The seller and the buyer have just closed on the purchase and sale of a multi-tenanted office tower. The diligence period was truncated, and the closing occurred on an accelerated timeline. At closing, the seller assigned the space leases and security deposits to the buyer. The seller also assigned to the buyer the various service contracts relating to the day-to-day operation of the office tower. The buyer plans to terminate most, if not all, of the service contracts shortly after closing so that it can bring on its preferred service providers.
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