Go-Dark - The condition that results from a tenant's closing its business, even though the lease is still in effect. Lease language may provide a means for a landlord to void a lease and take back the leased premises if the tenant ceases to operate its business at that location.
Gross Building Area - The sum of areas at each floor level, including basements, mezzanines and penthouses included within the principal outside faces of the exterior walls and neglecting architectural setbacks or projections.
Gross Investment in Real Estate (historic cost) - The total amount of equity and debt invested in real estate investments, including the gross purchase price, all acquisition fees and costs, plus subsequent capital improvements, less proceeds from sales and partial sales.
Gross Leasable Area - The portion of total floor area designed for tenants' occupancy and exclusive use, including storage areas. It is the total area that produces rental income.
Gross Lease - A lease of a commercial property whereby the landlord (lessor) is responsible for paying all property expenses, such as taxes, insurance, utilities, and repairs.
Gross Square Feet - Usually refers to gross area of a building by measuring from the outside of its exterior walls and including all vertical penetrations, such as elevator shafts. Also includes basement space.
Ground Lease - A long-term lease of land, entered into by a tenant to construct a building (at its expense) from which to conduct its business.
Ground Rent - Rent paid to the owner for use of land, normally on which to build a building. Generally, the arrangement is that of a long-term lease (e.g. 99 years) with the lessor retaining title to the land.
Guarantee - To assume liability for another's debts in the event of his default.
Guaranty - A promise by one party to pay a debt or perform an obligation contracted by another in case of that person's default.