Multinational professional services firm Ernst & Young recently committed to some office space at a commercial property in New York. Leasing a property can be exciting for a business owner interested in having or increasing a presence in an in-demand area of a city. However, landlord/tenant matters can easily crop up and require careful attention.
In the case of Ernst & Young, the company has chosen space in the One Manhattan West building. It recently signed a lease for a whopping 600,000 square feet spanning 17 floors. The company shares the building with other major tenants, including J.P. Morgan Chase & Co., Amazon and Accenture.
A significant reason the building is desirable for businesses is because tenants can receive tax incentives from New York for providing new job opportunities in the city. If Ernst & Young can create around 1,150 brand-new jobs within the next year, the business could take advantage of $12 million worth of tax credits. The company is currently leasing space spanning 900,000 square feet at 5 Times Square, which will run out in the next five years.
It appears that Ernst & Young's leasing experience will be a positive one, but not all leasing experiences are. Fortunately, an attorney can help those business owners in New York who are facing challenges regarding landlord/tenant matters. An attorney can provide the necessary guidance to achieve favorable outcomes considering the circumstances. The attorney may also help with negotiating leases in a manner that will protect a business owner's best interests long term.
Source: therealdeal.com, "New tenant commits to a lease at One Manhattan West", E.K. Hudson, Nov. 5, 2017