This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Washington Expansion Option Clause is a unique real estate clause that provides the tenant with the right to expand their leased premises within a specific property or building. This clause is commonly included in commercial lease agreements and can be highly beneficial for businesses seeking to accommodate potential growth or changing needs in the future. The Washington Expansion Option Clause allows a tenant to secure additional space adjacent to their current leased premises whenever it becomes available. By incorporating this clause, the tenant gains a competitive advantage as they have the first right of refusal to lease or sublease the adjacent space before it is offered to other potential tenants. The primary purpose of the Washington Expansion Option Clause is to grant the tenant flexibility and control over their future expansion plans. This clause eliminates the need for costly relocation or the hassle of negotiating a separate lease agreement when additional space is desired. There are several types of Washington Expansion Option Clauses that may be included in a lease agreement. These can vary depending on the specific terms negotiated between the tenant and landlord. Some common variations include: 1. Fixed Size Expansion Option: This option allows the tenant to expand their leased premises by a predetermined square footage, ensuring a defined increase in their occupied area. 2. Right of First Offer Expansion Option: With this option, the tenant is given the opportunity to submit an offer and negotiate the terms of expanding their leased premises before the landlord considers any offers from other potential tenants. 3. Right of First Refusal Expansion Option: In this scenario, the tenant has the option to match or exceed any other offers received by the landlord for the adjacent space, giving them priority to acquire the additional area. 4. Contiguous Space Expansion Option: This option enables the tenant to expand into any available space that is directly adjacent to their current leased premises, allowing for seamless integration and minimal disruption to their operations. In conclusion, the Washington Expansion Option Clause is a valuable tool for tenants who want to ensure potential future growth or changing space requirements within their leased property. By having different types of expansion options, tenants can choose the most suitable one that aligns with their business needs and goals. This clause empowers tenants with greater control and flexibility, avoiding the inconvenience and cost associated with relocation.
