Best Buy has signed a 10-year lease for 40,839 square feet at Moinian Group’s 535 Fifth Avenue. The lease will span the first, second, mezzanine, and basement levels of the property.
- Relocating nearby: The new store is located across the street from the existing Best Buy store at Silverstein Properties’ 529 Fifth Avenue. The consumer electronics retailer is planning on moving to its new location in late 2020 or early 2021.
- By the numbers: Best Buy will pay $8.25 million annually during the initial term of the lease. That sum will increase to $10.45 million if the first extension option is exercised, and to $11.495 million if the second extension is picked up. TRD cited these lease numbers from TASE documents.