Firms seeking space often search for, or eventually select sublease space available on the market.
Benefits to this type of arrangement can be significant:
- Often, space is available at a discount to typical market rents
- Sublease space often comes with furniture and other technology in place
- Subleases can be for shorter terms than the typical 5 year lease arrangement
- The transaction is typically faster, as the sublease document is usually a shorter document, subject to the prime lease already in place
However, certain potential limitations should also be considered:
- Expansion provisions typically available to a prime tenant, are not always available to a subtenant
- Renovations may not be as easy to obtain, and may have to be removed at end of the sublease
- Renewal options should typically be discussed at initial agreement and are often second to existing tenants that may wish to expand
- The financial stability is important to consider, as if they default, your sublease may be terminated or revert to the rental rates in the prime lease.
We advise a detailed review of all existing leases and amendments, confirmation of Landlord consent to the sublease, and consideration for direct renewal options at the expiration of the sublease. Please view below a summary of several sublease opportunities available. Please also reach out to us to discuss newer market options, and more transaction-specific considerations important for any sublease agreement.
Office Sublease-Furniture included-Below market2 Research Way
2 Research Way, in Forrestal Center, high end office park. Furniture and other systems included, space available now. On site cafe and management. Hotel, banking and day care within complex. Across from Forrestal Village Sublease to 10/2020