Does commercial lease have depreciable value?

Let's say that a vacant commercial building has a market value of $100,000.

The same building with a long-term lease to a strong lessee might sell for $150,000.

If I buy the building for $150,000 can I value the real estate at $100,000 and depreciate it over 39 years and value the lease at $50,000 and depreciate it over the term of the lease?

If the lease term were only ten years, say, then this would yield a much greater annual depreciation deduction.

Depreciation is the loss in value of an asset/building over time due to wear and tear, physical deterioration and age.

Currently, the depreciable life of residential real estate is 27.5 years and 39 years for commercial real estate. The recapture rate for real estate depreciation is 25%

For commercial real estate straight line depreciation is used. Straight line depreciation stipulates that an asset must be depreciated by equal amounts each year over its useful life.

I know that when determining depreciation you must seperate the land from the structure as the land does not depreciate. I am not sure if you can seperate the value of the lease from the building though. Definately a question for a Real Estate Attorney.