Contributed By Allen Matkins Leck Gamble Mallory & Natsis LLP
A lease allows a tenant to occupy a property under certain terms and conditions for a set period of time. There are ground leases, master leases, and space leases. Ground leases, in which a tenant leases the ground and develops the property, are becoming more common, and are generally 55 to 99 years long. Master leases, in which a tenant leases the entire building and then finds subtenants, are rare. Space leases, in which a tenant leases a particular space, dominate the market.