In this paper, the operation of a licensed shared access system is investigated, considering downlink communication. The system comprises a multiple-input-single-output (MISO) incumbent transmitter (TX)–receiver (RX) pair, which offers a spectrum sharing opportunity to a MISO licensee TX-RX pair. Our main contribution is the design of a coordinated transmission scheme, inspired by the underlay cognitive radio (CR) approach, with the aim of maximizing the average rate of the licensee, subject to an average rate constraint for the incumbent. In contrast to most prior works on the underlay CR, the coordination of the two TXs takes place under a realistic channel state information (CSI) scenario, where each TX has solely access to the instantaneous direct channel of its served terminal. Such a CSI knowledge setting brings about a formulation based on the theory of Team Decisions, whereby the TXs aim at optimizing a common objective given the same constraint set, on the basis of individual channel information. Consequently, a novel set of applicable precoding schemes consisting in letting the two TXs cooperate on the basis of the statistical information is proposed. We verify by simulations that this novel, practically relevant, coordinated precoding scheme outperforms the standard underlay CR approach.