Brookfield Place Calgary | 247M - 56F | Construction

[lubicon]

Originally Posted by MichaelS

Would they be able to back out of their lease?

Originally Posted by Calgarian

Probably not. Lots of companies that are tied into leases are just paying for empty space right now, and it sounds like there are a ton more layoffs coming...

Originally Posted by s211

Nope. The word iron-clad comes to mind.

Not sure I would bet on that either. Might be cheaper to just walk away from the lease and pay whatever penalties there may be (just speculating, I don't know what those penalties would be). But with how things are right now I would not be surprised to see something happen in terms of backing out, renegotiating, etc. etc.

[s211]

Originally Posted by lubicon

Not sure I would bet on that either. Might be cheaper to just walk away from the lease and pay whatever penalties there may be (just speculating, I don't know what those penalties would be). But with how things are right now I would not be surprised to see something happen in terms of backing out, renegotiating, etc. etc.

You can bet that some very expensive lawyers prepared that lease, and is pretty much bullet-proof. Short of going CCAA, the tenant remains on the hook.

[Habanero]

Originally Posted by s211

You can bet that some very expensive lawyers prepared that lease, and is pretty much bullet-proof. Short of going CCAA, the tenant remains on the hook.

Given a different market outlook they could work a deal with the tenant (which I have seen in the past), but because there is not much likelihood of someone else taking the space, you're likely correct. They will make the tenant stick to it.

[Porfiry]

Calgary’s soon-to-be tallest tower could come up short on tenants
http://business.financialpost.com/news/p...est-tower-could-come-up-short-on-tenants

The $1.3-billion building’s largest tenant, oilsands producer Cenovus Energy Inc., confirmed this week that it would not need the amount of space it had previously agreed to occupy in 2013, when oil prices were comfortably trading above US$90 per barrel.

[speedog]

Originally Posted by The Fisher Account

Like jstarr said, corner taper is noticeable unless Scotia Center is leaning - problem is what should this be called because there was quite a discussion in this thread as to what a taper was and what it wasn't and quite a few people said this couldn't be called a taper.

[suburbia]

Originally Posted by MichaelS

Would they be able to back out of their lease?

It is possible in a bankruptcy scenario.

[dbp]

Originally Posted by holhm22

Brookfield is coming up spectacularly. Awesome amount of glass now!

I totally agree though I was somewhat concerned about the greenish look of the cladding it's looking better now. As I drove down cemetery hill today I noticed that it's approaching Suncor west's height (705ft) so there's approx. 105 feet to go. Liking that height!!

[holhm22]

New images today, different angle than usual

[poppa777]

Awesome pics!! This thing is looking very sleek!!

[RyLucky]

I know the design is simple, could be done anywhere, and a bit of a monolith, but I have to admit that glass looks great in our blue skies.

[MasterG]

Originally Posted by RyLucky

I know the design is simple, could be done anywhere, and a bit of a monolith, but I have to admit that glass looks great in our blue skies.

If it wasn't so tall it would be one hell of a boring building.

[poppa777]

IMO...sometimes simple is better.

[Fuzz]

Nope, would look way better with random red boxes all over it. And black trim. And a yellow hat.

[TallBob]

They might as well add a dozen floors because it's going to be a Long time before tower #2 gets built!

[brookfield]

Originally Posted by speedog

Like jstarr said, corner taper is noticeable unless Scotia Center is leaning - problem is what should this be called because there was quite a discussion in this thread as to what a taper was and what it wasn't and quite a few people said this couldn't be called a taper.

Let's call it a prism which is gradually transitioning from square-based to octagonal (or "PWIGTFSBTO" for short). Just like the word "taper", it rolls right off the tongue!

[lubicon]

Originally Posted by suburbia

It is possible in a bankruptcy scenario.

I gotta think so in that case. However bankruptcy isn't likely for the larger companies, but what might be intriguing is a corporate takeover and if that changes anything.

[brookfield]

Originally Posted by lubicon

I gotta think so in that case. However bankruptcy isn't likely for the larger companies, but what might be intriguing is a corporate takeover and if that changes anything.

If there was a corporate takeover, the company taking over would usually assume all of the assets/liabilities, including the lease.

[Bigtime]

Originally Posted by brookfield

Let's call it a prism which is gradually transitioning from square-based to octagonal (or "PWIGTFSBTO" for short). Just like the word "taper", it rolls right off the tongue!

This isn't getting enough love. Well done!

[lubicon]

Originally Posted by brookfield

If there was a corporate takeover, the company taking over would usually assume all of the assets/liabilities, including the lease.

I would generally agree, however I've been on the receiving end of enough mergers (as a service provider to the energy companies) and have seen plenty of instances that contracts are promptly torn up. That said, the scale of business is quite different and it's comparing apples to oreos so. But there certainly is all kinds of precedents of companies ignoring or walking away from obligations with little to no consequence. There is no way I can see that happening here however.

[craner]

This tower is so much sleeker than expected - and still 8 floors & a crown to go - I love it !!