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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Thursday, May 23, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will review the key provisions found in property management and leasing agreements, focusing on issues particular to multifamily, retail, office, and industrial properties. The panel will discuss provisions on fees and commissions, leasing authority, insurance, tenant build-out obligations, staffing, early termination provisions, and more. The panel will also highlight licensing requirements for property managers and address when an asset manager or master lease might be included in the management structure.

Faculty

John M. Catalano
Partner
Fox Rothschild LLP

Mr. Catalano has over 20 years of experience representing clients in commercial real estate and corporate transactions. In particular, his practice involves the acquisition, sale, financing, development and leasing of real estate assets, including office buildings, shopping centers, multifamily buildings, hotels, warehouse/industrial properties and mixed-use projects. Mr. Catalano’s recent experience includes: negotiating and closing the purchase of several high-rise office projects in Florida and Georgia, representing landlords in connection with the negotiation of anchor tenant leases with national grocery chains, preparing joint-venture agreements for multifamily development projects, finalizing a large land sale to a national housing developer, representing lenders in connection with loans secured by commercial shopping centers and industrial properties, and counseling restaurant ownership in connection with the sale nationally branded restaurants to a private equity group.

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Jonathan Y. Newman
Partner
Clifford Chance

Mr. Newman specializes in real estate acquisitions and dispositions, joint ventures and financing transactions, including construction, mortgage, mezzanine, and preferred equity financings of US real estate. His experience spans LP investments into real estate funds and foreign investment into US real estate. Mr. Newman also advises on Shari'a compliant investment, with a particular emphasis on structuring real estate acquisitions and fund investments in a Shari’a compliant manner. He regularly represents landlords and tenants in ground leases and in commercial leasing transactions, as well as sponsors and capital investors in multifamily, commercial, hospitality and industrial property acquisitions, financings and dispositions.

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Description

Property managers control the day-to-day operations of most commercial real estate. The management agreement should thoroughly delineate the manager's responsibilities and address how various costs and liabilities will be allocated between the parties. Counsel must know key provisions to include in a property management agreement, and when an alternative management structure (such as a separate asset management agreement) might be appropriate.

Leasing authority will vary depending on property type. Multifamily property managers are typically authorized to enter into residential leases on a standard form. Property management agreements involving retail or office management may require owner approval of every lease, leases of a certain size, or leases that vary from an agreed form. The agreement may also address build-out or construction work.

Many states have licensing requirements for leasing activity. Counsel must address contingencies and licensing requirements based on the property type and the engagement.

Listen as our authoritative panel discusses the provisions commonly found in property management and leasing agreements, and how leasing, fees and commissions, build-out, early termination, staffing, and other provisions might vary with the property type and the engagement. The panel will also discuss alternative management documents such as master leases and asset management agreements and the circumstances in which they might be used. Finally, the panel will discuss the typical licensing requirements that may exist under state law.

Outline

  1. Affiliated vs. unaffiliated property managers
  2. Differences in property types
    1. Multifamily
    2. Retail
    3. Office/industrial
  3. Standard provisions
    1. Manager's day-to-day management authority
    2. Enforcement and compliance with leases
    3. Handling of security deposits
    4. Fees and commissions
    5. Allocation and reimbursement of expenses: budget approval, accounting
    6. Management fees and leasing commissions
    7. Insurance carried by owner and manager; indemnities
    8. Hiring and payment of onsite personnel
  4. Early termination: obligations of parties after termination
  5. Alternative management structures: master leases, asset management agreements
  6. Licensing requirements associated with leasing and other activities

Benefits

The panel will review these and other key issues:

  • How do management responsibilities differ with different property types?
  • What are the key provisions that should appear in any third-party management agreement?
  • How are leasing activities determined and what are the licensing requirements?
  • When is an early termination option desirable and what should the process be?
  • When might a master lease or an asset management agreement be used?