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Our team was not only tasked with negotiating the 25th amendment, but also had to create a new stand-alone lease document for News Corp, giving the company similar rights and privileges as Fox. This required the painstaking process of unwinding the effects of each of the previous 24 amendments — some of which added specific clauses or provisions that were revised or removed by an amendment down the line. The lease bifurcation was further complicated by the delicate interplay of the tenants’ options and branding rights and restrictions, many of which could be granted to only one of the two companies.
After navigating this intricate web of lease amendments and letter agreements while negotiating infrastructure changes and flexible options for all parties, we had final signatures just before sundown on Friday, the 13th of January.