A 1,000,000 sq. ft. building with significantly below-market rents requested an audit of sublease profits. Property Manager was concerned that sublease profits were not being collected.
The Realogic Lease Abstracting department abstracted the sublease clauses for every lease in the building and then performed an on-site occupancy audit to identify tenants with potential sublease profits. Thirty (30) subtenants were found that had not been recognized by the Landlord, as sublessor did not seek Landlord Consent. Compliance with existing sublease language increased annual revenue by $50,000.