Trying to understand the conceptual of a leasing commission override. The context would be that the operating partner in a JV is asking their LP equity to pay them a lease override fee on leasing commissions for the property. Is this common place? Would this type of override be applicable only if a tenant or landlord broker was not involved (rare for an institutionally owned asset). Or would this override be calculated as an additional fee on top of the normal market leasing commission?
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I worked for an operator where we would pay a full commission to both landlord and tenant brokers but our in house leasing guy got an additional "lease override" of 1% on every transaction. I believe this was paid by both GP/LP 20/80.
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