Tenants, especially tenants of office space, often seek the ability to acquire more space in the future as their businesses grow. To accommodate these expansion needs, leases may contain rights such as the option to lease an additional designated space, rights of first refusal (ROFR) and/or rights of first offer (ROFO). These provisions attempt to balance the tenant's interest in expansion against the landlord's interest in having flexibility to lease the designated expansion space as it sees fit.
Read the full article here: Right of First Offer - What You Need to Know- November 10 -2010
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