Last year, Chelepis' lease audits recovered over $12M for our clients.
Over a five-year period, we've recovered over $31M for a single client.
A Lease Audit is an effective tool for tenants to know that the amounts they are being billed by their landlord follow the negotiated terms of the lease. The Chelepis process begins with a review of your lease and annual operating expense statements to focus on the potential issues that need to be validated. We draft the appropriate communication to your landlord, requesting the documentation to perform a comprehensive analysis of the accounting records behind the amounts you’ve been charged. We confirm the accuracy of the operating expenses including, but not limited to:
Base year expenses
Above standard services
Caps and exclusions
If necessary, we prepare an audit report that summarizes our findings with the lease language, analysis, calculations and supporting exhibits. The report will detail discrepancies between the lease terms and the operating expenses passed through to you. These findings can have major effects on your occupancy costs during the life of your lease. The audit report is distributed to both tenant and landlord, during which time, Chelepis manages the resolution process with the landlord. Facts and findings are communicated effectively so that documented overcharges are corrected and refunded. Chelepis has the expertise to successfully negotiate a final reduction to your operating expenses while retaining positive leverage and good relations with your landlord.
The Chelepis approach is a complete process managed from beginning to end by an experienced staff that has audited millions of square feet of leased space throughout the country. We work in conjunction with your internal or third-party lease admin team always keeping them up-to-date on current projects.