Extension of lease

by Marcelo
(Miami)

Hello,

I have a cell phone tower in Miami,FL. American Tower Partners built and manages the tower site. Tower was built 4 years ago and the lease has 21 years left on it. 4 more 5 year options left. Tower rent is $1700 a month and has a 4% yearly increase built into the lease. Tower currently has only one tenant on it (Metro PCS). Someone from Lyle Company which represents American Tower said the current tenant is leaving the tower. They claim that in order to market the tower to other carriers they need an extension of an additional 40 years. This is on top of the 21 years left now. In addition, they want to freeze all rent increases until another carrier rents the tower.

They will not guarantee any future rents or pay anything for the extension.

Is it normal to ask for such a long extension so early in the 1st lease and not offer anything in return?

How often do they actually take a tower down? Especially a fairly new one.

I would appreciate any input.

Thank You...

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