My employer has asked me to handle negotiating a new lease for him and I could really use some strong advice as this is my first time with this type of media lease!! My employer owns the property. A “Large Outdoor Ad Agency” (they will remain nameless) owns 2 billboards, one singlefaced, 7’x25’ illuminated and one double 8’x16’ back to back, not illuminated that sit on this property. These are located in some type of “billboard free corridor” - we found out years ago that they(billboards) were grandfathered in. The current expiring leases are 3yrs/965 yr each. The new lease that was offered was considerably different because it extends the terms from 3yrs to 15yrs and stresses the right to update/upgrade the billboards to a multiface or digital face sign. My employer is not interested in a long term lease. I really want some input on what is a fair price even for a short term lease - should I ask for more? How does having a digital billboard affect the price we are paid? How much leverage do I have with this (as in if I say “no deal, take the structures away” they cannot be put back up by existing company or anyone else)? Please help! I’m losing sleep over this:(
With sincere appreciation for all and any help, suggestions, comment, and direction,
Mea