Letting Tenants Sublet a Commercial Office

[Michael G.]

Hello BP!

I have a 4,000sf/4 office Professional Office building in West Palm Beach, FL.  One of my tenants still has 18 months (~$40K) left on a three year lease, but they went out on their own and leased another space across town and moved out.  They are still paying rent (for now), but complaining pretty loudly about me not letting them out of their lease.  I have NO intention of doing so and will seek a judgement against them if they stop paying.  I could write a comedy about their reasons why the office they've been in for 5 years has suddenly become uninhabitable :).

I'm willing to work with them, and said I'd let them out if WE (they and/or me) could find another acceptable tenant.  I've been advertising and have agents working on it for two months now, and even advertised at a reduced rent but no bites in the current climate.  They have made ZERO effort to bring a solution to the table.

I'm thinking they can sublet it for the remainder of their lease term or until we find a permanent replacement tenant.  Lease is $2,200/mo, and while no bites at that price, I'm sure tenant can sublet it for $1,500, and thus only be out of pocket $700/mo.  Obviously I'd have to approve the sublet.

Is there something that I'm missing here or getting myself exposed to?  I'd appreciate anyone's experience in doing something like this, either positive or negative.