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What Happened: An insurance company tenant that had leased office space in the same building for nearly 15 years wanted out when a new owner acquired the property. In May 2019, the parties agreed to modify the lease duration to end on June 30, 2020, one year before the lease’s written termination date. Or so the tenant claimed. Although the new owner put the space on the market in January 2020, the oral agreement, if there was one, was never put in writing. Things came to a head when the tenant failed to pay rent in July and August 2020.
