>If someone comes along and says "I'll pay 50% of the current lease", the owner could go to the current leaseholder and say "I'll let you out of your obligation

>If someone comes along and says "I'll pay 50% of the current lease", the owner could go to the current leaseholder and say "I'll let you out of your obligation if you pay 60% of the remaining rent" (discounting for present value). This is a fun idea. The amount above 100% current lease value is likely 1) the risk of the new tenant vs the old tenant and 2) the optionality of the old tenant wanting this space in the future. >you've also just lowered your property's value on paper. Not really. you've increased the value since you're getting 110%. Plus it's not like leases are public knowledge. >make such long-term leases unenforceable if this were in place, all leases would be priced higher to account for the lower enforceable term.