Not many businesses can claim to be in the driver’s seat in this economy. But you’d have to search far and wide to find any in more command of the situation than the firms representing large office tenants at a time when landlords are scrambling to pay their bank notes.
We’re in a position of control like never before,” Michael Colacino, president of Studley, said. “The landlord is [supposed to be] the lord of the land and the tenant is the ant. It’s been inverted now.”
I sat down with Colacino and Clark Dean, a senior exec at Studley, to discuss the crisis in commercial real estate. Studley represents large occupants of buildings in lease negotiations with landlords. Colacino is based in New York, where Studley is headquartered. Dean is based in Atlanta, where he helps lead Studley’s national corporate services group.
They were able to give me a crash course about what’s in store over the next few years. It’s not a pretty picture for the owners and lenders. It’s very pretty for large, credit-worthy tenants and their reps. ...
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