A landlord right to reclaim all or part of the leased premises if the tenant seeks to assign the lease or sublet the space, effectively intercepting the subletting transaction and eliminating the tenant's ability to profit from it.
Recapture rights allow a landlord to terminate the existing lease for the space a tenant wants to sublet or assign, enabling the landlord to re-lease that space directly at current market rates. This eliminates the "profit" a tenant would otherwise capture if current market rents exceed the tenant's lease rate. From the tenant's perspective, recapture rights can make subleasing economically unattractive since the landlord captures any upside. Tenants should negotiate to exclude recapture rights entirely, or limit them to situations where the sublease rent exceeds the lease rent by a threshold percentage. The presence and scope of recapture rights is a key item in an assignment/subletting analysis.
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