COVID-19 Lease Restructuring
DuPage County, Illinois July 2020
Client was forced to shut down in March 2020. Client’s fitness center was unable to generate any revenue during the shutdown. Recovery of revenue post shutdown was uncertain. Our office negotiated a new lease deal that significantly reduced client’s rental obligation and exposure to past due rents.
The ongoing COVID-19 pandemic has created an unprecedented challenge for businesses across the country. Many business owners have been forced to send employees home and close their offices, uncertain when or if they will ever reopen. It has been more difficult to meet with clients and customers and some impacted businesses are struggling to generate revenues through no fault of their own. Previously valuable leases for office space in a pre-COVID-19 environment are now burdensome and unusable.
Our office is at the forefront of developing solutions that benefit
both tenants and landlords. By restructuring and modifying lease
agreements due to the changes brought on by the COVID-19
pandemic, we devise strategic solutions to a shared problem.
Most tenants impacted by the pandemic need only short-term
relief. These same tenants are likely the best long-term tenants
for landlords. We work to find ways to bring both landlords and
tenants to the negotiating table with both sides giving to make a
mutually beneficial deal.
Attorney Calvo has extensive experience negotiating lease deals
with some of the largest retailers in the country as a landlord.
When the pandemic struck our office represented tenants in
the area severely impacted by the closure of office buildings.
Negotiations with some of the largest landlords in the area
have been successful and our clients have found themselves
in a much better position moving forward.