We recently acquired a large office building, and in the middle of the acquisition one of our tenants got acquired by a larger company but they never completed a lease assignment. Are they required to do so? What happens if they refuse? Any insight would be appreciated.
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What does their lease say?
Doesn't matter if they complete a lease assignment post-acquisition or not. Read the lease. If its drafted by a decent attorney or any attorney for that matter, there should be language in there that says something like lease terms are automatically assigned and will survive change of ownership.
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