Standalone two-building high-street site at Melrose Ave & Norwich Dr, directly opposite the Pacific Design Center in West Hollywood’s design/luxury corridor. Whole-property lease (land + two buildings + parking) — NOT a shopping-center lease: gross rent, no CAM, no % rent, no co-tenancy. 8670 Melrose formerly housed Balenciaga.
Estimated annual traffic
No published visitor count — high-street corridor near Melrose Place; heavy vehicle traffic on Melrose (broker material); Walk Score 80
Major luxury brands
The Row, Chloé, Vince, A.P.C., rag & bone along Melrose / Melrose Place; Pacific Design Center anchor across the street
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
1
$2,300,000
$210.05
in rent
in rent
—
$2,300,000
$210.05
n/a
2
$2,386,250
$217.92
in rent
in rent
—
$2,386,250
$217.92
n/a
3
$2,475,734
$226.09
in rent
in rent
—
$2,475,734
$226.09
n/a
4
$2,568,574
$234.57
in rent
in rent
—
$2,568,574
$234.57
n/a
5
$2,664,896
$243.37
in rent
in rent
—
$2,664,896
$243.37
n/a
6
$2,931,386
$267.71
in rent
in rent
—
$2,931,386
$267.71
n/a
7
$3,041,313
$277.75
in rent
in rent
—
$3,041,313
$277.75
n/a
8
$3,155,362
$288.16
in rent
in rent
—
$3,155,362
$288.16
n/a
9
$3,273,688
$298.97
in rent
in rent
—
$3,273,688
$298.97
n/a
10
$3,396,451
$310.18
in rent
in rent
—
$3,396,451
$310.18
n/a
Note: TRUE GROSS lease — landlord pays RE taxes, landlord’s insurance and structural repairs; the $500K "NNN Charges" line is an internal allocation inside Base Rent with no tenant reconciliation. Rent years run May 15–May 14 (Lease Year 1 = 18 months incl. 8 abated). Excludes utilities (tenant-paid direct) and tenant’s roof-membrane/repair duties.
NONE — no percentage rent, no breakpoint, no sales reporting to landlord anywhere in the lease
Sales reporting
Only obligation: report sales to tax authorities as made in City of West Hollywood (§31.2)
Other key terms
TI allowance / Landlord’s work
NONE — as-is delivery; landlord delivers HVAC/electrical in good working order + as-builts. REVERSE of a TI deal: tenant must BUILD A NEW BUILDING in part of the parking area (start ≤2 months after opening; anticipated completion ≤2 yrs from LCD), spending ≥$1,533,333 or repaying the shortfall (§10.1)
Security deposit / prepaid
$1,150,000 deposit (6 months rent, no burn-down) + 1st month’s rent $191,667 prepaid — $1,341,667 total at execution; returned ≤10 business days after expiry
CAM / Taxes / Insurance
GROSS — no CAM, no tax pass-through, no reconciliation; tenant pays only personal-property taxes; landlord property insurance @90% replacement cost inside rent
Utilities / HVAC / repairs
Tenant pays all utilities direct (no landlord markup). Landlord: structural, foundation, roof structure, parking, sidewalks. Tenant: all non-structural INCLUDING ROOF MEMBRANES of both buildings + full structural of the new tenant-built building; tenant emergency self-help with rent offset (§9.1)
Insurance (tenant)
CGL $1M/$2M (landlord additional insured); workers’ comp + EL $1M; all-risk on FF&E; carriers A.M. Best A- VII+; mutual subrogation waiver
Co-tenancy / kick-out
NONE — no co-tenancy, no sales kick-out either direction; only delivery-failure and casualty/condemnation terminations
Relocation
None
Radius restriction
None on tenant
Assignment
Consent required, not unreasonably withheld; DEEMED consent if no response in 30 days; broad carve-outs (affiliates, franchisees, merger, asset sale, public co.); tenant released on assignment to assignee with ≥$50M net worth; $500 fee, $2,500 expense cap; landlord waives landlord’s lien
Default / late
Late charge 3% after 10-day notice (max 2 notices/yr); interest 10%; monetary cure 5 business days after notice; holdover 125%
Watch — outs (executed lease)
Rent abatement ($1.53M) is conditional — recaptured dollar-for-dollar if 2-yr construction spend falls short; model free rent as contingent
Tenant must retain landlord’s architect (Patrick Tighue) as permitting consultant; new building may not reduce SF of existing buildings
No renewal option — hard stop at 128 months despite major tenant capex
Tenant maintains roof membranes (unusual) and all of the new building it constructs
Existing storefront may not be drilled/penetrated; exterior vinyl/paint triggers restoration
Escalation-timing drafting inconsistency in §4.3.1.1 (first increase wording) — flag for legal; ¶H monthly-rent typo "$191,666,67"
Source: _HAUS-LA.pdf | FULLY EXECUTED lease (DocuSign, Sep 3, 2025) — 1830 La Cienega LLC / IICOMBINED USA Inc.
Open-air super-regional center (~1.2M SF) in University City / La Jolla trade area, San Diego — $600M redevelopment (2017) added a luxury wing; adjacent to UC San Diego and the Golden Triangle office market.
Hermès, Louis Vuitton, Gucci, Saint Laurent, Tom Ford, Zegna; Nordstrom anchor
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint (FIXED)
1
$481,800
$120.00
$172,364
$85,158
$25,294
$764,617
$190.44
$4,336,200
2
$496,254
$123.60
$180,982
$87,713
$26,559
$791,508
$197.14
$4,336,200
3
$511,142
$127.31
$190,031
$90,344
$27,887
$819,404
$204.09
$4,336,200
4
$526,476
$131.13
$199,533
$93,055
$29,282
$848,345
$211.29
$4,336,200
5
$542,270
$135.06
$209,509
$95,846
$30,746
$878,371
$218.77
$4,336,200
6
$558,538
$139.11
$219,985
$98,722
$32,283
$909,528
$226.53
$4,336,200
7
$575,294
$143.29
$230,984
$101,683
$33,897
$941,859
$234.59
$4,336,200
8
$592,553
$147.58
$242,533
$104,734
$35,592
$975,412
$242.94
$4,336,200
9
$610,330
$152.01
$254,660
$107,876
$37,371
$1,010,237
$251.62
$4,336,200
10
$628,640
$156.57
$267,393
$111,112
$39,240
$1,046,385
$260.62
$4,336,200
Note: CAM and Promo compound 5% each calendar Jan 1 after RCD (schedule approximates by lease year). Taxes est. $21.21/SF, pro-rata reconciled (denominator excludes Majors/theaters/restaurants). Excludes: electric (direct), water/sewer $0.33/SF, fire detection $625/yr, HVAC (tenant maintains own unit).
Assumptions used in the schedule
Floor Area (SF)
4,015 SF
Year 1 Minimum Rent ($120.00/SF)
$481,800.00
Rent escalation (stated schedule)
3%
Fixed CAM Y1 ($/SF)
$42.93
CAM/promo escalation (compounded each Jan 1)
5%
RE taxes est. Y1 ($/SF, pro-rata, reconciled)
$21.21
Tax growth assumption (not in lease)
3%
Promotional Charge Y1 ($/SF)
$6.30
Percentage rent rate
12.5%
FIXED annual breakpoint (flat all 10 yrs)
$4,336,200
Percentage rent / sales
Percentage rent
12.5% of Adjusted Gross Sales over FIXED breakpoint $4,336,200/yr ($1,080/SF), flat all 10 years — ABOVE Y1 natural ($3.85M): tenant-favorable early, never escalates
Gross sales definition
Broad — includes internet/app orders originating/accepted at Premises and BOPIS pickups; exclusions: sales tax, returns, transfers, bad debts ≤3%, card fees ≤3%, fixture sales
Reporting / audit
Monthly in 10 days; certified annual in 45 days; $50/statement/day late LD; audit w/ cost-shift if understated >3%; records 3 yrs
Other key terms
TI allowance / Landlord’s work
NONE — AS IS / WHERE IS; all work tenant’s cost. Chargebacks: temp power $400/day, trash $6,500, mall tile $20/SF, sprinkler drain $400; construction deposit $5,000 (50% refundable)
Security deposit
$191,144 due at execution (no possession until received); credited against rent after 114th month if no default; no LC, no guaranty
Co-tenancy
None
Kick-out / early termination
No tenant sales kick-out. LANDLORD REDEVELOPMENT TERMINATION: after Lease Year 4, 240 days’ notice, pays only unamortized tenant-funded improvements (§6.04(b))
Relocation
None (redevelopment termination is a walk-away, not relocation-with-replacement)
Radius restriction
15 miles — sales of radius-violating store fold into % rent; stores open at commencement excluded
Assignment
Consent (not unreasonably withheld); 60-day notice + financials; no tenant release; 100% of excess sublease rent to landlord; IPO carve-out
Utilities / HVAC
Electric direct; water/sewer $0.33/SF; fire detection $625/yr; tenant operates & maintains own HVAC unit
Default / late / operation
Late 3% + 10% interest; monetary cure 10 days; continuous operation covenant (failure = default); CROSS-DEFAULT with other URW-affiliate leases; holdover 150%; rent via landlord portal, ACH can be compelled
3 years from opening, then automatic 1-year extensions
Renewal
Automatic 1-year extensions
Delivery
Open by Oct 2026
Free rent
n/a
Structure
License fee: 20% / 15% / 13% of net sales
Year-1 base rent
License fee replaces rent
Base rent / SF
—
Year-1 fixed cost
—
Fixed cost / SF
—
Percentage rent
Fee replaces rent
TI allowance
None; GM pays full fit-out
Deposit / guaranty
None
Location
Introduction
Shop-in-shop boutique inside Holt Renfrew’s Vancouver store at CF Pacific Centre, downtown Vancouver — Holt Renfrew’s top-producing location and the only Holt Renfrew in the Vancouver trade area. NOT a lease: a license/concession — sales run through Holt Renfrew’s POS and HR settles net of fees monthly.
Holt Renfrew multi-brand luxury (Canada’s leading luxury retailer); CF Pacific Centre hosts Harry Rosen, Canada Goose flagships
Concession economics — illustrative (CAD)
What Holt Renfrew keeps at different sales levels. Amounts in CAD; sales levels are illustrative.
Assumed Net Sales (CAD)
Fee rate
License fee
Operating 2%
Processing 2%
Total HR charges
Effective take
Net remitted to GM
C$2,000,000
20%
C$400,000
C$40,000
C$40,000
C$480,000
24%
C$1,520,000
C$3,000,000
20%
C$600,000
C$60,000
C$60,000
C$720,000
24%
C$2,280,000
C$4,000,000
20%
C$800,000
C$80,000
C$80,000
C$960,000
24%
C$3,040,000
C$5,000,000
15%
C$750,000
C$100,000
C$100,000
C$950,000
19%
C$4,050,000
C$6,000,000
15%
C$900,000
C$120,000
C$120,000
C$1,140,000
19%
C$4,860,000
C$8,000,000
13%
C$1,040,000
C$160,000
C$160,000
C$1,360,000
17%
C$6,640,000
Note: Agreement is silent on marginal vs. cliff tier mechanics (“tiered based on Annual Net Sales across all Boutiques”) — cliff basis applied above; CONFIRM WITH HR. Fees computed monthly on HR’s fiscal calendar; §2.04 computes per-Boutique while Part A tiers on aggregate across all Boutiques (ambiguity). Effective all-in take: 24% / 19% / 17% by tier (+5% on personal-shopper sales). No minimum fee, no base rent, no escalations. All figures CAD.
Fee rates
License fee — tier 1 (Net Sales ≤ $4.0M)
20%
License fee — tier 2 ($4.01M–$7.0M)
15%
License fee — tier 3 (> $7.0M)
13%
Operating charge (% of Net Sales)
2%
Payment processing (% of Net Sales; rises if HR’s cost rises)
2%
Personal shopper commission (on assisted sales — excluded below)
5%
Settlement & cash flow
Settlement
HR retains all sales proceeds; monthly settlement net of license fee, operating charge, processing fee and commissions, remitted by EFT within 15 working days after each monthly accounting period (normally the 3rd Monday) (§4.06)
Sales tax
Collected via HR POS, remitted back to GM in settlement; GM files/remits GST/PST to authorities (§6.11)
Working capital
GM funds inventory + full build-out up front and is paid ~6+ weeks in arrears — float is the real exposure; no security deposit either direction
Audit
HR audit right within 1 yr of period; GM pays audit cost + deficiency if Net Sales understated >3%; 7-yr record retention
Other key terms
Build-out
GM’s sole cost, space as-is, zero HR contribution; HR Design Guidelines compliance; details in separate Letter of Agreement. If HR relocates the boutique and GM elects to exit within first 3 yrs, HR reimburses unamortized build-out (straight-line 36 mo) CAPPED AT C$750/SF (≈C$780K implied build-out on 1,045 SF)
Security deposit / prepaid
None
Marketing
Marketing Commitment intentionally deleted — none; GM pays phone/internet (HR’s providers), extra security, asset-protection equipment, freight both ways, HR delivery charge-backs
Relocation
HR may relocate/resize the boutique (see build-out reimbursement); HR may also close/shrink/relocate AT GM’S COST if GM violates the radius restriction
Radius restriction (§2.03)
Runs AGAINST GM: any GM store, concession or wholesale supply within 7.5 km of the store lets HR close/shrink/relocate the boutique with ALL costs on GM (existing retailers at opening grandfathered). No reciprocal exclusivity — HR may host competing eyewear brands
Assignment / change of control
HR consent in its “entire and absolute discretion”; change of control of IICOMBINED CANADA = deemed assignment (§9.03)
Default / remedies
On payment default HR has a LIEN over GM’s inventory & FF&E and may sell them (§8.05); broad set-off right; on exit GM ships FF&E out at own cost or assigns to HR for C$1.00
Insurance (GM)
All-risk property ≥C$5M (goods, fixtures, equipment); business interruption to HR’s satisfaction; CGL ≥C$5M; HR additional insured, subrogation waiver
Force majeure
Fees continue during force majeure; abate proportionally only if boutique inoperable >15 consecutive days (§9.11)
Watch — outs (executed agreement)
Tier mechanics (marginal vs cliff) and per-boutique vs aggregate calculation are ambiguous — confirm with HR before modeling
7.5 km radius clause: a future GM street store in downtown Vancouver would trigger HR’s right to close/relocate the boutique at GM’s cost — check against Vancouver flagship plans
Effective take 24% of sales at tier 1 (+5% personal-shopper) — compare to fixed-rent occupancy ratios elsewhere
No mid-term exit: 180-day notice effective only at term end — committed through ~Oct 2029 from an Oct 2026 opening
HR lien over inventory/FF&E on payment default; FF&E assignable to HR for C$1 on exit
HR quarterly performance reviews + staffing-ratio control; HR may staff boutique at GM’s expense
All amounts CAD — do not mix with USD columns without FX adjustment
Opened 1965 by Raymond Nasher; still privately owned/managed by the Nasher family (Nancy Nasher & David Haemisegger). ~2.1M SF after 2006 expansion; consistently a top-five US mall by sales (~$1.4B/yr; non-anchor sales ~$1,500+/SF) and famous for its museum-quality art collection (Warhol, di Suvero, Borofsky).
Chanel, Louis Vuitton, Gucci, Prada, Bottega Veneta, Saint Laurent, Valentino, Versace, Burberry, Ferragamo, Tiffany & Co., IWC, Hublot; anchors Neiman Marcus, Nordstrom, Dillard's, Macy's — many only-in-Texas locations
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
MGR $/SF
Base Rent
CAM
RE Taxes (est.)
HVAC+Water+Merch
Total Fixed
Total $/SF
Natural Breakpoint
Year 1
$165.00
$678,315
$219,651
$135,499
$21,114
$1,054,579
$256.53
$9,690,214
Year 2
$169.95
$698,664
$228,437
$140,919
$21,703
$1,089,723
$265.07
$9,980,921
Year 3
$175.05
$719,631
$237,574
$146,555
$22,315
$1,126,075
$273.92
$10,280,436
Year 4
$180.30
$741,213
$247,077
$152,417
$22,952
$1,163,660
$283.06
$10,588,761
Year 5
$185.71
$763,454
$256,960
$158,514
$23,614
$1,202,542
$292.52
$10,906,483
Year 6
$191.28
$786,352
$267,239
$164,855
$24,303
$1,242,748
$302.30
$11,233,601
Year 7 (–exp.)
$197.02
$809,949
$277,928
$171,449
$25,019
$1,284,346
$312.42
$11,570,703
Note: MGR $/SF is the schedule stated in the executed lease (~3%/yr). CAM ($53.43), enclosed-mall HVAC ($3.31) and water/compactor ($0.27) are FIXED 2026 $/SF rates that escalate 4%/yr cumulatively — not pro-rata shares. RE taxes ARE pro-rata with no occupancy floor; $32.96/SF is the Landlord 2026 estimate and is held at +4%/yr here as a placeholder. Merchants Association CPI-adjusted every 5 yrs (held flat). If the Rental Commencement Date falls in 2027, Year-1 CAM/HVAC/water sit one escalation higher (~+4%). Excludes utilities and % rent.
7% of Gross Sales over natural breakpoint (MGR paid ÷ 7%); monthly once exceeded, annual true-up
Gross sales definition
All sales/services at/in/from premises (incl. radius-store sales); exclusions: sales tax, transfers, returns, employee sales (cap 2%), bad debts (cap 4%), gift cards until redeemed, internet/mail orders not placed or filled at premises, Eyecare Professional fees
Reporting / audit
Monthly + certified annual statements; understatement >5% → tenant pays audit cost up to $5,000
Other key terms
TI allowance / Landlord's work
NONE — Exhibit C: 'Landlord shall not reimburse Tenant for any of the costs of Tenant's Work.' Landlord Pre-Delivery Work: utility stubs, hazmat, demising walls; barricade by Landlord, reimbursed by tenant at cost +5%
Security deposit / guaranty / LC
None — no security deposit (§1.1(p)), no prepaid rent (§1.1(o)) and no guarantor (§1.1(g)).
Marketing
Mandatory Merchants Association: $1,221.17/yr + $1.23/SF/yr + $120/yr (2026); items CPI-adjusted every 5 yrs from Jan 2031
Utilities / HVAC
All utilities tenant cost (water submetered); enclosed-mall HVAC energy $3.31/SF +4%/yr; domestic water & compactor $0.27/SF +4%/yr; tenant installs new/refurbished split-system HVAC
Insurance (tenant)
CGL $3M/$3M per-location; WC statutory; EL $500K; auto $1M; carrier A+/XII
Co-tenancy / kick-out / relocation
NONE — no co-tenancy, no sales kick-out (either party), no relocation clause. Only casualty/condemnation terminations apply.
Radius restriction
8-mile radius (Dallas County portion), full Term; carve-outs: wholesale, shop-in-shops; violation = default, radius-store sales included in Gross Sales, Landlord may terminate on 30 days' notice
RE taxes — basis of share
Pro-rata with NO occupancy floor: Tenant SF ÷ occupied Gross Leasable Retail Area, EXCLUDING anchors over 20,000 SF, outlying buildings, office and hotel space. Share therefore rises if occupancy falls. Texas Margin Tax is included in Tax Costs. Billed monthly on estimate, reconciled within 120 days of year end. Landlord controls all tax appeals.
Confidentiality
Mutual — neither party may disclose the lease terms or negotiations, except to lenders, partners, accountants, attorneys and advisers who agree to keep them confidential.
Brokerage (Exhibit J)
Exhibit J is now attached: a Consulting Agreement between the Landlord and Global Retail Advisors Inc. d/b/a Maddox Retail (GM’s adviser). The $65,000 consulting fee is payable by the LANDLORD in two installments — no cost to Gentle Monster, and GM is not a party to that agreement.
Assignment
Consent required; change of control = assignment; Landlord takes 50% of excess rent; Permitted Transferees (affiliates, mergers) without consent subject to conditions
Default / late
Monetary 10-day cure after notice; interest at Citibank prime +2% after 5-day grace; Landlord's lien on tenant property; holdover 125%
Confirm the actual Delivery Date in writing — it sets the Rental Commencement Date (earlier of opening or 180 days after Delivery) and therefore the first rent payment.
On the expected timing the Rental Commencement Date falls in 2027, so Year-1 CAM, HVAC and water will be charged at the 2027 rates — about 4% above the 2026 rates used in the schedule above.
SF is subject to remeasurement within 12 months of the Rental Commencement Date — any change adjusts MGR and every per-SF charge back to the lease date.
RE taxes are pro-rata with no occupancy floor; $32.96/SF is the Landlord 2026 estimate only, reconciled within 120 days of each year end.
Tenant must open within 180 days of Delivery: +10% MGR at 60 days late, +25% at 90 days, default at 120 days.
No TI allowance, no renewal option, no kick-out, no co-tenancy and no relocation protection.
Source: Executed\_Dallas_Northpark_Gentle Monster Lease 8-31-2026.pdf | FULLY EXECUTED — lease dated August 31, 2026; signed by David J. Haemisegger, President, for NorthPark Partners, LP and by Rachel Muscat, President, for IICombined, U.S.A., Inc. Scanned copy (no text layer) — figures below read from the document. Charges are the stated 2026 rates.
No deposit; parent guaranty or $2.5M letter of credit
Location
Introduction
Newbury Street is Boston's premier high-street retail corridor — eight blocks of converted 19th-century brownstones in the Back Bay running from the Public Garden to Mass Ave, mixing luxury flagships, contemporary labels, boutiques and cafés. The premises sit in the 100-block (Clarendon–Dartmouth), heart of the contemporary/premium stretch, one block from the luxury-flagship blocks and the Copley/Prudential retail node.
Estimated annual traffic
~20,000–25,000 pedestrians/typical day (~7–9M/yr implied; City of Boston counts via MIT ESI); ~50,000 on car-free 'Open Newbury' Sundays
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base $/SF (blended)
OpEx (est.)
RE Taxes (est.)
Base $/SF (GF only)
Total Fixed
Total $/SF
Natural Breakpoint
1
$1,216,160
$321.82
$50,305
$118,216
$440.00
$1,384,681
$366.41
$20,269,333
2
$1,258,726
$333.08
$51,814
$121,763
$455.40
$1,432,302
$379.02
$20,978,760
3
$1,302,781
$344.74
$53,368
$125,416
$471.34
$1,481,565
$392.05
$21,713,017
4
$1,348,378
$356.81
$54,969
$129,178
$487.84
$1,532,526
$405.54
$22,472,972
5
$1,395,572
$369.30
$56,619
$133,054
$504.91
$1,585,244
$419.49
$23,259,526
6
$1,444,417
$382.22
$58,317
$137,045
$522.58
$1,639,779
$433.92
$24,073,610
7
$1,494,971
$395.60
$60,067
$141,156
$540.87
$1,696,194
$448.85
$24,916,186
8
$1,547,295
$409.45
$61,869
$145,391
$559.80
$1,754,555
$464.29
$25,788,252
9
$1,601,450
$423.78
$63,725
$149,753
$579.40
$1,814,928
$480.27
$26,690,841
10
$1,657,501
$438.61
$65,636
$154,245
$599.67
$1,877,383
$496.79
$27,625,021
Note: Rent formula (3.5%/yr) ties exactly to the schedule in the executed lease (Y1 $1,216,160 -> Y10 $1,657,501). Taxes are 17.6% of Commercial Taxes, initially estimated at $9,851.36/month; Operating Costs are 6.4%, initially estimated at $4,192.07/month. Both are fully net pass-throughs on estimate with true-up and no base year; the 3% growth used here is a model placeholder. Excludes utilities, HVAC and % rent.
Est. Taxes/OpEx growth (model assumption — actuals are net pass-through)
3%
Percentage rent rate
6%
Percentage rent / sales
Percentage rent
6% of Gross Sales over the natural breakpoint (Fixed Minimum Rent for the year divided by 6%; Yr 1 = $20.27M) — high breakpoint, unlikely to trigger.
Gross sales definition
Includes subtenant/concessionaire sales; excludes returns, transfers, sales taxes
Reporting / audit
Monthly by 15th; CFO-certified annual within 45 days; Landlord audit right; tenant financials up to 2x/yr on request
Other key terms
TI allowance / Landlord's work
NO TI allowance. Exhibit G (Landlord's Work) is now filled in and reads NONE. All of Tenant's Work at tenant sole cost, but no back-charges and no barricade, freight elevator, dumpster or other construction fees; fire alarm / sprinkler shutdowns at cost with no Landlord mark-up. Tenant's plans due within 150 days after execution (approx. Jan 25, 2027); Landlord has 10 business days to approve or comment.
Security deposit
NONE — the executed lease sets the Security Deposit at "None" (see Guarantor row for the guaranty / $2.5M letter of credit requirement).
Taxes / OpEx
Fully net: 17.6% of Commercial Taxes (~$9,851/mo est.) + 6.4% of Operating Costs (~$4,192/mo est.), monthly on estimates, no base year; tenant audit right (1x/yr, non-contingency CPA)
Marketing
None
Utilities / HVAC
Tenant contracts electricity/gas directly; water/sewer in OpEx unless submetered; tenant provides own HVAC with Landlord-approved quarterly service contract
Insurance (tenant)
CGL $5M/$5M (incl. liquor liability for events); property full replacement; BI; WC/EL $1M; deductibles max $5,000; carrier A:XII
Co-tenancy
None
Kick-out (mutual, Year 5)
If Yr 5 Gross Sales < $4.0M, EITHER party may terminate (90-day notice window, effective 120 days). Tenant pays fee: 4 months' rent + additional rent + unamortized free rent & brokerage. Tenant right void if radius violated or store closed in first 5 yrs
Radius restriction
Through Year 5: no competing store in defined Back Bay area (Newbury/Arlington/Stuart/Huntington/Belvidere/Dalton/Boylston/Mass Ave); violation → injunction and/or competing sales fold into Gross Sales
Continuous operation
Keep-open during Newbury St retail hours; 3 consecutive days closed (or 5 in 30 days, 10/yr) = default
Assignment
Landlord consent in sole discretion; $2,000 processing fee plus up to $5,000 of Landlord legal fees; recapture right; transfer profit above the rent SPLIT 50/50 after tenant costs; Permitted Transfers exempt (affiliates, merger with net-worth test). A change of ownership interest in Tenant is expressly NOT a transfer.
Default / late
Monetary 5 days from due date; interest 18%/yr; late charge greater of $500 or 5%; holdover 1.5x for the first 30 days then 2x; Landlord security interest in tenant property.
Prepaid at execution
First month rent + taxes + OpEx shares
Open items / post — execution follow — up
Parent guaranty package due to Landlord by approx. Oct 27, 2026 (60 days from Aug 28) — Korean counsel legal opinion, board resolution + good standing, apostille, US agent for service.
Fallback if the package is not ready in time: $2,500,000 evergreen letter of credit within the same 60 days. Shinhan Bank America is pre-approved, provided draws can be made by fax or overnight courier (otherwise GM pays Landlord travel costs to present in person).
Missing BOTH the guaranty and the letter of credit is an immediate, non-curable Event of Default.
The Guaranty (Exhibit F) is still unsigned in the PDF on file, and the lease states that execution is subject to Korean regulatory approval.
Tenant's plans due within 150 days after execution (approx. Jan 25, 2027).
Taxes and Operating Costs are estimates with annual true-up — replace the 3% growth placeholder once the first reconciliation arrives.
Store must open within 7 months of the Oct 1, 2026 delivery (approx. May 1, 2027) to avoid paying rent before opening; 9 months triggers 1.5x rent.
Source: Executed\_Boston_Gentle Monster - Lease Execution Copy - 120 Newbury Street - signed.pdf | FULLY EXECUTED — Effective Date August 28, 2026 (Landlord: Vincent G. Norton, Jr.; Tenant: Rachel Muscat, President).
Caruso-developed open-air lifestyle center in downtown Glendale, opened May 2008 ($400M+ cost). ~82 stores, 32 restaurants, Nordstrom & AMC anchors plus 342 residential units around a 2-acre green. Sits directly across from Brookfield's Glendale Galleria (~1.4M SF), making downtown Glendale one of the highest-drawing retail nodes in LA County.
Estimated annual traffic
16M+ visitors/yr (Caruso VP Ops, LA Business Journal); regularly among most-visited US open-air centers (Placer.ai Mall Index)
Major luxury brands
Louis Vuitton, Gucci, Saint Laurent, Bottega Veneta, Tiffany & Co., David Yurman, Omega, Byredo, Golden Goose, Rolex (Bhindi shop-in-shop); Apple, Nordstrom anchors
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Natural Breakpoint
1
$460,000
$115.90
$180,000
in CAM
$3,969
$643,969
$162.25
$6,571,429
2
$473,800
$119.38
$185,400
in CAM
$4,088
$663,288
$167.12
$6,768,571
3
$488,014
$122.96
$190,962
in CAM
$4,211
$683,187
$172.13
$6,971,629
4
$502,654
$126.65
$196,691
in CAM
$4,337
$703,682
$177.29
$7,180,777
5
$517,734
$130.44
$202,592
in CAM
$4,467
$724,793
$182.61
$7,396,201
6
$533,266
$134.36
$208,669
in CAM
$4,601
$746,537
$188.09
$7,618,087
7
$549,264
$138.39
$214,929
in CAM
$4,739
$768,933
$193.73
$7,846,629
Note: Taxes & insurance are inside the fixed $180,000 Triple Net cap (Sec. 6.7.4); no reconciliation/audit. Excludes utilities, HVAC maintenance, employee parking, % rent.
Assumptions used in the schedule
Floor Area (SF)
3,969 SF
Year 1 Minimum Rent
$460,000
Annual escalation (all charges)
3%
Year 1 Triple Net Charges (fixed cap: CAM+Taxes+Ins)
$180,000
Promotional Fee ($1.00/SF)
$3,969.00
Percentage rent rate
7%
Percentage rent / sales
Percentage rent
7% of Net Sales over natural breakpoint (7% of Net Sales less Minimum Rent paid); payable annually by Jan 31
Gross sales definition
Very broad — includes internet/catalogue orders fulfilled from/through premises, services, BI proceeds; exclusions: refunds, sales taxes, fixture sales, loyalty redemptions
Reporting / audit
Monthly sales via Landlord's Yardi system (10 days); certified annual by Mar 15; POS feeds sales electronically; 3-yr audit right, >2% understatement = tenant pays audit costs
Other key terms
TI allowance / Landlord's work
NONE — Tenant's Work entirely at tenant cost; $7,500 contractor construction deposit; mandatory ballistic window film at tenant cost
Security deposit
TBD — subject to Landlord review of tenant financials
CAM / Taxes / Insurance
Fixed Triple Net cap $180,000/yr (Y1), +3%/yr — no reconciliation or audit right; 15% admin fee embedded in Landlord-processed utility billings
Marketing
Promotional Fee $1.00/SF/yr, +3%/yr; mandatory participation in Caruso loyalty/marketing tech platform (POS data sharing)
Utilities / HVAC
All utilities tenant cost (gas/electric separately metered); City of Glendale services required; HVAC installed/maintained/replaced by tenant, quarterly service contract
Insurance (tenant)
CGL $5M/$5M; auto $5M; property 100% replacement + 18-mo BI; deductible max $10,000
Co-tenancy / kick-out
NONE — no opening/ongoing co-tenancy, no sales kick-out
Relocation
Landlord may relocate to comparable space anytime on 90 days' notice at Landlord's expense; tenant may elect to terminate instead (Landlord pays unamortized improvements)
Radius restriction
No same/similar store or trade name in Glendale or Pasadena during Term; breach: Landlord may terminate OR raise rent 50% + fold other store's sales into % rent
Assignment
Consent required; Permitted Transfer to affiliate requires transfer of ≥25 CA stores; transferee needs ≥$250M US net tangible assets; 100% transfer premium to Landlord
Default / late
5-day cure on rent; late charge 10% + interest at BofA prime +2%; holdover 200%; cross-default with other Caruso leases
~2M SF Brookfield Properties center in Oak Brook, IL, ~19 miles west of downtown Chicago — one of the largest open-air shopping centers in the US. 160+ upscale stores anchored by Nordstrom, Macy's and Neiman Marcus, serving an affluent western-suburbs trade area of 1.3M+ residents; ranked #4 US shopping center in USA TODAY 10Best 2025.
Louis Vuitton, Gucci, Saint Laurent, Tiffany & Co., Rolex, Omega, Breitling, TAG Heuer, TUDOR, David Yurman; Neiman Marcus & Nordstrom anchors; Apple, RH, Zara
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Sales Breakpoint (stated)
Year 1
$469,936
$313.29
$54,570
pro-rata TBD
$5,040
$529,546
$353.03
$5,874,206
Year 2
$484,035
$322.69
$56,207
pro-rata TBD
$5,216
$545,458
$363.64
$6,050,432
Year 3
$498,556
$332.37
$57,893
pro-rata TBD
$5,399
$561,848
$374.57
$6,231,946
Year 4
$513,512
$342.34
$59,630
pro-rata TBD
$5,588
$578,730
$385.82
$6,418,904
Year 5
$528,918
$352.61
$61,419
pro-rata TBD
$5,784
$596,120
$397.41
$6,611,471
Year 6
$544,785
$363.19
$63,262
pro-rata TBD
$5,986
$614,033
$409.36
$6,809,815
Year 7
$561,129
$374.09
$65,159
pro-rata TBD
$6,195
$632,484
$421.66
$7,014,110
Year 8
$577,963
$385.31
$67,114
pro-rata TBD
$6,412
$651,489
$434.33
$7,224,533
Year 9
$595,302
$396.87
$69,128
pro-rata TBD
$6,637
$671,066
$447.38
$7,441,269
Year 10
$613,161
$408.77
$71,201
pro-rata TBD
$6,869
$691,231
$460.82
$7,664,507
Year 11 (mo 121+)
$631,555
$421.04
$73,338
pro-rata TBD
$7,109
$712,002
$474.67
$7,894,442
Note: Rent schedule as stated in draft (~3%/yr). IMPORTANT: breakpoints are FIXED stated Annual Sales Bases (Sec. 1.09) equal to Min Rent ÷ 8% — BELOW the 6% natural breakpoint (Min Rent ÷ 6%), so percentage rent triggers earlier than a natural-breakpoint deal. Excludes pro-rata RE taxes (est. TBD), HVAC energy pro-rata, trash, utilities.
Assumptions used in the schedule
Floor Area (SF)
1,500 SF
Fixed CAM Year 1 ($36.38/SF)
$54,570.00
CAM escalation (each Jan 1 from 2028)
3%
HVAC non-energy charge Y1 ($3.36/SF)
$5,040.00
HVAC escalation (drafting conflict '4%3%' — using 3.5% placeholder)
3.5%
Percentage rent rate
6%
Percentage rent / sales
Percentage rent
6% of Net Sales above FIXED stated Annual Sales Bases (Sec. 1.09: $5,874,206 Y1 → $7,894,442 Yr 11 = Min Rent ÷ 8%) — below the 6% natural breakpoint, so % rent triggers earlier; paid monthly by 15th once exceeded, annual true-up
Net sales definition
Gross (incl. mail/internet/phone orders, gift cards) less sales taxes, refunds, credit-card fees (cap 2%), 3rd-party shipping, employee discounts (cap 2%); deductions must be itemized or Net = Gross
Reporting / audit
Monthly reporting; radius-violation store sales fold into Net Sales
Other key terms
TI allowance
$200,000 — paid within 60 days of lien-free completion, CO and opening; must request by 3rd anniversary of RCD; Landlord may offset against defaults
Landlord's work
Delivered as-is; Landlord's Work per Exhibit L-W (content not in draft — TBD)
Security deposit / guaranty
None (RP 1.19 'Not Applicable')
RE taxes
Pro-rata share of Main Mall Building taxes (denominator floored at 80% of GLA); monthly estimates + true-up — dollar estimate not stated
Marketing fund
None in draft
Utilities / HVAC / trash
All utilities tenant cost; HVAC non-energy $3.36/SF + pro-rata HVAC energy expense; trash billed on Landlord estimate; construction chargebacks (plan review $0.50/SF, barricade, dumpsters, $5,000 contractor deposit)
Insurance (tenant)
CGL $1M/$3M (IL); WC statutory; auto $1M; property full replacement, BI 12 mo
Co-tenancy (operating)
If <2 anchors AND <80% inline GLA open for 12 consecutive months AND tenant sales down >10% → Substitute Rent = 5% of Net Sales; after 12 more months → termination right
Kick-out
Tenant: if Net Sales months 25–36 < $2.0M → terminate on 365 days' notice, fee = unamortized TI + brokerage. Landlord: same-period sales < $1.5M → terminate on 365 days' notice
Relocation
One-time Landlord right from month 61 (365 days' notice, redevelopment-triggered); Landlord pays comparable buildout + moving costs
Radius restriction
5 miles from center perimeter, full Term; violation folds competing sales into % rent and kills tenant kick-out
Assignment
Consent at Landlord discretion; $1,500 fee; 100% transfer profit to Landlord
Default / late
Monetary 5-day cure; interest prime +5%; late fee greater of $100 or 5%; 3rd late in 12 months = non-curable; holdover 150%
Open items / TBD in draft
Effective Date blank
HVAC escalator drafting conflict ('4%3%') — confirm 3% vs 4%
RE tax dollar estimate not stated (pro-rata)
Exhibit L-W (Landlord's Work) content missing
No renewal option in draft
Source: Gentle Monster - Oakbrook Center - 054_Clean_2022 Form Lease Standard_v1.docx | DRAFT lease — figures subject to change; TBD items highlighted
URW’s flagship ~1.3M SF open-air center in Century City, West LA — $1B redevelopment completed 2017. Nordstrom, Bloomingdale’s and Macy’s anchors plus Eataly and Equinox; premier Westside retail destination adjacent to major office towers.
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint (FIXED)
1
$627,000
$165.00
$446,272
$107,882
$26,600
$1,207,754
$317.83
$5,016,000
2
$645,810
$169.95
$468,586
$111,118
$27,930
$1,253,444
$329.85
$5,016,000
3
$665,184
$175.05
$492,015
$114,452
$29,326
$1,300,978
$342.36
$5,016,000
4
$685,140
$180.30
$516,616
$117,886
$30,793
$1,350,434
$355.38
$5,016,000
5
$705,694
$185.71
$542,446
$121,422
$32,332
$1,401,895
$368.92
$5,016,000
6
$726,865
$191.28
$569,569
$125,065
$33,949
$1,455,447
$383.01
$5,016,000
7
$748,671
$197.02
$598,047
$128,817
$35,647
$1,511,181
$397.68
$5,016,000
8
$771,131
$202.93
$627,950
$132,681
$37,429
$1,569,191
$412.94
$5,016,000
9
$794,265
$209.02
$659,347
$136,662
$39,300
$1,629,574
$428.84
$5,016,000
10
$818,093
$215.29
$692,314
$140,762
$41,265
$1,692,434
$445.38
$5,016,000
Note: CAM and Promo are FIXED charges compounding 5% each calendar Jan 1 after RCD (first bump possible ~5 months after an Aug 2026 RCD — schedule above approximates by lease year). Taxes are estimated $28.39/SF, pro-rata reconciled (denominator excludes Majors/theaters/restaurants; Prop 13 reassessment pass-through). Excludes utilities: chilled water $4.72/SF (CPI, never decreases), electric $4.00/SF initial, water/sewer $0.23/SF.
Assumptions used in the schedule
Floor Area (SF)
3,800 SF
Year 1 Minimum Rent ($165.00/SF)
$627,000.00
Rent escalation (stated schedule)
3%
Fixed CAM Y1 ($/SF)
$117.44
CAM/promo escalation (compounded each Jan 1)
5%
RE taxes est. Y1 ($/SF, pro-rata, reconciled)
$28.39
Tax growth assumption (not in lease)
3%
Promotional Charge Y1 ($/SF)
$7.00
Percentage rent rate
12.5%
FIXED annual breakpoint (flat all 10 yrs)
$5,016,000
Percentage rent / sales
Percentage rent
12.5% of Adjusted Gross Sales over FIXED breakpoint $5,016,000/yr ($1,320/SF) — flat all 10 years = Y1 natural only; falls BELOW natural from Y2 as rent grows (landlord-favorable)
Gross sales definition
Broad — includes internet/app orders originating at or fulfilled from the Premises; exclusions: sales tax, returns, transfers, bad debts ≤3%, card fees ≤3%, fixture sales
Reporting / audit
Monthly statements in 10 days; certified annual in 45 days; $50/statement/day late LD; audit on 30 days’ notice; radius-store sales fold into % rent
Other key terms
TI allowance / Landlord’s work
NONE — delivered AS IS / WHERE IS; all build-out at tenant cost. Chargebacks: temp power $100/day, trash $3,800, mall tile $20/SF, sprinkler drain $300, dumpster pad $500/mo; $10,000 refundable construction deposit
Security deposit
$301,936.75 (≈3 months gross occupancy), due at execution; credited back after 114th month if no default; no LC, no guaranty; no prepaid rent stated
Co-tenancy
None
Kick-out / early termination
No tenant sales kick-out. LANDLORD REDEVELOPMENT TERMINATION: after Lease Year 4, landlord may terminate on 240 days’ notice to expand/renovate/redevelop — pays only unamortized tenant-funded improvements (§6.04(b))
Relocation
None (no substitute-premises clause)
Radius restriction
7 miles — remedy is sales fold-in to % rent (not prohibition); stores open at commencement excluded; ONE street (non-shopping-center) store expressly permitted within radius
Assignment
Consent required (not unreasonably withheld); 60-day notice + financials; no release of tenant; IPO/public-trading carve-out
Utilities / HVAC
Tenant pays all; central chilled water $4.72/SF/yr CPI-adjusted (never decreases); tenant installs/maintains in-premises AHU
Default / late / operation
Late 3% + 10% interest; monetary cure 10 days; continuous operation required — $150/day LD; CROSS-DEFAULT with any other URW-affiliate lease (§19.01(g)) — links this lease to UTC and any future URW deals
Ground + lower level + sub-level at the landmarked Puck Building (1885), on the Lafayette / E Houston corner where SoHo, NoHo and Nolita meet. Landlord is 295 Lafayette Street LLC (or affiliated entity); the retail block currently houses REI. Landlord’s Work will demise an approximately 28,491 RSF self-contained unit. RSF measured to REBNY standard — not a physical measurement, so usable area is materially lower.
Estimated annual traffic
~11.0M frontage passers/yr (30,000/day aggregated: Lafayette ~15K + E Houston ~12K + Mulberry ~3K, per 295_Lafayette_Traffic_Estimate v7). Modelled store entrants ~410K/yr BASE at a 3.75% capture rate (LOW 330K / HIGH 495K).
Major brands / neighbours
SoHo–NoHo luxury corridor: Prada Epicenter, Balenciaga, Dior, Saint Laurent, Bloomingdale’s SoHo; Puck Building retail includes REI. NOTE: Gentle Monster’s own 70 Wooster St store is ~0.5 mi away — traffic study assumes 25–35% cannibalisation of Wooster entrants once 295 Lafayette opens.
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
Year 1
$4,750,000
$166.72
$0
— incl.
None
$4,750,000
$166.72
n/a
Year 2
$4,900,000
$171.98
$29,916
— incl.
None
$4,929,916
$173.03
n/a
Year 3
$5,050,000
$177.25
$60,729
— incl.
None
$5,110,729
$179.38
n/a
Year 4
$5,151,000
$180.79
$92,466
— incl.
None
$5,243,466
$184.04
n/a
Year 5
$5,254,020
$184.41
$125,156
— incl.
None
$5,379,176
$188.80
n/a
Year 6
$5,359,100
$188.10
$158,826
— incl.
None
$5,517,926
$193.67
n/a
Year 7
$5,466,282
$191.86
$193,506
— incl.
None
$5,659,788
$198.65
n/a
Year 8
$5,575,608
$195.70
$229,227
— incl.
None
$5,804,835
$203.74
n/a
Year 9
$5,687,120
$199.61
$266,019
— incl.
None
$5,953,139
$208.95
n/a
Year 10
$5,800,863
$203.60
$303,915
— incl.
None
$6,104,778
$214.27
n/a
Note: modified gross — Tenant pays its proportionate share of RE tax increases over a 2026/2027 fiscal base year and of Building OpEx increases over a 2027 base year, so Year 1 pass-through = $0 by construction. The $35.00/SF base is a PLACEHOLDER and is not stated in the LOI; the escalation column is therefore indicative only. Excludes electricity (Tenant-metered, 400A dedicated service) and Tenant’s ~$26.5–40M build-out.
Assumptions used in the schedule
Rentable area (RSF, REBNY)
28,491 SF
Year 1 Base Rent (per LOI)
$4,750,000
Year 2 Base Rent (per LOI)
$4,900,000
Year 3 Base Rent (per LOI)
$5,050,000
Escalation from Year 4 onward
2%
ESTIMATE — combined RE tax + OpEx base ($/SF, 2026/27 tax & 2027 OpEx base years). NOT in LOI — placeholder, confirm with Landlord
$35.00
ESTIMATE — annual growth in taxes + OpEx over base
3%
Tenant Improvement Allowance (per LOI)
$3,500,000
Security — LC months of Year 1 rent (burns down)
$9
Percentage rent
None in LOI
Percentage rent / sales
Percentage rent
NONE — no percentage rent, no breakpoint, no sales reporting obligation in the LOI. Tenant-favourable versus every mall candidate.
Sales reporting
Not required under the LOI
Implied rent-to-sales
At the traffic study’s BASE 410K entrants × ~8.5% conversion × ~$300 ticket ≈ $10.5M sales → Year 1 base rent alone is ~45% of sales. Viable only on eyewear’s ~85% gross margin; a HIGH-case 495K entrants and $350 ticket gets to ~$14.7M and ~32%.
Other key terms
TI allowance / Landlord’s Work
$3,500,000 cash TIA ($122.85/SF) for hard and soft costs, disbursed on completion against paid invoices. Landlord’s Work at Landlord’s sole cost: demise the ~28,491 SF unit (walls, fire separation, code egress); broom-clean delivery; HVAC/plumbing/electrical/fire protection in good order; 400 amps dedicated; Landlord responsible for HVAC capital replacement; watertight envelope; no DOB violations; existing C of O.
Security deposit / guaranty
Nine (9) months in a US-bank Letter of Credit (≈$3.56M on Year 1 rent). Burn-down: 8 months after month 24, 7 after 36, 6 after 48, 4 after 72 (held to expiry). PLUS parent guaranty from IICOMBINED Co., Ltd. (Korea) — the only candidate requiring both.
Alterations
No Landlord approval for Cosmetic Alterations under $50,000 that do not affect building systems, structure or exterior. Tenant’s architect may self-certify. NON-UNION LABOR PERMITTED — a meaningful NYC cost saving.
Real estate tax / OpEx structure
Modified gross: proportionate share of RE tax increases over a 2026/2027 fiscal base year; proportionate share of Building OpEx increases over a 2027 base year
Signage
Logo and brand identification on the exterior at the ground-floor entrance, subject to Landlord approval (not unreasonably withheld), municipal codes and Landmarks Preservation Commission approval. Tenant bears design, fabrication, installation, maintenance and removal.
Access / loading
24/7 unencumbered access. Free use of freight elevators and loading dock / service entrance during Building Hours and during fit-out; delivery access required day and night.
Assignment / subletting
Landlord consent required, not unreasonably withheld. No consent needed for affiliates or subsidiaries under common control, or a successor via merger or sale of substantially all assets.
Co-tenancy
None
Kick-out / early termination
NONE — no sales kick-out for either party. On a 10-year term with a ~$26.5–40M build-out this is the single largest downside exposure in the portfolio.
Relocation right
None
Radius restriction
None in the LOI — does not restrict 70 Wooster or a future NYC store
Permitted use
Eyewear, fashion accessories, technology products and related merchandise, plus product demonstrations, brand activations, pop-ups and experiential programming. Coffee, tea and off-site-prepared pastries permitted for on-premises consumption (no on-site cooking or baking).
Exclusivity
30 days from agreement on business terms — Landlord may not negotiate the Premises with other tenants (BINDING)
Confidentiality
Binding — proposal and discussions confidential except to representatives on an as-needed basis or as required by law
Open items / watch — outs
RE tax + OpEx base-year amounts are NOT quantified in the LOI — the $35.00/SF placeholder above drives every escalation figure and must be replaced with Landlord’s actuals
Delivery-delay penalties are “to be defined in the lease” — no outside date, no termination right, no liquidated damages agreed. Largest unpriced risk in the deal.
No kick-out and no co-tenancy on a 10-year term against a ~$26.5–40M build-out ($33M BASE; $122.85/SF TIA covers ~11%)
9-month LC plus a Korean parent guaranty — the heaviest credit package of all 14 candidates
Renewal is FMV-based with only a 102% floor — no cap, so renewal economics are unbounded on the upside
~28,491 RSF is REBNY-measured (includes below-grade); economics should be re-cut on selling area (19,991 SF ground + LL)
25–35% cannibalisation of 70 Wooster assumed — net new NYC volume is materially less than gross
Source: 08182026_295_Lafayette_LOI_Final_Clean_July_8_LM.pdf | LOI dated Jul 9, 2026 — ACCEPTED & SIGNED by Landlord Jul 17, 2026. Non-binding except Exclusivity & Confidentiality; lease not yet negotiated.
Ground-floor retail on the east side of the Magnificent Mile — the existing Converse unit within the contiguous 663 / 669 / 673 N Michigan assemblage acquired by Morgan Stanley Prime Property Fund and Meyer Bergman for $295M in 2015 (the “PPF/MB” venture). Delivery is conditional on recapture of the Premises from the existing tenant.
Estimated annual traffic
15.7M visits to the Magnificent Mile district in 2025, up from 15.1M in 2024 (Placer.ai data via the Magnificent Mile Association). District-level only — no block or storefront count is published. CONFIDENCE: MEDIUM.
Major brands / neighbours
Nike’s 57,000 SF flagship at 669 N Michigan sits immediately adjacent; Apple Michigan Avenue, Water Tower Place, 900 North Michigan and The Shops at North Bridge anchor the corridor. Recent arrivals: Uniqlo, Aritzia, Mango, A. Lange & Söhne, Leica.
Market watch
District vacancy has fallen from a 33% peak in 2023 to roughly 17–28% depending on the source. Materially for THIS address: Nike is reported to be leaving 669 N Michigan for ~40,000 SF at 540 N Michigan, and Levi’s is taking ~9,000 SF at 663 — both bookends of the same ownership block are in play (April 2026 reporting).
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
Year 1
$1,650,000
$368.96
— incl.
— incl.
$0
$1,650,000
$368.96
n/a
Year 2
$1,699,500
$380.03
— incl.
— incl.
$6,037
$1,705,537
$381.38
n/a
Year 3
$1,750,485
$391.43
— incl.
— incl.
$12,256
$1,762,741
$394.17
n/a
Year 4
$1,803,000
$403.18
— incl.
— incl.
$18,660
$1,821,660
$407.35
n/a
Year 5
$1,857,090
$415.27
— incl.
— incl.
$25,257
$1,882,347
$420.92
n/a
Year 6
$1,912,802
$427.73
— incl.
— incl.
$32,052
$1,944,855
$434.90
n/a
Year 7
$1,970,186
$440.56
— incl.
— incl.
$39,051
$2,009,237
$449.29
n/a
Year 8
$2,029,292
$453.78
— incl.
— incl.
$46,260
$2,075,552
$464.12
n/a
Year 9
$2,090,171
$467.39
— incl.
— incl.
$53,685
$2,143,855
$479.40
n/a
Year 10
$2,152,876
$481.41
— incl.
— incl.
$61,333
$2,214,208
$495.13
n/a
Note: the $1,650,000 Year 1 figure is MODIFIED GROSS — CAM, taxes and insurance are inside it, which is why the $/SF looks high against the NNN mall deals. The ‘Mktg / Other’ column carries the estimated pass-through of NNN increases above the base year; the $45.00/SF base is a PLACEHOLDER not stated in the LOI. Excludes Tenant-metered utilities and Tenant’s build-out.
Assumptions used in the schedule
Ground retail area (SF)
4,472 SF
Year 1 Modified Gross Rent (incl. NNN)
$1,650,000
Rent escalation (from 13th month after RCD)
3%
ESTIMATE — NNN base ($/SF, base year = year Tenant opens). NOT in LOI — placeholder for escalation only
$45.00
ESTIMATE — annual growth in NNN over base year
3%
Tenant Allowance (per LOI)
$900,000
Tenant kick-out sales threshold (months 72–84)
$6,000,000
Percentage rent
None in LOI
Percentage rent / sales
Percentage rent
NONE — no percentage rent in the LOI
Sales reporting
Not required as a standing obligation, but sales in months 72–84 must be measurable to exercise the Tenant kick-out
Audit right
Tenant may audit Owner’s calculations of RE taxes and other charges — to be further defined in the lease
Other key terms
Tenant Allowance
$900,000 toward Tenant’s hard costs INCLUDING the storefront ($201.25/SF — the second-highest $/SF allowance of the 14). Paid within 60 days after opening against lien waivers, architect’s certificate and drawings.
Landlord’s Work / Delivery Condition
Owner fully demos and splits the existing Premises per the sub-division plan with ≥30 ft frontage; smooth filled concrete floor at street grade, ADA-compliant; broom clean, free of prior occupant property; HVAC unit (1 ton per 250 SF) plus stubbed trunk line; sprinkler with required fire rating; sufficient utilities, drainage and power stubbed in; hazmat remediation at Owner’s cost; recapture from the existing tenant; Owner cures unit violations blocking permits. MILESTONES: Tenant plans due to Landlord by Jan 31, 2027, and Tenant must apply for permits within 10 business days of Landlord’s written plan approval. MUTUAL TERMINATION RIGHT: if the building permit is not received within 180 days of application despite Tenant’s demonstrable efforts, EITHER party may terminate.
Chargebacks
NONE — no back charges, barricade, freight elevator, dumpster, trash or sprinkler shut-down fees. (Contrast Century City and UTC, which charge for all of these.) Exception: third-party plan-review costs engaged by Landlord are reimbursable.
Tenant kick-out
One-time right exercisable during the 84th month if gross sales are below $6M in months 72–84 (pro-rated for closure days). 180 days’ notice; Tenant repays unamortised (1) Tenant Allowance, (2) 55% of Landlord’s cost of Landlord’s Work / free rent, and (3) Landlord’s brokerage.
Landlord termination
From Lease Year 8, Landlord may terminate on redevelopment grounds between years 8–9 with 18 months’ written notice, paying a termination fee of one year’s then-current Modified Gross Rent (reduced to 6 months if effective during the option term, on 12 months’ notice). Materially better than the URW deals, which pay only unamortised TI.
Scaffolding protection
If the storefront is obstructed by scaffolding at opening, rent is reduced 30% until removed. No scaffolding for the first 24 months except emergencies or Landlord obligations; only Urban Umbrella double-height scaffolding, with temporary signage. UNIQUE among the 14 candidates.
Signage / storefront
Full exterior signage and branding on the first floor as permitted by the city, PLUS a second sign at the TOP OF THE BUILDING per the provided rendering — the strongest signage package in the portfolio
Assignment / subletting
Owner consent required but not unreasonably withheld; consideration split 50/50 after Tenant’s brokerage and legal expenses. No consent for transfers to a controlling entity, merger, or sale of a majority of stock/assets as part of a whole-business sale or public offering. A change of ownership interest is expressly NOT an assignment and gives Owner no right to terminate or re-price.
Maintenance
Tenant: all non-structural portions including storefront and MEP/HVAC serving the Premises. Owner: foundation, floor/ceiling slabs, exit stairs, load-bearing walls, roof structure and membrane; Owner keeps the roof free of leaks.
Utilities
Tenant uses existing utilities and meters and pays actual consumption; subject to Landlord review and Tenant confirmation after inspection
Permitted use
Primarily retail sale of eyewear and related accessories, ancillary other goods and services. Receptions and special events permitted inside or outside business hours, including complimentary FOOD and beverages (alcoholic and non-alcoholic), subject to permits and insurance.
Co-tenancy / radius
None of either
Non-disturbance
No lender currently; Landlord to use reasonable efforts to provide an SNDA or recognition agreement on any refinancing
Brokerage
Global Retail Advisors, Inc. d/b/a Maddox Retail — full commission per separate agreement with Landlord’s broker
Open items / watch — outs
Guarantor AND security deposit are both ‘TBD following Landlord’s review of Tenant financials’ — the credit package is entirely unpriced
NNN base-year amount is not stated; the $45.00/SF placeholder drives all escalation figures and must be replaced with Owner’s actuals
Delivery depends on recapture of the Premises from Converse — outside Tenant’s control; Aug 1, 2027 termination right caps but does not remove the risk
Nike’s reported departure from adjacent 669 N Michigan removes the block’s primary draw and there is NO co-tenancy protection
Mag Mile vacancy is still 17–28% — improving but far above pre-2020
$369/SF modified gross is the second-highest all-in $/SF of the 14 — confirm what the embedded NNN component actually is before comparing to NNN deals
Tenant kick-out requires repaying unamortised TA + 55% of Landlord’s Work/free rent + brokerage — the exit is expensive, model the cash cost
Blackline still shows open drafting on HVAC tonnage, utilities and floor delivery (marked ‘NTD: Subject to review’)
Source: 08182026_Chicago Michigan_PPFMB - NMA - Gentle Monster LOI Blackline 8.3.26.pdf | Blackline dated Aug 3, 2026 (redline of the Jul 29 draft) — UNSIGNED, non-binding except Confidentiality.
Small-format ground retail on the 1700 block of Walnut Street in Rittenhouse Row, Center City’s premier retail corridor. Currently occupied by Glossier; delivery is conditional on recapture from that tenant. Owner is Midwood Investment & Development, which holds a large Walnut Street portfolio (also 1615 Walnut and 15th & Walnut) — Owner information still to be formally disclosed under the LOI.
Estimated annual traffic
No address-level count published. Rittenhouse recorded 46,129 daily pedestrians, +9% year-on-year, per the Center City District 2025 Retail Report (~16.8M/yr on the corridor). Demand base: 62,563 residents within a 15-minute walk and 8,252 households earning $200K+; ZIP 19103 is the 10th-wealthiest nationally. CONFIDENCE: MEDIUM (read via secondary source).
Major brands / neighbours
Immediately adjacent: Lululemon at 1718–1720 (combining into a ~7,300 SF store, construction targeted summer 2026), Athleta at 1722, Vuori at 1705, Alo Yoga at 1608. Also Aritzia, Abercrombie & Fitch, Equinox, Jordan World of Flight, Warby Parker, Madewell.
Market watch
~50 new businesses opened in Rittenhouse in 2025 (~40% of Center City’s 130+), with 35 more announced for 2026. CCD’s late-2025 report found occupancy resilient despite national headwinds. Open Streets: West Walnut returns Fall 2026 — participants saw +65% foot traffic and +39% sales.
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
Year 1
$576,923
$164.60
$18,927
$0
$28,040
$623,890
$178.00
n/a
Year 2
$576,923
$164.60
$19,495
$1,262
$28,881
$626,561
$178.76
n/a
Year 3
$594,231
$169.54
$20,080
$2,561
$29,748
$646,619
$184.48
n/a
Year 4
$612,058
$174.62
$20,682
$3,900
$30,640
$667,280
$190.38
n/a
Year 5
$630,419
$179.86
$21,303
$5,279
$31,559
$688,560
$196.45
n/a
Year 6
$649,332
$185.26
$21,942
$6,699
$32,506
$710,479
$202.70
n/a
Year 7
$668,812
$190.82
$22,600
$8,162
$33,481
$733,055
$209.15
n/a
Year 8
$688,876
$196.54
$23,278
$9,668
$34,486
$756,308
$215.78
n/a
Year 9
$709,543
$202.44
$23,976
$11,220
$35,520
$780,259
$222.61
n/a
Year 10
$730,829
$208.51
$24,695
$12,819
$36,586
$804,929
$229.65
n/a
Note: base rent is the LOI’s stated dollar schedule (flat Yrs 1–2, then 3%). CAM $3.37/SF and insurance $2.03/SF are Owner’s 2026 estimates; Use & Occupancy plus Center City District tax is estimated at $8.00/SF ($28,064/yr) and is a separate Tenant obligation. RE taxes are payable only as increases over the 2027 base year, so Year 1 = $0; the $12.00/SF base is a PLACEHOLDER. Owner has been asked for 3 years of tax history. Excludes Tenant-metered utilities and build-out.
ESTIMATE — RE tax base ($/SF, 2027 base year). NOT in LOI — placeholder for escalation only
$12.00
ESTIMATE — annual growth in RE taxes over base
3%
Tenant Allowance (per LOI)
$200,000
Percentage rent
Intentionally deleted
Percentage rent / sales
Percentage rent
INTENTIONALLY DELETED — no percentage rent
Sales reporting
Intentionally deleted; Owner notes annual sales reporting is required at minimum if Tenant wants the kick-out
Audit right
Tenant may audit Owner’s calculations of RE taxes and other charges — not on a contingency-fee basis
Other key terms
Tenant Allowance
$200,000 toward fit-out ($57.06/SF — the lowest $/SF allowance of the six new candidates). Payable within 45 days after the latest of: opening with all governmental sign-offs; delivery of final lien waivers and paid invoices; and Tenant’s architect certifying completion.
Delivery Condition
Owner approval of Tenant’s plans per a milestone schedule; removal of any hazardous materials; ADA-accessible, broom-clean delivery free of all violations and prior occupant property; HVAC in good working condition, existing sprinkler (if code-required) and existing bathroom; recapture from Glossier; fully executed lease. Owner cures unit violations blocking permits or timely opening, with day-for-day RCD delay or rent abatement.
Chargebacks
NONE — no back charges, barricade, freight elevator, dumpster, trash or sprinkler shut-down fees
Tenant kick-out
Option to terminate at the fifth year if sales in months 48–60 are below $2M. 150 days’ notice given in the 61st month; Tenant repays unamortised Tenant Allowance and brokerage fees. Second-earliest exit of the six new candidates — Del Amo’s kick lands earlier, on the 3rd anniversary of its RCD.
Landlord termination
None
Co-tenancy / radius / relocation
None of any
Assignment / subletting
Consent not unreasonably withheld, subject to Owner approval of the transferee’s business acumen and financial strength; Owner has NO recapture right on an assignment/sublet application. Consideration split 50/50 after Tenant’s brokerage and legal expenses. No consent for a franchisee or entity under common control, merger, consolidation, reorganisation, or sale of a majority of stock/assets as part of a business sale or public offering involving at least 10 stores. A change of ownership IS an assignment but does not let Owner terminate or re-price.
Maintenance
Tenant: all non-structural portions including storefront and mechanical systems, PLUS sidewalk maintenance and repairs front and back and snow/ice removal. Owner: foundation, floor/ceiling slabs, load-bearing walls, roof structure and membrane (except Tenant-caused damage); Owner keeps the roof leak-free.
Owner approval / alterations
Owner’s sole-discretion approval limited to exterior, structural and system modifications; Owner will be reasonable on all other alterations. Storefront alterations subject to Owner’s sole discretion and any condo/co-op approvals.
Scaffolding
Landlord will use commercially reasonable efforts to keep the space free of scaffolding unless required for repairs or by government mandate — materially weaker than the Chicago LOI’s 30% rent abatement
Signage
Full signage as permitted by local authority, subject to Landlord approval
Permitted use
Receptions and special events permitted inside or outside business hours, including complimentary FOOD and beverages (alcoholic and non-alcoholic), subject to applicable law
Non-disturbance
Subordination to future mortgagees/ground lessors conditional on Landlord using commercially reasonable efforts to obtain an SNDA fully recognising the Lease
Brokerage
Commission paid by Landlord (Maddox Retail)
Open items / watch — outs
LOI reimbursement for late delivery reads “$30,000 ,000” — almost certainly a typo for $30,000. CONFIRM before the lease; the difference is 1,000×.
RE tax base-year amount is unknown — Owner has been asked for 3 years of tax history; the $12.00/SF placeholder drives all tax escalation
No renewal option at all on a 10-year term — the only one of the six new candidates with neither renewal nor Landlord termination
No renewal option at all on a 10-year term — and no Landlord termination either; Del Amo is silent on both as well, but Del Amo at least carries a 3rd-year tenant kick
Delivery depends on recapture from Glossier — outside Tenant’s control
Tenant carries sidewalk maintenance AND snow/ice removal — unusual and an ongoing cost/liability item
Tenant Allowance of $57.06/SF is the thinnest of the six; Philadelphia build costs are not materially below the other high-street sites
Lululemon’s 1718–1720 combination means construction next door through 2026–27, with only ‘commercially reasonable efforts’ scaffolding protection
~2.5M SF super-regional centre in Torrance — the 7th largest mall in the US and the largest in the western US, with 300+ brands. Ownership: Simon Property Group 50%, JPMorgan Fleming 25%, Farallon 25%. Simon markets it as the closest super-regional centre to LAX.
Estimated annual traffic
NO authoritative published figure. The commonly repeated “over 18 million visitors annually” appears only in an unattributed advertising-vendor blog — treat as UNVERIFIED. CONFIDENCE: LOW.
Major brands / neighbours
Nordstrom (the only one in the South Bay), two Macy’s, JCPenney, Dick’s, Apple, Zara, Uniqlo, Tesla, Crate & Barrel, Arhaus, Mitsuwa Marketplace. Fashion Wing premium tenants include BOSS, Kate Spade, Michael Kors, Tumi and Brooks Brothers, plus Din Tai Fung.
Market watch
Jo-Ann closed in the 2025 nationwide bankruptcy and two anchor boxes are vacant; the Black Angus site closed July 2025 and is being demolished for housing. Current openings skew experiential and DTC: Rowan, Lucille’s, Pop Mart, ThirdLove, Caitlyn Minimalist, Auntea Jenny, Onigilly.
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
Year 1
$336,000
$112.00
$110,670
$36,840
$6,000
$489,510
$163.17
$5,600,000
Year 2
$346,080
$115.36
$115,097
$37,945
$6,180
$505,302
$168.43
$5,768,000
Year 3
$356,462
$118.82
$119,701
$39,084
$6,365
$521,612
$173.87
$5,941,040
Year 4
$367,156
$122.39
$124,489
$40,256
$6,556
$538,457
$179.49
$6,119,271
Year 5
$378,171
$126.06
$129,468
$41,464
$6,753
$555,856
$185.29
$6,302,849
Year 6
$389,516
$129.84
$134,647
$42,708
$6,956
$573,826
$191.28
$6,491,935
Year 7
$401,202
$133.73
$140,033
$43,989
$7,164
$592,388
$197.46
$6,686,693
Year 8
$413,238
$137.75
$145,634
$45,309
$7,379
$611,560
$203.85
$6,887,294
Year 9
$425,635
$141.88
$151,460
$46,668
$7,601
$631,363
$210.45
$7,093,912
Year 10
$438,404
$146.13
$157,518
$48,068
$7,829
$651,818
$217.27
$7,306,730
Note: CAM escalates 4%/yr against rent at 3%/yr — occupancy-cost creep, the same pattern flagged at Century City and UTC. RE taxes are pro-rata with an 85% occupancy floor; $12.28/SF is the CURRENT escrow, and the 3% growth assumption is not in the LOI. Excludes Tenant-paid consumables (electric, water, waste handling) and barricade, which is at Tenant’s cost.
Assumptions used in the schedule
Floor area (SF)
3,000 SF
Base rent $/SF (Year 1)
$112.00
Rent escalation
3%
CAM $/SF (Year 1)
$36.89
CAM escalation
4%
RE tax $/SF (current escrow; pro-rata, 85% floor)
$12.28
ESTIMATE — RE tax growth (not stated in LOI)
3%
Promo fund $/SF (Year 1)
$2.00
Promo fund escalation
3%
Percentage rent rate
6%
Tenant Allowance $/SF (hard costs only)
$150.00
Percentage rent / sales
Percentage rent
6% of gross sales over a NATURAL breakpoint (base rent ÷ 6%) — Year 1 breakpoint $5,600,000. Natural rather than a fixed breakpoint, so exposure does not grow as rent escalates (better than Century City and UTC, which use flat breakpoints).
Gross sales definition
“Conform to Houston” — i.e. mirror the definition in Gentle Monster’s existing Houston lease. CONFIRM which document that refers to and re-check exclusions.
Reporting / audit
Not specified in the LOI beyond the Houston conformance
Other key terms
Tenant Allowance
$150/SF = $450,000, HARD COSTS ONLY. Paid on opening against lien waivers. Chicago’s $900,000 is likewise hard costs only (including storefront); only 295 Lafayette’s $3.5M covers hard AND soft costs.
Delivery condition
‘AS IS’ — no Landlord work specified. Landlord remediates hazardous materials if found, with day-for-day RCD extension.
Tenant kick-out
Right to terminate on the 3rd anniversary of the RCD with 12 months’ notice if Year 2 sales did not exceed $1.5M; Tenant repays the unamortised Tenant Allowance. The earliest and cheapest exit in the entire 14-candidate portfolio.
Radius restriction
2 miles — the tightest radius of the 14, BUT it expires at the kick date. Violating it VOIDS the early-termination right (an unusual remedy — the penalty is loss of the exit, not a default).
Landlord termination / co-tenancy / relocation
None specified in the LOI
Barricade
At Tenant’s cost — contrast the Chicago and Philadelphia LOIs, which prohibit barricade chargebacks entirely
Kiosks
No kiosks or carts within the attached protected zone — a modest merchandising protection
Utilities / consumables
Tenant responsible for electric, water and waste handling
Brokerage
Commission paid by Landlord (Maddox Retail)
Open items / watch — outs
OFFER EXPIRES ~Aug 20, 2026 (30 days from the Jul 21 date) and Simon requested a response within 10 days — as of Aug 18, 2026 there are ~2 days left. Confirm status before further work.
Simon expressly states the same proposal went to several other prospective tenants — no exclusivity, competitive process
Delivery is estimated Jul 1, 2028, roughly two years out — capital commitment far ahead of revenue, and all economics are quoted in 2026 dollars
Nothing is published about Space 417A — size and location within the centre are unverified beyond the LOI’s 3,000 SF
‘Gross sales conform to Houston’ imports an unseen definition — pull the Houston lease before signing
Guarantor, security deposit, renewal option, co-tenancy and relocation are all silent in the LOI
Two anchor boxes vacant (Jo-Ann) with no co-tenancy protection
CAM at 4%/yr vs rent at 3%/yr compounds occupancy cost over the 10-year term
Source: 08182026_LOI Gentle Monster Del Amo - 7.21.26v3.pdf | Simon proposal dated Jul 21, 2026 (v3) — contingent on SPG Management approval; EXPIRES 30 days from date sent; Simon states similar proposals were sent to several other prospective tenants.
Award-winning open-air regional centre of ~1.25–1.33M SF in the La Cantera District on San Antonio’s north-west side, at I-10 and Loop 1604. Opened 2005 (Phase I) and 2008 (Phase II); ~194 stores across two levels. Owned by Nuveen Real Estate with leasing and management by Brookfield Properties.
Estimated annual traffic
NO published visitor count. The centre is the dominant luxury destination for San Antonio and South Texas and holds the market’s only Neiman Marcus and Nordstrom. CONFIDENCE: LOW — obtain Brookfield’s Placer.ai or internal counts before underwriting.
Major brands / neighbours
Anchors: Neiman Marcus, Nordstrom, Dillard’s, Macy’s, Barnes & Noble, H&M. Upscale specialty and dining mix; adjacent to La Cantera Resort & Spa and the broader La Cantera District.
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
Year 1
n/a
n/a
n/a
n/a
n/a
$967,500
$225.00
n/a
Year 2
n/a
n/a
n/a
n/a
n/a
$996,525
$231.75
n/a
Year 3
n/a
n/a
n/a
n/a
n/a
$1,026,421
$238.70
n/a
Year 4
n/a
n/a
n/a
n/a
n/a
$1,057,213
$245.86
n/a
Year 5
n/a
n/a
n/a
n/a
n/a
$1,088,930
$253.24
n/a
Year 6
n/a
n/a
n/a
n/a
n/a
$1,121,598
$260.84
n/a
Year 7
n/a
n/a
n/a
n/a
n/a
$1,155,246
$268.66
n/a
Year 8
n/a
n/a
n/a
n/a
n/a
$1,189,903
$276.72
n/a
Year 9
n/a
n/a
n/a
n/a
n/a
$1,225,600
$285.02
n/a
Year 10
n/a
n/a
n/a
n/a
n/a
$1,262,368
$293.57
n/a
Note: the $967,500 quote is ALL-IN (base rent plus NNN) and equals $225.00/SF — the highest all-in $/SF of any NNN mall candidate in the portfolio and roughly 1.4× NorthPark. Ten years are shown for comparability only; the actual term has not been quoted. The 3% blended escalation is an assumption — real mall structures typically escalate rent ~3% and CAM 4–5%, which would produce a steeper curve than shown.
Assumptions used in the schedule
Floor area (SF)
4,300 SF
Year 1 rent INCLUDING NNN (as quoted)
$967,500
Year 1 all-in $/SF (derived)
$225.00
ASSUMED — blended annual escalation (NOT quoted)
3%
Base rent / CAM / tax split
Not broken out
Percentage rent
Unknown
Tenant Allowance
Unknown
Percentage rent / sales
Percentage rent
UNKNOWN — Brookfield mall deals typically carry 6–7% over a natural breakpoint; assume it exists until confirmed otherwise
Gross sales definition
UNKNOWN
Reporting / audit
UNKNOWN
Other key terms
TI allowance / Landlord’s work
UNKNOWN — no allowance quoted. At $225/SF all-in with no TI this would be the most expensive occupancy in the portfolio on a risk-adjusted basis.
Security deposit / guaranty
UNKNOWN
Co-tenancy
UNKNOWN
Kick-out / early termination
UNKNOWN
Landlord termination / relocation
UNKNOWN
Radius restriction
UNKNOWN
Assignment
UNKNOWN
Utilities
UNKNOWN
Marketing / merchants association
UNKNOWN — may or may not sit inside the $225/SF all-in quote
Open items / watch — outs
NO LOI DOCUMENT — this candidate rests on three data points (4,300 SF, Apr 1 2028 delivery, $967,500 Year 1 all-in). Request a written LOI before it is compared on equal footing with the others.
$225.00/SF all-in is the highest of any NNN mall candidate and ~1.4× NorthPark ($160/SF Yr 1 all-in) — confirm what is actually inside the number
No TI allowance quoted; at ~$800–900/SF of Gentle Monster build cost the unfunded capex on 4,300 SF is roughly $3.4–3.9M
Term length is unknown, so total commitment cannot be calculated
No published traffic count for the centre — request Brookfield’s Placer.ai data
April 2028 delivery means all quoted economics are in 2026 dollars against a 2028 opening
Percentage rent, kick-out, co-tenancy and radius are all unquantified — every downside protection is currently unknown
Source: terms provided by Ryan, Aug 18, 2026 — NO LOI DOCUMENT ON FILE. Only size, delivery date and an all-in Year 1 figure are known; everything else below is flagged as unknown or assumed.
Silverstein Properties’ $1B+ mixed-use development in the core of downtown Bellevue, immediately north of Bellevue Square: two towers with 365 luxury condominiums, the 208-room InterContinental Bellevue (opened summer 2024), and ~80,000 SF of retail branded ‘The Plaza at Avenue’, conceived as a European town square. In May 2026 the towers were rebranded NOBU RESIDENCES — Nobu’s first US residential project — with a 10,000 SF Nobu restaurant opening 2027.
Estimated annual traffic
No count published for Avenue Bellevue itself. Brochure cites 30M annual visitors to downtown Bellevue; the separately-owned adjacent Bellevue Collection self-reported ~30M visits and $1B+ sales across 5.5M SF, but that figure dates to 2021. Supporting metrics: Walk Score 95, 150,000 daytime workers (Amazon, TikTok, Salesforce), 9,000+ cars/day on Bellevue Way and 7,500+ on NE 8th, 2.2M annual overnight visitors to Bellevue. CONFIDENCE: LOW.
Major brands / neighbours
On site: Jo Malone London, Fleur, MR. Studio, Refine Beauty, Nobu (2027). Directly across at Bellevue Square: Nordstrom, Tiffany & Co., Burberry, Max Mara, Apple, Tesla; also Reformation, Vuori, Canada Goose in market.
Market watch
CO-TENANCY RISK: roughly half of the ~80,000 SF of retail (about 20 spaces) remained unleased as of mid-2026. Condo sales relaunched March 2025 at ~35% sold ($795K–$16M). Nobu should be the anchor that finally drives evening traffic to the plaza, but not until 2027.
Demographics
Average household income $270,250 within a 10-minute drive; median age 37.6. Top consumer segments: Metro Renters 28.6%, Laptops + Lattes 25.5%, Urban Chic 20.5% — an affluent, urban, brand-aware profile that fits Gentle Monster well.
Fixed occupancy cost by lease year
Annual figures. Years beyond the schedule stated in the document use the assumptions listed below the table.
Base rentCAM / operating costsReal estate taxesMarketing / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
Year 1
$380,770
$65.00
$146,450
— incl.
None quoted
$527,220
$90.00
n/a
Year 2
$392,193
$66.95
$150,844
— incl.
None quoted
$543,037
$92.70
n/a
Year 3
$403,959
$68.96
$155,369
— incl.
None quoted
$559,328
$95.48
n/a
Year 4
$416,078
$71.03
$160,030
— incl.
None quoted
$576,108
$98.35
n/a
Year 5
$428,560
$73.16
$164,831
— incl.
None quoted
$593,391
$101.30
n/a
Year 6
$441,417
$75.35
$169,776
— incl.
None quoted
$611,192
$104.33
n/a
Year 7
$454,659
$77.61
$174,869
— incl.
None quoted
$629,528
$107.46
n/a
Year 8
$468,299
$79.94
$180,115
— incl.
None quoted
$648,414
$110.69
n/a
Year 9
$482,348
$82.34
$185,518
— incl.
None quoted
$667,867
$114.01
n/a
Year 10
$496,818
$84.81
$191,084
— incl.
None quoted
$687,903
$117.43
n/a
Note: $380,770 = exactly $65.00/SF and the $585,800 allowance = exactly $100.00/SF, so both are round-number quotes rather than negotiated figures. NNN of $15.00/SF is the brochure’s approximation (‘call for rates’; TI shown as ‘negotiable’). Ten years shown for comparability only — the term has not been quoted. At $80.00/SF all-in this is BY FAR the cheapest occupancy of the 14 candidates.
Assumptions used in the schedule
Floor area (SF)
5,858 SF
Year 1 base rent (as quoted)
$380,770
Year 1 base rent $/SF (derived)
$65.00
ASSUMED — annual rent escalation (NOT quoted)
3%
NNN estimate $/SF (per brochure, approx.)
$25.00
ASSUMED — annual NNN escalation (NOT quoted)
3%
Tenant Improvement allowance (as quoted)
$585,800
TI $/SF (derived)
$100.00
Percentage rent
Unknown
Percentage rent / sales
Percentage rent
UNKNOWN — not quoted
Gross sales definition
UNKNOWN
Reporting / audit
UNKNOWN
Other key terms
TI allowance
$585,800 = $100.00/SF (brochure says ‘negotiable’). Against ~$800–900/SF of Gentle Monster build cost this funds roughly 11–13% of fit-out; the vanilla-shell condition of most suites reduces the gross number materially.
Delivery condition
The majority of the spaces have been improved to ‘vanilla shell’ condition, allowing faster and more cost-effective build-out. Spaces feature high ceilings, expansive storefronts and premium finishes.
Security deposit / guaranty
UNKNOWN
Co-tenancy
UNKNOWN — and this is the candidate that most needs one: ~50% of the plaza retail is unleased
Kick-out / early termination
UNKNOWN
Landlord termination / relocation
UNKNOWN
Radius restriction
UNKNOWN
Assignment
UNKNOWN
Built-in traffic generators
208-room InterContinental hotel at ~75% average occupancy, 365 residences above, and Nobu restaurant from 2027 — a captive base independent of street traffic
Open items / watch — outs
NO LOI DOCUMENT — term, escalation, free rent, percentage rent, deposit, co-tenancy and kick-out are all unquoted. Request a written LOI.
~50% of The Plaza at Avenue retail (about 20 spaces) is still unleased — insist on a co-tenancy clause with a rent-reduction or termination remedy
Nobu, the anchor that should drive evening traffic, does not open until 2027
Which suites make up the 5,858 SF is not established — frontage, visibility and demising cost all depend on the answer
Traffic evidence is the weakest of the 14: the 30M figure describes downtown Bellevue / the neighbouring Bellevue Collection (2021, self-reported), not this property
Offsetting all of the above: $80.00/SF all-in is roughly one third of La Cantera and half of Del Amo, delivery is immediate, and most space is vanilla shell — the lowest-capital, lowest-risk entry of the six new candidates
Source: 08182026_Seattle_Avenue Bellevue_Retail Brochure July 2026.pdf + terms provided by Ryan, Aug 18, 2026 — NO LOI DOCUMENT ON FILE. Size, delivery, Year 1 rent and TI are known; term, escalation and percentage rent are not.