sublease

The court found this exercise equally unhelpful, noting that "courts and commentators have supplied no consistent guidance as to which rights in the proverbial property bundle define ownership," and those that had attempted to define owner "held that site control is a sufficient indicator of ownership to impose liability on lessees or sublessors." (62) The court disagreed with this reasoning and rejected the site control test, observing that owner liability and operator liability denote two separate concepts; holding an owner liable because she exercised control over a facility would subsume operator liability into ownership liability.

Since even below-market rents are better than none, sublessors are offering a treasure trove of incentives, deeply discounted lease rates, free rent, generous tenant improvement allowances and, in some cases, even office and/or telecommunications equipment.

Because of the multiple roles of the bankrupt sublessor, both the surrender provision and the applicable nonbankruptcy law provision seem to apply when the sublessor rejects the lease or when the lease is deemed rejected.(13) While the applicable nonbankruptcy law provision provides the sublessee with the right to assert nonbankruptcy law to preserve its rights under the rejected lease, the surrender provision appears to mandate the sublessor to surrender immediately the property to the original lessor upon rejection.(14) The explicit language in section 365 appears to provide both the sublessee and the lessor the right to occupy the property after the bankrupt sublessor rejects the lease.

"As the sublessee, you want to have the ability to stay in the space should the sublessor go out of business or move.

In another similar case in Ohio, however, the landlord was not entitled to collect damages in the amount of the rent paid by the sublessor to the tenant.

The sublessor retains responsibility for the lease and its obligations.

A "private entity" is not only the owner, but can also be the lessee, sublessor, or the operator of the business.

Cushman & Wakefield announced that the firm has arranged an additional sub-fease totaling 24,650 rentable square feet at 777 Third Avenue on behalf of sublessor, Avon Products, Inc.

Mike Palmer of Bridge Commercial represented the sublessor.

Sublessor Kasowitz Benson Torres was represented by Douglas Elliman.

Blair Belk and Trey Lucy of Belk Lucy represented the sublessor in the sublease of 2,189 square feet of office space in Suite 102 at 1903 U.S.

Sublessor Tapad was represented by Eric Cagner, Greg Wang and Zach Weil of NKF.

* Brad Auerbach, David Hollander, Ken Meyerson and Mary Ann Tighe represented sublessor Crain Communications in a 28,565 s/f lease at 685 Third Avenue with IntraLinks, Inc.

The sublessor, Meredith, was represented by Frank Doyle, vice chairman; Randy Abend, senior vice president; and Betsy Buckley, vice president, all with JLL.