Normalize the starting facts
Put each proposal against the same premises, measurement basis, lease term, commencement assumption, operating-expense structure, and delivery condition. Mark every unconfirmed input instead of treating it as settled.
Compare the full economics
Review base rent, escalations, free rent, tenant-improvement obligations, landlord work, commissions, retained expenses, and timing over the same analysis period. Keep cash-flow assumptions separate from credit and legal judgments.
Map the obligations
List the proposed use, permitted-use needs, exclusives, assignment or subletting requests, signage, parking, maintenance responsibilities, renewal rights, guarantees, deposits, and any approvals still required. Ask the owner’s legal and financial advisers to confirm the provisions that matter.
Test the execution path
Record what must happen before opening or rent commencement, who controls each dependency, and the consequence of delay. Consider plans, permits, financing, build-out scope, access, delivery, and third-party approvals without assuming any one item is complete.
Finish with a decision record
State the preferred proposal, the reason it best supports the ownership objective, the assumptions that could change the choice, the open items to negotiate, and the person responsible for each next action. A letter of intent is a negotiating document, not a substitute for the final lease or professional advice.
General considerations for a property discussion. Property-specific decisions depend on verified information and the relevant professional advice.
All owner perspectives