This office lease clause states the conditions under which the landlord can and can not furnish any particular item(s) of work or service which would constitute an expense to portions of the Building during the comparative year.
Virginia Clause for Grossing Up the Tenant Proportionate Share
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US-OL709
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FAQ
Grossing Up is a process for calculating a tenant's share of a building's variable operating expenses, where the expenses are increased for expense recovery purposes, or Grossed Up, to what they would be if the building's occupancy remained at a specific level, typically 95%- 100%. Understanding Expense Gross Ups in Commercial Real Estate - Realogic realogicinc.com ? understanding-expense-gr... realogicinc.com ? understanding-expense-gr...
Stated simply, the concept of ?gross up? is that, when calculating a tenant's share of operating expenses for an office building that is less than fully occupied, the landlord first increases - or "grosses up" - those operating expenses that vary with occupancy (e.g., utilities, janitorial service, etc.) to the amount ...
So, what is a gross-up provision? Simply stated, the concept of ?gross up provision? stipulates that if a building has significant vacancy, the landlord can estimate what the variable operating expense would have been had the building been fully occupied, and charge the tenants their pro-rata share of that cost.
Many commercial leases, especially office leases, include a provision that allows landlords to ?gross up? operating expenses. That is, if the building is not fully occupied, the landlord is empowered to gross up or overstate the expenses as if the building is fully occupied (or nearly full).
Gross-ups are also practical for tenants. A prime example is a lease with a base year or expense stop. If a tenant negotiates a base year, then, in most cases, the tenant will pay its share each year of the operating expenses which exceed the base year's expenses. What Are Gross-Ups and Are They Fair? - Chelepis chelepis.com ? post ? what-are-gross-ups-an... chelepis.com ? post ? what-are-gross-ups-an...
In simple terms, the CAM ?gross up? clause provides that in circumstances where the building is not 100% leased, the landlord may ?gross up? the actual CAM expenses to an amount that would reflect 100% occupancy. CAM Gross-Up Clauses in Commercial Leases Explained ... Moriarty Bielan & Malloy LLC ? cam-gross-up-clauses-com... Moriarty Bielan & Malloy LLC ? cam-gross-up-clauses-com...
In general, the tenant's proportionate share is determined by taking the building's rentable square footage and dividing it by the tenant's rentable square footage. Local industry customs usually provide the landlord with the guiding principles for: Measuring the building.
Correctly drafted, a gross up provision relates only to Operating Expenses that ?vary with occupancy??so called ?variable? expenses. Variable expenses are those expenses that will go up or down depending on the number of tenants in the Building, such as utilities, trash removal, management fees and janitorial services. Defining & Calculating Gross Up Provisions - Parr Brown Parr Brown ? leasing-basics-gross-up-provi... Parr Brown ? leasing-basics-gross-up-provi...
