Quote:
Originally Posted by timun
No, CNOOC alleged they 'discovered' the asbestos in 2017, hired consultants to do testing/investigation (as did the landlord), and CNOOC concluded "this space is unfit for our occupancy because it's unsafe" and signed a sublease from Cenovus at the end of 2018. They moved out and stopped paying their rent at Nexen Building in the spring of 2019. There was no intent for them to move back in... (Their lease was signed near the peak of the market in December, 2013, and was for a preposterous 28-year term that expired the end of 2031.)
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That math seems off to me or maybe I don't understand commercial leases. A 28 year lease signed in 2013 would expire in 2041, by my calculations. Was there an exit clause or something like that after 18 years?