Search
 

'Found Money' On Rooftops Can Have Pitfalls

CHICAGO-Jay A. Gitles, partner in the corporate and real estate practice group of national law firm Seyfarth Shaw, has words of warning for building owners signing deals with telecom companies for rooftop space.

By Mark Ruda | Updated on October 12, 2001

CHICAGO-It seems like a building owner’s dream come true, attorney Jay A. Gitles says, or “found money” on their rooftops. However, the partner in the corporate and real estate practice group of national law firm Seyfarth Shaw cautions clients to be as careful signing a lease with a telecom company seeking rooftop space as they would with a potential tenant under the roof.

While the proliferation of cell phones and pagers has resulted in a land rush of sorts on rooftops from the Central Business District to the suburbs, it has not been without pitfalls. Just as some dotcoms imploded, telecom companies also have merged or gone out of business. When that happens, who’s in charge of removing the equipment and repairing any damage on the roof?

“Have you ever tried to get a ghost to do something?” Gitles asks rhetorically. “It goes to the security deposit issue and letters of credit to make sure you can recover the costs.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.