A Simple Checklist for Negotiating a Right of First Refusal

The Right of First Refusal on Office Space

Often referred to as ROFR, the Right of First Refusal is a powerful tool for office tenants.  A right of first refusal  gives the office tenant the right to lease additional specified office space should an outside party express interest in that office space.  The right of first refusal is often preferred to the right of first offer (ROFO).  While the ROFO gives the tenant the opportunity to lease a space before anyone else, the ROFR allows the tenant to wait until an offer from an interested party is in and then match the highest offer.  A ROFR discourages other parties from bidding on an office space and bidding up the price, since they know the existing tenant has the right to match their offer.

Office Space Right of First Refusal (ROFR) Checklist

Below is a simple checklist to assist in negotiating a right of first refusal for office space tenants:

  • Is the ROFR a one-time option or is it continues through the term of your office lease?
  • Does the ROFR pertain to office space anywhere in the building or just to office space adjacent to your initial premises?
  • At what point do you find out a 3rd party offer has been made? After a written offer or once an office lease has already been negotiated?
  • After finding out about the offer, how long do you have to exercise your right of refusal?
  • Will the available office space the offer concerns be made available for inspection before you exercise your right?
  • If you choose not to lease the office space, do you retain your ROFR for the specified space or will the 3rd party’s renewal right override your ROFR?
  • If you choose to rent the specified office space, must you meet the offered terms or is it possible to amend them to match the terms of your original lease? Will your original lease be amended to match the new terms?
  • In the event that you rent the ROFR office space, will the renewal rights be the same as the rights for your initial premises?

Negotiation a right of first refusal is complicated, but settling for terms you do not fully understand can be detrimental to your business.  Businesses should retain a tenant representation commercial real estate broker to negotiate the office lease and to guide them through the office relocation or lease renegotiation process.

At Golden Group Real Estate, we specialize in tenant representation real estate services for office space users in the Chicago area, helping local business owners find office space and negotiate lease and purchase agreements. We never represent landlords, so we are prepared to negotiate aggressively on behalf of our tenant clients.

For more on Golden Group Real Estate, read about our real estate services.  Let us know if we can help you find office space for rent or buildings for sale.  Call us at (630) 805-2463, email us at troy@goldengroupcre.com, or enter your office space search criteria below.


June 19, 2019

Schedule an Appointment
Free Market Survey
Request a Survey on Office Buildings & Space Available

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form :(

Real Estate News & Talk
~the RENT Blog~

The RENT blog gives you the resources and tools you need to make the best decisions regarding your real estate needs.  We cover a broad range of subjects regarding office space, tenant needs and what to look for when investing in property.

Check out these great listings!

Schedule a Consultation with our Real Estate Specialists Today

Oak Brook office space, Naperville office space, Downers Grove office space, Lisle office space



To schedule a free consultation at our offices in Lombard call us at (630) 805-2463 or email us at troy@goldengroupcre.com to schedule a time to to talk about your real estate needs.

Our tenant and buyer representation real estate services are 100% free to our clients.  We are active commercial real estate brokers and work with all Oak Brook, Naperville, Downers Grove, Lisle, and Dupage County office buildings.  Golden Group Real Estate will show you both listed and unlisted investment properties.

Our Tenant Advisory Process

Use every resource to make the right business decisions for you AND your company!

Dupage county real estate services, Dupage county tenant representation


Stay informed with all the information you need to know when choosing, or moving your company to a new location.

Dupage county real estate services, Dupage county tenant representation

Real Estate News & Talk

View our collection of articles on a wide variety of topics related to real estate and business needs

Dupage county real estate services, Dupage county tenant representation

Networking Events

Come out to one of our events to meet and develop business relationships to last a lifetime

Dupage county real estate services, Dupage county tenant representation

Reviews & Social Media

We ensure every client gets the property they need, the terms they want, and
what's critical for their business.

5S640 Ridgeview Lane Naperville, IL 60540
Golden Group Real Estate