Office Space Right of First Refusal (ROFR) Checklist

Below is a simple checklist to assist in negotiating a right of first refusal for office tenants:

  • Is the ROFR a one-time option or does it continue through the term of your lease?
  • Does the ROFR pertain to office space anywhere in the building or just to space adjacent to your initial premises?
  • At what point do you find out a 3rd party offer has been made? After a written offer or once a deal has already been negotiated?
  • After finding out about the offer, how long do you have to exercise your right of refusal?
  • Will the relevant available office space be made available for inspection before you exercise your right?
  • If you choose not to lease the space, do you retain your ROFR for the specified space or will the 3rd party’s renewal right override your ROFR?
  • If you choose to rent the specified office space, must you meet the offered terms or must it match the terms of your original lease? Will your original lease (and your expiration date) be amended to match the new terms?
  • In the event that you rent the ROFR office space, will the renewal rights be the same as the rights for your initial premises?

Negotiating a right of first refusal is complicated, but settling for terms you do not fully understand can be detrimental to your business.  Businesses should retain a tenant representative to negotiate the office lease and to guide them through the office relocation or lease renegotiation process.

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