Quote:
Originally Posted by Syndic
I really just don't get why they decided to do a 99-year office lease. Were they really that desperate to get the deal done? Maybe it's hard to find retailers who want to be shut up in this big, old concrete hulk of a building with no flashy sign and which is not easy to access?
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I'm pretty sure it's not a 99-year office lease. Certainly not a 99 year lease to any particular tenant. Typically, these "lifetime" leases are basically to allow private use of something publicly owned without transferring ownership. Over time, that could be anything -- offices, retail, a museum, residential, etc. It might be remodeled or re-envisioned a few times during the term of that private-use lease, by different developers.