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I can tell you how it's done in Germany, don't have any detailed knowledge about the process in the US. But generally, the overall steps should be similar. Someone else can probably confirm that or correct me.
First, obviously, you have to find someone else who wants to take the lease. You have to submit a request for change of lessee (is that the correct term? lol) to BMW Bank. They will then check the finances of the new lessee and after a positive credit check will give the OK. The new lessee will have to pay a fee for the transfer of the lease (it's 500€ in Germany) and will continue with the same monthly payments/mileage/balloon payment as stated in your lease contract.
Overall it's nothing major, many people are doing this all the time.
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