We own a building with a Cingular AT&T cell site in a downtown area. We received a letter from Md7 representing AT&T, and their letter says that AT&T is reviewing their cell site portfolio and is offering me, one of their "selected landlords" the "opportunity" to minimize the business risks associated with "industry uncertainties" and to increase the value of our cell site lease. Should I feel honored about this that they selected me to lower my rent? Anyway, then they offer us the options of a getting reduced rent and reduction in the rent escalation percentage, and then they also offered us a CASH LUMP SUM BUYOUT. Seriously!?? How does buying us out of our lease protect us from industry uncertainties? If the future of wireless is so uncertain, then why would they throw hundreds of thousands of dollars at me? Maybe I am asking a bunch of rhetorical questions, but I don't like fear tactics they slip into their proposal, mentioning that they can exercise their right to terminate the lease. The problem is that since the antennas were installed on our roof there have been other high rise buildings constructed around us where they could move to that are not too far from us and are about the same or similar height.
Has anybody else out there had a similar experience and what did you do?
Tower Genius is USA's Premier Cell Tower Lease Coaching and Consulting Firm. Find out how we help landlords and property owners in the USA maximize cell site lease values and get the best possible terms. Book a 30-minute discovery consulting call with Kevin or Steve Today.