Los Angeles, CA : Retail
Audit Findings : Percentage Rent
Savings : $2,000,000 +
A developer-landlord engaged Chelepis for the review of an anchor tenant’s payments based on the tenant’s percentage rent obligations in the lease. The multi-year audit uncovered inconsistencies in record keeping and inaccurate reporting to the property manager of developer-landlord. The settlement included a lump sum payment and renegotiated rent clause resulting in a multimillion-dollar benefit to the developer-landlord.