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.
Lessees may list their lease with spacegrab.com through the “List A Lease” tab on the home page. Lessees are required to sign up and create an account, which will also enable them to be contacted by prospective transferees that are searching listings and to track and edit their current listings.
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.
Please refer to the valuation/appraisal services link. You can simply send us an inquiry through the Products & Services page.
Once you sign in, you can see all of your listings in My Spacegrab / My listings. Alternatively, you can use the address, listing number or pertinent keywords in the Search Listings tab.
Spacegrab offers legal assistance services. To inquire about legal services, simply go to Products & Services page to contact us at an inquiry.com.
A commercial sublease is a tenant-to-tenant agreement that is created and signed to govern the occupancy of a commercial property. The leasing of a commercial property usually involves two parties: a person or company that owns commercial property and the person or company that agrees to lease that property. A commercial sublease, however, adds another party to this arrangement. Essentially, a commercial sublease is a contract that allows a person or business to rent from the original tenant of a commercial lease. Instead of having a contract with the owner of a commercial property, a commercial sublettor has a contract with the original renter. The original renter doesn’t cancel or otherwise give up the lease he’s signed with the owner of the property. Instead, he has two contracts. He maintains the original lease he has with the owner and has a separate contract with the commercial sublettor. In some cases, commercial subleases are used when a business owner needs to vacate his leased property before the lease term has expired. For example, a business owner may lease a storefront, signing a two-year lease. After several months, he may decide that he wants to close his business or move it to a new location. Trying to end his lease early could prove problematic, so he may instead decide to rent the property out to a new tenant. When this sort of arrangement goes smoothly, the business owner finds a way out of paying rent on a property he doesn’t want to use, without breaking his lease.
Sometimes a businessperson does plan to use a commercial space he has rented but does not need all of it. This is another situation in which a commercial sublease may work well. For example, if a commercial tenant is leasing office space but finds that he only needs about half the space he has rented, he may offer the remaining space to a sublettor, which allows him to remain in the leased space without having to pay the rent on his own.
When an original renter is planning to offer a prospective tenant a commercial sublease, it’s important that he carefully checks the terms of the original lease first. Some commercial leases may prohibit subleasing or require the original tenant to obtain the landlord's consent first. If the terms of the original lease prohibit subleasing, a commercial sublease contract would be considered void and could result in legal action.
Transfer by the original tenant (the assignor) of his or her rights to a sub-tenant (the assignee) to use the leased property. The assignor remains liable under the original lease contract unless expressly released by the landlord.
Business valuation services can also be found through the valuation/appraisal services on the Products & Services page.
Please review your lease and seek legal services if necessary. Legal advice can be obtained through the "legal services" tab on the home page.