primary lease

primary lease

The lease between a landlord and a direct tenant. Contrast with a sublease, which is between the tenant and a subtenant.

References in periodicals archive ?
Six years remain on primary lease with options to renew.
The property is fully leased to Walgreens and will have 20 years of primary lease term remaining upon commencement.
In the Niobrara oil shale play Fidelity Exploration & Production Company has signed an agreement to acquire approximately 27,000 net acres with primary lease terms of five years.
Due to the construction component, financing was secured for a 26-year term, to mirror the approximate ten-month construction period and the 25-year primary lease between ownership and tenant.
Several years remain on primary lease with five year option to renew.
With the help of its tenant rep, the New York office of The Staubach Company, Novell, whose 10-year primary lease for the 35th floor ended in January, searched all along the Sixth Avenue corridor for a new home.
Having such "privity of contract" with the property owner assures the space user that building services will be available directly from the landlord without the involvement of an intermediary, whereas a subtenant is at risk of losing its space as a result of its sublandlord's default under the primary lease.
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