to the common areas of a building while each tenant is responsible for ordinary repairs and
maintenance within their premises.
• To avoid future confusion and possible disputes, the more specific the repair and maintenance
provision in a lease the better.
• There is also a connection between landlord’s repair and maintenance obligations and the
operating expenses it can collect from tenants.
• If the lease is a single tenant lease or has a longer term, often the obligations of tenant with
regard to repair and maintenance are expanded accordingly.
• The tenant should include time frames for landlord to complete (or commence) repairs and, in
the event that landlord does not perform, the right to complete such repairs and off-set the cost
against rent.
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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. A tenant should try and exclude (from landlord consent requirement)
any improvements which are less than a certain dollar amount and/or which do not
affect any building systems or common areas.
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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 – often the abatement is in the first few months of the lease term
however, it can be spread out. The provision should clearly state if the abatement
includes both base rent and additional rent (if applicable).
• Tenant improvement allowances – another common concession is for landlord to
provide tenant with an allowance (typically tied to the square footage of the premises)
for improvements to the premises. Tenant should try and negotiate for as much
flexibility as possible with the spending of the allowance (i.e., it may be used for plans,
furniture and, to the extent there is any left over after the improvements are completed,
as rent).
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ROFO AND ROFR
• Right of First Offer (ROFO) – this is a right negotiated by the tenant which requires
that a landlord must first give the tenant the right to lease specific space before it is
marketed to third parties.
• Right of First Refusal (ROFR) – is a right negotiated by a tenant which requires a
landlord to provide the tenant with an opportunity to match any offer to lease a specific
space (usually adjacent to the premises) by a third party tenant.
• It is important with either a ROFO or ROFR to include as much specificity in the LOI
as possible. The provision in the lease should have realistic timing and should be very
specific as to the terms that would apply in either case.
51

INSOLVENCY
• 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.
• Section 365(b)(3) provides, “adequate assurance of future performance of a lease of real property in a
shopping center includes adequate assurance—
52

INSOLVENCY (cont’d)
1. 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;
2. that any percentage rent due under such lease will not decline substantially;
3. 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
4. that assumption or assignment of such lease will not disrupt any tenant mix or balance in such
shopping center. (emphasis added)
53

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 of the lease,
such as use clauses.
Defaults must be cured, or adequate assurance will be promptly cure, before a lease can be assumed.
54

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.
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ABOUT THE FACULTY
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David Levy – david.levy@nrc.com
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 $2.0 billion in commercial and
residential real estate assets in its 30-year history.
Mr. Levy has an MBA from Miami University and holds the prestigious CCIM commercial brokerage and
CAI auction designations, making him one of an estimated fewer than fifty professionals in the U.S. to
have earned both.
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William D. Himmelstein – bill@tagcommercialbroker.com
Tenant Advisory Group (TAG) is an established licensed independent commercial real estate brokerage
firm. Operated by Managing Broker William “Bill” Himmelstein, TAG specializes in commercial real estate
consulting and lease negotiations for small and medium sized firms. TAG brings a passion and drive for
providing best-in-class real estate representation and customer service for the corporate end-user while
practicing a philosophy of integrity and accountability.
Bill provides a unique entrepreneurial approach. He focuses his knowledge and unmatched experience and
negotiating skills on the Chicago market but also has experience representing tenants throughout the
United States. The TAG platform allows Bill to be innovative, proactive, and effective in creating unique
strategic solutions for your company. Coming from a diverse background of tenant representative cultures,
Bill has taken the best practices of each and created one seamless solution in the TAG approach. TAG is
dedicated to building lasting relationships and striving to do what is best for our clients. Being a small,
independent firm allows me to keep my overhead low and focus my efforts on getting the best transaction
for my clients, regardless of their size. As your advocate and real estate consulting partner, my objective is to
align your real estate planning in an efficient manner to best reach your business productivity goals.
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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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Scott Weinstein – SWeinstein@fieldandgoldberg.com
Scott A. Weinstein comes to the Field and Goldberg, LLC having developed a broad-based background in commercial
real estate. Mr. Weinstein’s experience includes working with a fortune 500 company where he handled transaction
financing and deal structures. Having served as president, counsel and co-owner of a successful real estate title
company, Mr. Weinstein brings a unique perspective and understanding of the daily and ongoing business issues
clients face and is able to provide practical and proactive counsel.
Mr. Weinstein regularly represents commercial real estate clients in all aspects of commercial transactions including
lease negotiations for landlords and tenants (including franchisees) nationwide on retail, office and industrial leases;
acquisitions and sales of office, industrial and multi-family apartment buildings, and shopping centers; financing;
and condominium deconversions.
Admitted to practice in the State of Illinois and the U.S. District, Northern District of Illinois, Florida and New York,
Mr. Weinstein received his Juris Doctor degree from Temple University Beasley School of Law and his Bachelor’s
degree from the University of Maryland at College Park.
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