Many Israeli companies have offices in the United States, most of which are leased. While nearly every business is seeking ways to cut expenses, the reality is that we are all interconnected. One company's expense reduction is another company's reduction in income, and thus stress on meeting their own financial obligations. Your commercial office lease is a tempting place to reduce expense. Many thanks to my New York colleagues Danielle Comanducci and Stephen O'Connell for the very practical advice you will see here. The concepts expressed would be applicable anywhere in the United States. Their article is written more from the landlord's perspective than from the tenant's. However understanding how landlords may be viewing the situation could better prepare a tenant for a rent relief negotiation.
As additional information in the "heads up" category, keep in mind that before there was the CARES Act late last week, there was the Families First Coronavirus Response Act. There are important employer obligations (including a notification requirement to employees) for those with less than 500 employees in the United States (which means the vast majority of Israeli companies with U.S. operations). My thanks to SGR's employment law department for this important information which is available here and the required federal notice to employees (which can be sent electronically) which is available here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
