NEW YORK (BLOOMBERG) -- Meta Platforms Inc. is opening its first flagship store in Manhattan, expanding its push into physical retail with a space along one of the world’s priciest shopping corridors.
Meta signed a 10-year lease with Vornado Realty Trust to occupy an entire five-story building at 697 Fifth Ave., which is adjacent to the St. Regis Hotel, according to a statement Wednesday.
Facebook’s parent company opened its first flagship store, branded Meta Lab, in Los Angeles last year. The space allows visitors to try Meta’s artificial intelligence glasses and virtual reality headsets. Meta also operates a store in Burlingame, California.
“We’re proud to make a long-term commitment to Fifth Avenue, the heart of US retail,” Matt Jacobson, vice president and creative director of wearables at Meta, said in the statement.
The deal expands on Meta’s already-significant presence in New York. It leased the entire office space at the redeveloped Farley Building in 2020.
Manhattan’s retail scene has been recovering from pandemic lows, with the available supply in the fourth quarter of last year 40% below the peak in 2021, according to a CBRE Group Inc. report. Rents in the Plaza District, on Fifth Avenue from 49th to 59th streets, are the highest in the city at $2,569 per square foot, CBRE said.
More stories like this are available on bloomberg.com.