Judges Pressler *fn1, Dreier and Kleiner.
The opinion of the court was delivered by: Dreier, J.A.D.
Plaintiff, a real estate broker, appeals from a summary judgment dismissing its complaint for a real estate commission based upon plaintiff's negotiation of a proposed lease between defendants, the owners of a strip mall, *fn2 and Blockbuster Video. Plaintiff approached defendants with Blockbuster as a potential tenant and negotiated the terms of a proposed lease for an out- building to be constructed in defendants' strip mall. Defendants' argue that plaintiff is not entitled to a commission as the proposed lease was never signed and because the plaintiff and the defendants did not execute a commission agreement. We reverse.
The terms of the proposed lease were incorporated into a letter of intent which was allegedly signed by Jack Forgash on behalf of the property owner on February 24, 1989, and later by the proposed tenant. *fn3 Jack Forgash denied that he signed the letter of intent, but for the purpose of the motion for summary judgment, we must assume the signature is genuine. The letter, prepared by plaintiff, reads as follows:
The following outline describes the leasing arrangement previously agreed to between the undersigned owner Bloom Realty and tenant New Jersey Blockbuster Limited for the proposed addition to the Bloomfield Plaza Shopping Center, 107- 135 Bloomfield Avenue, Bloomfield, New Jersey.
Total Area: 7,000 square feet
Lease Term: 15 years (1) five year renewal option
1-5 $16.00 triple net per square foot
6-10 $20.00 triple net per square foot
11-15 $25.00 triple net per square foot
Option based on 100% CPI Formulas Tenant shall have the right of first refusal to lease for an additional period of ten years. Terms to be negotiated.
Rental Maximum 90 days for tenant to complete necessary interior
Concession: construction. If business opens before expiration of this ...