75% of the Transfer Premium With Nothing Deductible
Five executed leases filed with the SEC share one Article 14 and disagree about what a tenant may subtract before splitting sublease profit with its landlord. Sagimet's May 2026 Foster City lease takes 75% of the Transfer Premium and lists no deductions at all. Obsidian's Cambridge lease allows four. Ethos's San Francisco lease allows two. In August 2018 Global Blood Therapeutics bought one parenthetical, 23 words long, that added the unamortized cost of its own build-out to the list, and paid for it by letting the landlord ignore five months of free rent. Vacant sublease space is down 15.4% year over year to 95.6 million square feet, and in San Francisco sublease asking rent is $52.34 against a direct class A label of $77.89, so for most tenants the premium is zero and the clause still costs a $1,500 review fee and a CPA certification.