Office Lease Agreement (Multi-Tenant Base Year Modified Gross Lease) (Pro-Landlord Short Form)

by Practical Law Real Estate

A short form office lease agreement for use in a multi-tenant office building. This lease is structured as a base year model gross lease or a modified gross lease, where the tenant pays a fixed rent, along with its proportionate share of increases in operating expenses and property taxes over their base year amounts. The lease is drafted in favor of the landlord and contains several provisions commonly found in a landlord's form lease, including rent payments, charges for services and utilities, repair obligations, insurance standards, and rights and remedies upon a default. The agreement also establishes key tenant rights and obligations, including permitted uses, extension options, audit rights, and procedures for assignment and subletting. Though an office lease is primarily governed by state and local laws, the information contained in this resource is useful and relevant to landlords and tenants in every state. This lease serves as a comprehensive template for landlords seeking to establish clear and enforceable lease terms in a competitive real estate market. This Standard Document has integrated notes with important explanations and drafting and negotiating tips to suit specific business needs for an office lease.