--- title: "Class A Lease Negotiation — Class A Atlas" description: "How to negotiate a Class A office lease — the playbook from LOI to signed deal." canonical: https://classa.info/topics/class-a-lease-negotiation pageType: topic-pillar lastUpdated: 2026-05-29T16:17:29.065Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Class A lease negotiation is won in the LOI: lock in effective rent, free rent, TI allowance, escalators, options, and exit rights before the long-form lease drafting begins. ## TL;DR - Always negotiate to effective rent, not headline. - The LOI is where 80% of value is captured — lease drafting is execution. - Free-rent abatement is the most negotiable single line item. - Tenant improvement allowance (TIA) is the second most negotiable. - Options to extend, expansion rights, and termination rights are the third front. - Bring two real bids; landlords negotiate harder when you can walk. - Negotiate opex caps, base-year gross-ups, and audit rights — not just rent. # Class A Lease Negotiation **[Class A](/glossary/class-a) lease negotiation is won in the LOI: lock in [effective rent](/glossary/effective-rent), free rent, [fit-out](/glossary/fit-out)-capex">[TI allowance](/topics/us-tia-strategy), escalators, options, and exit rights before the long-form lease drafting begins.** ## TL;DR - Always negotiate to effective rent, not headline. - The LOI is where 80% of value is captured — lease drafting is execution. - Free-rent abatement is the most negotiable single line item. - Tenant improvement allowance (TIA) is the second most negotiable. - Options to extend, [expansion](/topics/cross-border-expansion) rights, and termination rights are the third front. - Bring two real bids; landlords negotiate harder when you can walk. - Negotiate opex caps, base-year gross-ups, and audit rights — not just rent. ## What this is Class A lease negotiation is the structured process of converting a landlord's quoted asking rent into a tenant-favorable economic and operational package. It spans market intelligence, request-for-proposal (RFP) issuance, letter-of-intent (LOI) negotiation, lease drafting, and side-letter exhibits. In a Class A market the negotiating leverage is asymmetric — landlords run hundreds of deals a year, tenants run one every five to ten years — so the structured playbook below exists to level the field. Effective rent ([face rent](/glossary/face-rent) minus the present value of free-rent abatement, TI allowance, and other concessions) is the only number that compares cleanly across competing buildings, regions, and lease structures. ## The LOI is the deal By the time a long-form lease is being drafted, 80% of the economic value has already been allocated. The LOI fixes base rent, escalators, free rent, TI allowance, term, options, and core operational rights. Treat the LOI as a binding deal memo, not a starting point. Every economic concession not captured in the LOI is unlikely to appear in the final lease. In US Class A markets the LOI is non-binding but commercially weighty; in the UK and EMEA the equivalent is the agreement-for-lease heads-of-terms; in APAC it is the term-sheet or LOI depending on jurisdiction. Across all regimes, walking away from agreed LOI economics signals bad faith and burns the relationship — so only commit to LOI economics you would sign for in a long-form. ## Effective rent is the only honest number Effective rent normalises face rent for the present value of free-rent months, TI allowance, escalators, and any other concessions. Two deals at the same [headline rent](/glossary/headline-rent) can have a 25–40% gap in effective rent once concessions are properly modelled. Always discount future-period concessions at a defensible rate (typically 6–8% in current Tier 1 markets). Build your effective-rent model before the RFP goes out. Anchor the negotiation on per-seat per-month USD across the lease term, not on headline rent psf — this is the comparison your CFO will run anyway, and it neutralises the rent-quotation conventions that vary city-to-city (NNN vs gross, USF vs RSF, tsubo vs sqft, carpet vs chargeable). ## Free rent is the most elastic concession Free-rent abatement is the easiest concession for a landlord to grant — it preserves the headline rent (which protects asset value and refinancing comps) while transferring real value to the tenant. In US Class A markets, expect 1–1.5 months of abatement per year of term; in lease-up product or soft markets, push to 2 months per year. Negotiate the structure as well as the quantum. Front-loaded abatement (all months at the start) has a higher present value than spread abatement (one month per year). Always specify whether opex/service charge is also abated — landlords sometimes only abate base rent, which materially changes the economics in a triple-net or service-charge-cap regime. ## Tenant improvement allowance — the second front Tenant improvement allowance (TIA) — known as fit-out contribution in EMEA, cash contribution or capital contribution in APAC — covers the cost of converting cold/warm shell into a tenant-ready workspace. In US Class A new construction, expect USD 80–150/sf for a 7–10 year term; in trophy assets in New York, San Francisco, or San Jose, USD 150–250/sf is achievable. Negotiate TI as cash (not 'in-kind' delivery) wherever possible — cash gives the tenant control of vendor selection and price. Watch the amortisation mechanics: any TI in excess of the allowance is typically amortised into rent at 6–8% interest over the term. That excess TI is contractually rent and is owed even on early termination unless explicitly carved out — a common trap. ## Options, expansion, and termination rights Hard expansion options on contiguous floors are the single most valuable non-economic right for a growing tenant. Soft rights (right of first offer, right of first refusal) are weaker but cheaper. Options to extend at fair market rent are standard on US 7–10 year deals; negotiate the FMR mechanic carefully (typical: appraisal panel, with a floor at the then-current rent and a cap at FMR + 10%). Termination rights are increasingly common on 10+ year US deals, typically at year 5 or year 7 with a fee equal to unamortised TI plus broker commissions plus 6–9 months of base rent. Build them into the LOI; they vanish from the lease if not. ## Opex, gross-up, audit rights, and the long-tail clauses Operating-expense pass-throughs can erode 20–30% of the value of a 'good' rent deal over a long term. Negotiate a cumulative compounded opex cap (e.g., 4% per annum, compounded), an annual opex audit right (with cure for over-charges), and an explicit gross-up provision (so a half-empty building does not understate the base year). Secondary clauses worth negotiating: assignment and sublease consent timelines (15–30 business days, deemed consent if missed), profit-split mechanics on subleases (50/50 above pass-through), permitted-transferee carve-outs (affiliates, group reorganisations), and hold-over rent (cap at 125%, not the standard 150–200%). ## Bring two real bids and a realistic walk-away The single most important negotiating lever is competitive tension. Landlords take materially different positions when they know they are competing against a real second bid in the same submarket. Run two finalists in parallel through LOI; do not signal a preferred building until both LOIs are locked. A realistic walk-away (current premises for a renewal, or a flex/coworking fallback for a new lease) keeps the landlord honest. If you cannot articulate the BATNA — best alternative to a negotiated agreement — you are negotiating from a weak position regardless of market conditions. ## Decision aid If you are about to issue an RFP: model effective rent across at least three buildings, set your target free-rent and TIA based on local benchmarks, and pre-draft the LOI with deal-breaker clauses (opex cap, gross-up, expansion option, sublease consent timeline) before the first landlord meeting. If you are mid-negotiation and unsure whether to push: the landlord's last 10% on free rent, TI, or escalator is almost always real — push it. ## Frequently asked questions ****Should I sign the LOI before the lease is drafted?**** : Yes — but only after every economic and structural concession is captured. Anything missing from the LOI is unlikely to make the long-form. ****How much free rent is typical?**** : 1–1.5 months per lease year in US Class A. In lease-up product or soft markets, 2 months per lease year is achievable. ****Is the TI allowance in cash or in-kind?**** : Negotiate cash. Cash gives you vendor control and prevents landlord-favored markups on construction line items. ****What is the single biggest mistake?**** : Negotiating to face rent instead of effective rent. Two deals with the same headline rent can have a 30%+ gap once concessions are modeled. ****How long does a Class A lease negotiation take?**** : 12–20 weeks from RFP issuance to fully signed lease for a typical 50,000–150,000 sf US Class A deal. ****Do I need a tenant rep broker?**** : Yes. Landlords pay both sides; not engaging tenant rep does not save fees, it just gives the landlord uncontested control of the negotiation. ## Related guides - [**How to choose a Class A office: a working framework**](/guides/how-to-choose-class-a-office) — A repeatable framework for evaluating premium office space — beyond the brochure rent and the marketing video. - [**Negotiating rent-free periods: the playbook**](/guides/negotiating-rent-free-periods) — Rent-free is the single most negotiable line item in a Class A deal. Here is how to push it without breaking the deal. - [**The Class A lease renewal playbook**](/guides/lease-renewal-playbook) — How to approach a Class A renewal — timing, leverage, and the small set of mistakes that cost the most. - [**Engaging a tenant-rep broker: what good looks like**](/guides/tenant-rep-broker-engagement) — A working framework for selecting and engaging a tenant-rep broker for a Class A search. - [**Tenant improvement allowances: the working guide**](/guides/us-tenant-improvement-allowances-explained) — TI is the largest contractual subsidy in any office lease. Here is how to size, structure, and protect it. - [**How to model occupancy cost per seat**](/guides/occupancy-cost-per-seat) — The single most useful normalised number in office economics — how to calculate it and how to use it. ## Related glossary - [**Free rent abatement**](/glossary/free-rent-abatement) — Months of zero base rent at the start of a lease, as concession. - [**Rent-free period**](/glossary/rent-free-period) — Months of zero base rent at the start of (or layered into) a lease term. - [**Tenant improvement allowance (TI)**](/glossary/ti-allowance) — Landlord-funded build-out budget for the tenant fit-out. - [**TI amortisation**](/glossary/ti-amortisation) — Recovering tenant-improvement spend through a rent uplift over the lease term. - [**Effective rent**](/glossary/effective-rent) — Face rent minus the present value of all concessions, expressed per square foot per year. - [**Expansion option**](/glossary/expansion-option) — Tenant's contractual right to lease additional contiguous space. - [**Right of first refusal (ROFR)**](/glossary/right-of-first-refusal) — Tenant right to match a third-party offer on adjacent space. - [**Right of first offer (ROFO)**](/glossary/right-of-first-offer) — Tenant right to be offered adjacent space before the landlord markets it. - [**Termination option**](/glossary/termination-option) — Tenant right to terminate the entire lease at a stated trigger date, often subject to a fee. - [**Sublease rights**](/glossary/sublease-rights) — Tenant's right to sublet space, usually subject to landlord consent. - [**Assignment rights**](/glossary/assignment-rights) — Tenant's right to transfer the lease to another entity. - [**Operating expense cap**](/glossary/opex-cap) — Annual cap on the tenant's share of building operating expenses. - [**Base year**](/glossary/base-year) — The reference year for operating expense escalations under a modified-gross lease. - [**Gross-up provision**](/glossary/gross-up-provision) — Adjusts opex as if the building were 95–100% occupied. - [**Letter of credit (LOC)**](/glossary/letter-of-credit) — Bank-issued security for the tenant's lease obligations. ## Tools - [**Occupancy Cost Estimator**](/tools/occupancy-cost) — Model fully-loaded annual occupancy cost. - [**Lease Term Length Recommender**](/tools/lease-term-recommender) — Six-question quiz that recommends an office lease term length (12 / 24 / 36 / 60 / 84 months). - [**Lease Term Translator**](/tools/lease-term-translator) — Translate Class A lease terminology across US, UK, EU, and APAC markets. ## City coverage Lease negotiation insight applies across the following Class A Atlas city profiles: - [**New York**](/cities/new-york) — The deepest, most contested Class A market on earth. - [**London**](/cities/london) — The deepest premium office market in EMEA. - [**Singapore**](/cities/singapore) — APAC's most resilient premium office market. - [**Hong Kong**](/cities/hong-kong) — The deepest premium office market in greater China. - [**Tokyo**](/cities/tokyo) — The deepest, most stable Grade A market in APAC. - [**Paris**](/cities/paris) — Europe's most architecturally distinctive trophy market. - [**San Francisco**](/cities/san-francisco) — The deepest tenant-favorable cycle in a generation. - [**Los Angeles**](/cities/los-angeles) — Five distinct trophy submarkets — pick your audience. - [**Chicago**](/cities/chicago) — The Loop and the West Loop — two distinct trophy markets. - [**Boston**](/cities/boston) — Life sciences capital — and a deep traditional CBD. - [**Toronto**](/cities/toronto) — Canada's deepest premium office market. - [**Dubai**](/cities/dubai) — The fastest-growing premium office market in EMEA. - [**Frankfurt**](/cities/frankfurt) — Continental Europe's banking capital. - [**Zurich**](/cities/zurich) — Switzerland's financial-services capital. - [**Amsterdam**](/cities/amsterdam) — EMEA's most ESG-advanced premium office market. - [**Madrid**](/cities/madrid) — Iberian peninsula's deepest premium office market. - [**Shanghai**](/cities/shanghai) — Mainland China's deepest premium office market. - [**Seoul**](/cities/seoul) — APAC's tightest tech-driven office market. - [**Sydney**](/cities/sydney) — APAC's most ESG-advanced premium office market. - [**Mumbai**](/cities/mumbai) — India's deepest premium office market. - [**Washington DC**](/cities/washington-dc) — Federal-anchored gateway with deepening tech and law tenancy. - [**Miami**](/cities/miami) — Latin gateway with structural finance and tech inflows. - [**Atlanta**](/cities/atlanta) — The Southeast's deepest Class A market with strong tech and media tenancy. - [**Dallas**](/cities/dallas) — The Sunbelt's largest Class A office market with sustained corporate inflows. - [**Houston**](/cities/houston) — Energy capital of the Americas with deep Class A oversupply. - [**Seattle**](/cities/seattle) — Big Tech's gravity well with deep South Lake Union and CBD inventory. - [**Austin**](/cities/austin) — Sunbelt tech capital with significant 2022-2025 trophy delivery. - [**Denver**](/cities/denver) — Mountain-region gateway with deep professional services tenancy. - [**Philadelphia**](/cities/philadelphia) — Northeast gateway with deep healthcare, life sciences, and education anchors. - [**Minneapolis**](/cities/minneapolis) — Upper Midwest HQ market with deep Fortune 500 anchor tenancy. - [**San Diego**](/cities/san-diego) — Life sciences capital of the West Coast with deep biotech and defense tenancy. - [**Vancouver**](/cities/vancouver) — Pacific gateway with structural tech and real-estate-services tenancy. - [**Montreal**](/cities/montreal) — AI capital of Canada with deep aerospace and creative industries tenancy. - [**Calgary**](/cities/calgary) — Canada's energy capital with a structurally deep oil and gas HQ market. - [**Ottawa**](/cities/ottawa) — Canada's federal capital with a structurally deep government and defence tech market. - [**Berlin**](/cities/berlin) — Germany's tech capital with deep startup, media, and government tenancy. - [**Munich**](/cities/munich) — Germany's most expensive office market with deep finance and engineering tenancy. - [**Milan**](/cities/milan) — Italy's financial capital and Continental Europe's fashion HQ market. - [**Dublin**](/cities/dublin) — European tech HQ capital with structurally low corporate tax. - [**Stockholm**](/cities/stockholm) — Nordic tech and finance gateway with deep gaming and music industry tenancy. - [**Brussels**](/cities/brussels) — EU institutional capital with deep regulatory and lobbying tenancy. - [**Luxembourg**](/cities/luxembourg) — EU finance and fund administration capital with structural fund tenancy. - [**Warsaw**](/cities/warsaw) — Central European business services capital with deep banking and tech tenancy. - [**Copenhagen**](/cities/copenhagen) — Nordic gateway with deep pharma, shipping, and design tenancy. - [**Lisbon**](/cities/lisbon) — Atlantic gateway with structural tech, BPO, and digital nomad inflows. - [**Bangalore**](/cities/bangalore) — India's tech capital with the deepest Global Capability Centre tenancy. - [**Delhi-NCR**](/cities/delhi-ncr) — India's capital region with deep BFSI, consulting, and government tenancy. - [**Hyderabad**](/cities/hyderabad) — India's fastest-growing GCC market with deep BFSI and pharma R&D tenancy. - [**Beijing**](/cities/beijing) — China's political and tech capital with deep state-owned enterprise tenancy. - [**Shenzhen**](/cities/shenzhen) — China's tech capital with deep Tencent, Huawei, and DJI tenancy. - [**Guangzhou**](/cities/guangzhou) — Pearl River Delta gateway with deep automotive, trade, and consumer tenancy. - [**Taipei**](/cities/taipei) — Asia's semiconductor capital with deep TSMC and supply chain tenancy. - [**Osaka**](/cities/osaka) — Western Japan's commercial capital with deep manufacturing and pharma tenancy. - [**Melbourne**](/cities/melbourne) — Australia's second financial capital with deep professional services tenancy. - [**Bangkok**](/cities/bangkok) — ASEAN gateway with deep regional HQ and consumer industries tenancy. - [**Kuala Lumpur**](/cities/kuala-lumpur) — Malaysia's commercial capital with deep oil and gas, banking, and shared-services tenancy. - [**Jakarta**](/cities/jakarta) — ASEAN's largest economy capital with deep banking, consumer, and resources tenancy. - [**Manila**](/cities/manila) — Asia's BPO capital with deep call-centre and shared-services tenancy. - [**Ho Chi Minh City**](/cities/ho-chi-minh-city) — Vietnam's commercial capital with deep manufacturing, tech, and shared-services tenancy. - [**Tel Aviv**](/cities/tel-aviv) — Startup nation capital with deep tech, defense, and venture-backed tenancy. - [**Riyadh**](/cities/riyadh) — Saudi Arabia's capital with deep Vision 2030 corporate HQ relocation tenancy. - [**Doha**](/cities/doha) — Qatar's gas-anchored gateway with deep LNG and government tenancy. - [**Abu Dhabi**](/cities/abu-dhabi) — UAE's federal capital with deep oil, sovereign wealth, and AI tenancy. - [**Johannesburg**](/cities/johannesburg) — South Africa's commercial capital with deep mining, banking, and pan-African HQ tenancy. - [**Cape Town**](/cities/cape-town) — South Africa's tech, tourism, and BPO capital with deep VC-backed startup tenancy. - [**Nairobi**](/cities/nairobi) — East Africa's gateway with deep tech, NGO, and pan-African HQ tenancy. - [**Lagos**](/cities/lagos) — West Africa's commercial capital with deep banking, oil, and tech tenancy. - [**Mexico City**](/cities/mexico-city) — Latin America's largest economy capital with deep nearshoring and BPO tenancy. - [**São Paulo**](/cities/sao-paulo) — Brazil's commercial capital and the largest Class A office market in Latin America. - [**Bogotá**](/cities/bogota) — Colombia's commercial capital with deep banking, oil services, and BPO tenancy. - [**Santiago**](/cities/santiago) — Chile's commercial capital with deep mining, banking, and retail tenancy. - [**Buenos Aires**](/cities/buenos-aires) — Argentina's commercial capital with deep agribusiness, energy, and tech tenancy. - [**Vienna**](/cities/vienna) — CEE gateway with deep institutional and UN-anchored tenancy. - [**Charlotte**](/cities/charlotte) — The US's second-largest banking center with a deep Uptown trophy stack. - [**Nashville**](/cities/nashville) — Healthcare HQ capital with accelerating tech and music-industry inflows. - [**Phoenix**](/cities/phoenix) — Sunbelt growth metro with semiconductor inflows and a deep suburban trophy tier. - [**Raleigh-Durham**](/cities/raleigh-durham) — Research Triangle Park anchors the Southeast's deepest tech and life-sciences market. - [**Tampa**](/cities/tampa) — Florida's largest banking and insurance HQ market with a reborn waterfront trophy tier. - [**Orlando**](/cities/orlando) — Tourism HQ capital with deepening healthcare, defense, and tech tenancy. - [**Salt Lake City**](/cities/salt-lake-city) — Mountain West tech and finance hub anchored by the Silicon Slopes corridor. - [**Portland (OR)**](/cities/portland-or) — Pacific Northwest creative-class hub with structural office repricing underway. - [**Pittsburgh**](/cities/pittsburgh) — Robotics and AI capital with a reborn riverfront trophy tier. - [**Detroit**](/cities/detroit) — Reborn Downtown anchored by Bedrock's billion-dollar trophy redevelopment. - [**Indianapolis**](/cities/indianapolis) — Pharma and amateur-sports HQ capital with a deep Mile Square Class A core. - [**Kansas City**](/cities/kansas-city) — Logistics and animal-health HQ capital with a streetcar-anchored Downtown revival. - [**Baltimore**](/cities/baltimore) — Healthcare and federal-services hub with a reborn Harbor East trophy core. - [**Calgary**](/cities/calgary) — Western Canada's energy capital with deep Downtown trophy stock and active repositioning. - [**Ottawa**](/cities/ottawa) — Federal-services capital with deep tech tenancy in Kanata North. - [**Manchester**](/cities/manchester) — The UK's deepest regional Class A market with structural BBC, banking, and tech tenancy. - [**Edinburgh**](/cities/edinburgh) — Asset management capital of the UK regions with a constrained heritage Class A core. - [**Hamburg**](/cities/hamburg) — Northern Germany's port-anchored media and logistics HQ capital. - [**Stuttgart**](/cities/stuttgart) — Automotive engineering capital of Germany with deep Mercedes, Porsche, and Bosch tenancy. - [**Düsseldorf**](/cities/dusseldorf) — Rhineland advertising, fashion, and consulting capital with a deep Japanese corporate cluster. - [**Geneva**](/cities/geneva) — Private banking and international-organisation capital with constrained heritage Class A. - [**Oslo**](/cities/oslo) — Energy, sovereign-wealth, and shipping capital with a Bjørvika-anchored post-2010 trophy core. - [**Helsinki**](/cities/helsinki) — Nordic tech and design capital with deep Nokia, gaming, and cleantech tenancy. - [**Prague**](/cities/prague) — CEE shared-services hub with a deep BPO, IT, and finance back-office cluster. - [**Budapest**](/cities/budapest) — Danube-anchored CEE shared-services capital with the lowest corporate tax rate in the EU. - [**Bucharest**](/cities/bucharest) — Romania's BPO, IT, and shared-services capital with deep US and European tech tenancy. - [**Barcelona**](/cities/barcelona) — Mediterranean tech, life-sciences, and design capital with a deep 22@ innovation district. - [**Rome**](/cities/rome) — Government and energy capital of Italy with constrained heritage Class A. - [**Rotterdam**](/cities/rotterdam) — Europe's largest port city with a Wilhelminapier-anchored post-2010 trophy core. - [**Athens**](/cities/athens) — Aegean financial services hub with the Hellinikon mega-development reshaping the post-2025 trophy tier. - [**Auckland**](/cities/auckland) — New Zealand's largest Class A market with deep banking, professional services, and tech tenancy. - [**Brisbane**](/cities/brisbane) — Olympic 2032-anchored growth metro with deep mining, infrastructure, and energy HQs. - [**Perth**](/cities/perth) — Western Australia's mining capital with deep BHP, Rio Tinto, and Woodside HQs. - [**Chennai**](/cities/chennai) — South India's automotive, IT, and BPO capital with deep US and European tech tenancy. - [**Pune**](/cities/pune) — India's automotive engineering and IT secondary capital with deep captive tenancy. - [**Hangzhou**](/cities/hangzhou) — Alibaba-anchored Yangtze Delta tech capital with the deepest e-commerce HQ cluster in China. - [**Chengdu**](/cities/chengdu) — Western China's tech, gaming, and consumer-brand HQ capital. - [**Suzhou**](/cities/suzhou) — Yangtze Delta semiconductor and biotech capital with the deepest Singapore-China industrial park. - [**Yokohama**](/cities/yokohama) — Tokyo metro's port-anchored secondary CBD with deep Nissan, JVCKenwood, and BPO tenancy. - [**Nagoya**](/cities/nagoya) — Japan's automotive HQ capital with deep Toyota, Denso, and Aisin tenancy. - [**Hanoi**](/cities/hanoi) — Vietnam's political capital with deep Korean and Japanese FDI tenancy. - [**Phnom Penh**](/cities/phnom-penh) — Cambodia's emerging finance and FDI capital with deep Chinese investment tenancy. - [**Kuwait City**](/cities/kuwait-city) — Gulf banking and energy capital with constrained Class A inventory. - [**Manama**](/cities/manama) — Gulf financial services hub with deep Islamic banking and fintech tenancy. - [**Cairo**](/cities/cairo) — MENA's largest Class A market with the New Administrative Capital reshaping the post-2025 trophy tier. - [**Casablanca**](/cities/casablanca) — North Africa's banking and tech hub with deep Francophone shared-services tenancy. - [**Monterrey**](/cities/monterrey) — Mexico's industrial HQ capital with deep nearshoring and corporate-Mexico tenancy. - [**Rio de Janeiro**](/cities/rio-de-janeiro) — Brazil's energy and tourism HQ capital with deep Petrobras and state-owned tenancy. - [**Panama City**](/cities/panama-city) — Latin America's deepest USD-denominated banking and logistics hub. - [**San José**](/cities/san-jose-cr) — Central America's deepest BPO and Latin American shared-services hub. --- Citation: Source: Class A Atlas (https://classa.info/topics/class-a-lease-negotiation), updated 2026-05-29T16:17:29.065Z.