The Sublease That Surrenders the Prime Right
A sublease priced to clear quickly can give away the renewal right on the master lease a tenant needs most.
A tenant with surplus space subleases to stop the bleed, and the price that clears the fastest is the price that ignores the master lease. The sublease that prices below market to move quickly can trigger a recapture right the landlord holds, or surrender a renewal option the tenant needed on the prime space.
We read the master lease before we price the sublease. The recapture, the assignment and subletting consent, and the profit split all govern what the tenant can actually keep, and a sublease structured wrong can cost the tenant the prime renewal right that was the reason they signed the master lease in the first place.
The subtenant is the other variable. A subtenant whose use does not fit the permitted use clause will not get the landlord's consent, and the deal will sit. We verify the use, the credit, and the term against the master lease before the sublease goes out, because the sublease is a transaction inside a transaction.
The common area maintenance clause is where a landlord hides the cost basis a tenant will pay for a decade.
The renewal option is worth what the tenant can negotiate on the day it is exercised, not the day it is granted.