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 ?
My landlord gave me the runaround and said subleasing wasn't permissible," she recalls.
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.
The 22,400 s/f space is being vacated by the Jewish Association for Services for the Aged, which is shifting its operations to the entire 10th floor where it is subleasing space from Health Insurance Plan of New York.
Hanson has been appointed as the exclusive subleasing agent for 2,400 s/f feet of available space at 1133 Route 23 South in Wayne, NJ.
Another existing tenant, printing and reproductions firm Merisel then expanded, subleasing the entire fifth floor.
Jones Lang LaSalle is also subleasing 10,317 s/f at the 184,588 s/f 430 Mountain Avenue for an unnamed client.
Such chunks might have gone wholesale today, but considering the depressed state of the leasing market over the past few years, broker CRESA Partners, who handled the subleasing, was hard pressed at first to get potential tenants to even look at the space.