March 17, 2010 – Virginia

CyberLease, LLC, the North American lease audit firm, announced today it completed a lease compliance which served to save its client more than $3.35 per square foot in rental obligations. In representing the premier civil and consulting engineering company on the east coast, CyberLease audited one of firm’s leases in Virginia following a Preliminary Review which revealed sufficient causes to warrant an in-depth audit. During the course of this audit, CyberLease found the new landlord’s accounting practices deviated from those of its predecessor. As a result, the engineering firm’s base year expenses included lower allocations of the project’s property tax costs. Additionally, a cap on controllable expenses had been misapplied in determining the tenant’s annual operating expense obligations. Following the issuance of CyberLease’s audit report, we were able to secure a rent credit equal to the full amount of the audit claim identified in CyberLease’s audit report. Our client received an immediate rent credit equal to a more than $2.00 per square foot, and by correcting the landlord’s accounting methodologies it will save an additional $1.35 over the remaining term of its lease. Jeff Baker of CresaPartners in Philadelphia introduced his long-time client to CyberLease.