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In a tenancy agreement, the lease is transferred to a third party, making the former tenant a subtenant and the new tenant a subtenant or subtenant. This means that they don`t just rent the property, but they sublet it at the same time. [15] For example, if a company rents an office directly by an owner, the owner, and then withdraws from the office, the company can sublet the smaller office space to another company, the subtenant, and enter into a new lease agreement for a larger office space, which will cover its real estate risk. . . .