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Assignment: A transfer by lessee of lessees entire estate in the property.
Building or "Core" Factor: Represents the percentage of Net Rentable Square Feet devoted to the building's common areas (lobbies, rest rooms, corridors, etc.).
Attorn: To turn over or transfer to another money or goods.
To agree to recognize a new owner of a property and to pay him/her rent.
This factor can be computed for an entire building or a single floor of a building.
Also known as a Loss Factor or Rentable/Usable (R/U) Factor, it is calculated by dividing the rentable square footage by the usable square footage. Building Standard: A list of construction materials and finishes that represent what the Tenant Improvement (Finish) Allowance/Work Letter is designed to cover while also serving to establish the landlord's minimum quality standards with respect to tenant finish improvements within the building.
Absorption: The rate, expressed as a percentage, at which available space in the marketplace is leased during a predetermined period of time. Absorption Rate: The net change in space available for lease between two dates, typically expressed as a percentage of the total square footage. This is a tax imposed on the value of property (references a general property tax), which is typically based on the local governments valuation of the property.
Add-On Factor: Often referred to as the Loss Factor or Rentable/Usable (R/U) Factor, it represents the tenants pro-rata share of the Building Common Areas, such as lobbies, public corridors and restrooms.
Generally, it reflects a loan amortized over a longer period than that of the term of the loan itself (i.e.
payments based on a 25 year amortization with the principal balance due at the end of 5 years). Bankrupt: The condition or state of a person (individual, partnership, corporation, etc.) who is unable to repay it's debts as they are, or become, due.
A negotiated allowance is then provided for the tenant to customize or upgrade materials. Build-out: The space improvements put in place per the tenant's specifications.
Takes into consideration the amount of Tenant Finish Allowance provided for in the lease agreement.
Once the base year expenses are known, the lease essentially becomes a dollar stop lease.