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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
"My landlord gave me the runaround and said subleasing wasn't permissible," she recalls.
The company, which took more space than it needed in order to provide room in which to grow, has been subleasing the 20th floor in a string of short-term deals.
Another existing tenant, printing firm Merisel, then expanded, subleasing the entire fifth floor.
In addition to shedding its offices at 111 Livingston Street, the healthcare company will also be subleasing other offices at 180 Livingston Street, 45 Main Street in Dumbo, and 33 Irving Place in Manhattan.
Aon wound up subleasing 220,000 s/f in the building that was being offered by Wachovia, which has shed massive blocks of space downtown that it had inherited as a result of a 2003 merger with Prudential Securities.
At a time when full floors (of approximately 12,000-plus square feet) are scarce in the ever-tightening Plaza District submarket, Taubin was able to secure a new long-term direct lease with the landlord on the floor, of which his client is currently subleasing approximately half, to commence upon the expiration of the sublease in July 2007.