Spacegrab.com is a web-based commercial real estate lease listing site that allows tenants to trade their leases and potentially their businesses either through a sale and/or assignment, or sublease, on the open market without having to wait for their lease term to expire. Current lessees can list their leases on the site and prospective business owners/tenants can search current listings for sublease space, an assignment of a leasehold interest or acquire a business either through an assignment or have an entirely new lease drafted.
Essentially, spacegrab.com allows for leases to be traded on the open market. It has two primary features: listing existing leases of occupied space and allowing a search for leases of occupied space.
Tenants are encouraged to have their leases reviewed to determine whether or not landlord approval is required to transfer their obligations in their leasehold interest. If they cannot transfer their interests by right, tenants should discuss their predicament with their respective landlords and seek approval before listing on spacegrab.com. Once a prospective tenant matches up with a listing lessee, they can negotiate a sublease, assignment, or assignment and sale of the business. Throughout this process, all parties may seek legal advice and obtain other ancillary services such as escrow, brokerage, appraisal/valuation, lease financing and general technical assistance.
Prospective lessees simply search the existing pool of lease opportunities and once they arrive at the property profile of a listing they wish to inquire about, the searching party can then click on the “contact lessee” tab and the listing party will be immediately notified.