sublease


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sublease

n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. In any event, the original tenant (lessee) is still responsible for paying the rent to the owner (landlord/lessor) through the term of the original lease and sublease. (See: lease, rent)

sublease

verb allow the use of, demise, grant a deeise, grant a lease, hire, let out, make available for rent, rent, rent out, sublet, subrent, underlet

sublease

a lease of property made by a person who is himself a lessee or tenant of that property, or the act of granting or taking such a lease.

SUBLEASE. A lease by a tenant to another tenant of a part of the premises held by him; an underlease.

References in periodicals archive ?
Lastly, remember that in the large majority of cases, a sublease requires the consent of the "master landlord"--so your landlord, who is a tenant under a master lease, is obligated by the terms of the master lease to get the master landlord's consent, and that consent is an important pre-condition to the effectiveness of the sublease.
Identify a potential subtenant and establish key business terms: Once you've spoken with your landlord and you are certain that you will be pursuing a sublease, the next step is to sketch out the key business terms of a sublease arrangement (rent, term, etc.) and identify a potential subtenant.
Garcia says that while sublessors often undersell face-market rates in Class A and B buildings by as much as 25 percent, potential sublease tenants must be willing to accept some compromises.
FM directs the BK1 affiliate to pay BK1 annual amounts equal to 90% of FM's annual rent obligation under the sublease (i.e., amounts sufficient to satisfy X's debt service obligation to BK1).
Given economic parity with a sublease, the freedom of lease termination beckons alluringly.
* Tech tenants finalized sublease agreements an average of 8.8 months after a space was listed, while non-tech firms took nearly 2.5 months longer on average to acquire their space;
A sublease transfers less than the entire term and interest in a lease.
"I think that the tenant world has become very astute," Turchin said; instead of offering up the back office, tenants looking to sublease are now offering the most marketable space they can, and they're offering more appropriate terms and build-outs.
Some may be marketable next year, some situations may change next year," he said, but "not [all] the sublease space is going to go first [just] because it is priced cheaper."
But that trend was short-lived; rents on sublease space quickly fell in the next quarter.
Between July and December 2008, available sublease space in Manhattan rose to 11.2 million square feet from 7.2 million square feet, according to CB Richard Ellis.
The company will be rolling personnel into 1345 and an office in White Plains from another Manhattan location that it occupies, 135 West 50th Street, where it is planning to sublease space.