sublease

/ˈsʌbliːs/ noun [C or U] (also sublet, also underlease) PROPERTY, LAW

Definition

› an arrangement by which you allow someone to rent all or part of a building that you are renting from someone else: There are concerns that downsizing companies might put too much office space up for sublease.

› an arrangement by which someone rents all or part of a building from another person who rents it from the owner: The head tenant will grant subleases in consideration of a premium and a low rent.

(Definition of sublease noun from the Cambridge Business English Dictionary © Cambridge University Press)