Definition: The completion of construction of a shell lease building according to the terms agreed upon by the landlord (lessor) and the tenant (lessee). Like many real estate terms, the definition, description, and details of a "build-out" are relative to the location and situation. For example, one shell lease may include tenant improvements (TI's) in the build-out description; a different shell lease may not.
Terms, Definitions, and Concepts: Real Estate, Construction and Building, Appraisal, Auction, Finance and Investment, Management
Added: Tue Jul 22 2008