Extending an existing lease.

by Andrew
(Miami, FL)

I currently own a property that has an existing cell tower. I purchased the property in 2006. The property is in Miami, FL. When I purchased the property the previous owner had agreed to a lease through 2030, he recieved a lump sum payment and I am not entitled to income from that lease until 2030. Recently I was contacted by someone representing Crown Castle that has acquired my lease through a large acquisition. They are now looking to extend the current lease through perpetuity , or as many years as possible. As consolation they have offered a small upfront payment and to share revenue for any new clients they are able to acquire. My concern is if I agree to extend the current lease, I may be signing away future revenue.
Also there is no guarantee that they will be able to secure new tenants.
Please advise.

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May 08, 2014
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Where is the old lease.
by: Anonymous

A few thoughts

Get the old lease and calculate where the rent would be at this point (as if he never had sold). Then start the negotiation from that monthly "rent" upward.

*Don't give them a First right of refusal.
*Make sure you have an annual increase. Mine was 6%, then ATT hired a consultant to scare me into a reduction of both rent and increase. Now 3% and my rent from $3,990.00 per month is $2,200.00

Crown Castle has purchased ATTs' leases. They have an option to purchase the equipment in 2030 , this is what I understand.

Then before signing anything, call these guys to get what you missed and the most out of this.

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