sublease

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sublease

The relationship created when a tenant rents some or all of its premises to another for some or all of the remaining term of the original tenant's lease. Technically, if the tenant transfers all of its interest, that is an assignment. If the tenant retains some of the space, or some of the time under the lease, that is a sublease. At all times, the tenant remains liable under its lease with the building owner.

References in periodicals archive ?
* Tech firms have an average sublease term of 4.4 years, one year shorter than the average sublease term for non-tech tenants;
The most frequent users of tower sublease space, according to Jones Lang LaSalle, are boutique hedge funds.
The vast majority of available sublease space along the Wasatch Front today was once occupied by national credit tenants who are still honoring their lease agreements.
It's your tenant, telling you he wants to sublease 10,000 square feet of office space.
The Avenue of the Americas space also came on and off the market in a matter of months, Turchin said, an unusually quick turn-around for sublease space.
"The average time to market sublease space exceeds 16 months, but UGL Equis was able to sublease Galleon's space in just nine months, securing an above-market rental rate for Galleon," said the company in a statement.
The Subtenant should confirm that the term of the sublease, including any renewal options, does not exceed the term of the ground lease.
Rapp represented Aon in its downtown move and is handling the roughly 91,372 s/f of remaining space at 55 East 52nd Street that Aon is seeking to sublease. Located on the triangle shaped towers floors 32-34, the space was built out by Aon and is ready for immediate occupancy.
The amount of vacant sublease space in NJ continued to increase before reaching its peak of 9.8 million square feet in 2002, representing the overwhelming ratio of 34.1% of the overall vacant space in the market.
The latest sublease, on the fourth floor of 800 Third Avenue, went to Renaissance Technologies Corp., a firm that already occupies space in the building and is using the sublease as an economical opportunity to expand.
The market will remain level with equal incentives and decreasing sublease for at least the next year.
Ken Krasnow, senior managing director and head of Cushman & Wakefield's New York offices, said the increases in subleases and renewals this year indicate that tenants expect the market to rebound from current levels.