PHILADELPHIA – A realty company is suing a real estate investment and advisory firm over a claim that the investment firm refused to provide it a copy of a rental agreement signed by a tenant at one of the buildings they share in a leasing agreement.
Cushman and Wakefield of Pennsylvania Inc. filed a lawsuit on Oct. 26 against 826 Newtown Associates LP and First Evergreen Properties LLC in the U.S. District Court for the Eastern District of Pennsylvania seeking an arbitration ruling.
On or about June 9, 2012, Cushman and Wakefield of Pennsylvania Inc. entered into an exclusive leasing agreement with the defendants at 828 Newtown Yardley Road in Newton, with the defendents having the exclusive right to act the agent for Cushman and Wakefield, the complaint states.
On or about Oct. 1, 2014, Optimal Sports Health Clubs signed a lease and took position of some rental property at the Newton Yardley Road location. Per their agreement, according to the lawsuit, the defendants are supposed to provide a copy of that lease to Cushman and Wakefield.
Upon information and belief, the lease is for 14 years and the rate is $18 per square foot, increasing by 50 cents per square foot for each successive year. According to the complaint, no payment has been made to the plaintiff from this lease.
Cushman and Wakefield of Pennsylvania Inc. is seeking $103,973.70, plus court costs. It is represented by attorney Mitchell Clair of the Law Offices of Mitchell Clair in Blue Bell.
U.S. District Court for the Eastern District of Pennsylvania Court case number 2:15-cv-05835-WB