Delivery date from the lease or LOI (earliest date where a range is given). Figures per SF in the lists above are Year-1 fixed occupancy cost.
Not on the timeline: Soho, Downtown LA, San Jose, Costa Mesa, Houston, Las Vegas, New Jersey, Toronto — already open and trading. Seattle — space is available now, no date set.
All sites side by side
Grouped by deal stage. Money figures are Lease Year 1 of each document. Vancouver (CAD) and New Jersey pay a percentage of sales instead of rent, so they carry no fixed cost. Toronto amounts are in CAD.
Base rent plus CAM, taxes and marketing, divided by size.
* Gross or modified gross: taxes and operating costs sit inside the rent, so these are not directly comparable to the NNN sites. Downtown LA also carries its mezzanine lease in the total while dividing by the store area alone — on the combined 11,110 SF its Year-1 figure is about $24/SF.
Year-1 fixed cost, total
Same figures before dividing by size.
Soho
New York, NY · 70 Wooster Street · High street, SoHo · Wooster Realty LLC (Centaur Properties)
Gentle Monster's first US flagship, on Wooster Street between Grand and Spring in SoHo. A portion of the ground floor and cellar of 70 Wooster Street, a landmarked loft building. The store has been trading since September 2018.
Positioning
The lease itself gives no market commentary. Its only geographic statement is in the renewal-rent clause, which sets the comparable set as "comparable space in comparable buildings on Mercer, Greene and Wooster Streets between Grand and Houston Streets in SoHo, Manhattan".
Building constraints
Landmarked and inside a historic district: exterior work and permit-triggering interior work need Landmarks Preservation Commission approval. A Loft Board approval was also required for the fit-out.
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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg / Other
Total Fixed
Total $/SF
Breakpoint
1
$975,000
$237.17
—
$0
—
$975,000
$237.17
n/a
2
$1,004,250
$244.28
—
85% over base year
—
$1,004,250
$244.28
n/a
3
$1,034,378
$251.61
—
85% over base year
—
$1,034,378
$251.61
n/a
4
$1,065,409
$259.16
—
85% over base year
—
$1,065,409
$259.16
n/a
5
$1,097,371
$266.94
—
85% over base year
—
$1,097,371
$266.94
n/a
6
$1,130,292
$274.94
—
85% over base year
—
$1,130,292
$274.94
n/a
7
$1,164,201
$283.19
—
85% over base year
—
$1,164,201
$283.19
n/a
8
$1,199,127
$291.69
—
85% over base year
—
$1,199,127
$291.69
n/a
9
$1,235,101
$300.44
—
85% over base year
—
$1,235,101
$300.44
n/a
10
$1,272,154
$309.45
—
85% over base year
—
$1,272,154
$309.45
n/a
Note: base rent is stated in the lease for all ten years and escalates at exactly 3.0%/yr. Lease Year 1 runs Mar 15, 2018 – Sep 30, 2019 and each year thereafter Oct 1 – Sep 30. There is no CAM. Real estate taxes are payable only as 85% of the increase over a base equal to the AVERAGE of the 2017/18 and 2018/19 tax years, so Year 1 carries no tax pass-through; later-year amounts depend on actual NYC assessments and are not in the lease. Total fixed therefore equals base rent. The $/SF columns divide by 4,111 SF taken from the company store roster — the lease states no area at all — so treat them as indicative rather than as a lease term.
Assumptions used in the schedule
Rentable SF — store roster figure, NOT a lease term (SF)
4,111 SF
Year 1 base rent
$975,000
Annual rent escalation (stated schedule)
3%
CAM / operating costs
NONE — no pass-through in this lease
RE taxes — tenant share of increases
85%
Tax base year
Average of tax years 2017/18 and 2018/19
Percentage rent / sales
Percentage rent
NONE. The lease has no percentage rent clause at all.
Sales reporting
None. There is no gross-sales reporting, audit or records covenant, so the landlord receives no sales data from this store.
Other key terms
TI allowance / landlord's work
$400,000 construction allowance covering hard and soft costs, including custom fixtures shipped from Korea. Paid as a single draw on opening against lien waivers. Separately the landlord paid up to $500,000 toward buying out the old 79 Grand Street lease. Premises delivered essentially as-is.
Security deposit
$2,000,000 at signing, held as cash or as a letter of credit from an Aa/AA-rated bank. Reduces to $1,500,000 after 12 months and $1,000,000 after 24 months from rent commencement — but only if the tenant asks. See open items.
Taxes
85% of the increase over the base year, billed on the landlord's statement, which becomes final if not disputed within 120 days. Only the landlord may contest the assessment, but it must contest the valuation each year. The base year does NOT reset in the renewal term.
Co-tenancy
None
Kick-out
None for either party. Termination is limited to casualty (a repair taking over 15 months, or damage of 30%+ in the last two years) and condemnation.
Relocation right
None over the premises. The landlord may substitute vault space, which is outside the premises, on 10 days' notice.
Radius restriction
None. Gentle Monster is free to open other New York locations.
Assignment / change of control
Consent required, with 16 stated grounds for refusal. A transfer request is DEEMED AN OFFER the landlord may accept at any time afterwards, with no deadline and no right to withdraw — so asking to assign hands the landlord an open-ended right to end the lease. 50% of any transfer profit goes to the landlord. A change in control is a deemed assignment.
End-of-term restoration
Tenant must remove all "specialty alterations", expressly including internal staircases, slab penetrations and all voice and data wiring — which on a ground-floor-plus-cellar store will capture the connecting stair. Holdover runs at 150% then 200% of rent plus an indemnity.
Insurance (tenant)
CGL $5M per occurrence, employer's liability $1M, auto $1M, boiler and machinery, plus business interruption covering rent.
Open items / follow — up
The guaranty is missing from the file and no guarantor is named, yet the lease is drafted around one — and the intra-group reorganisation safe harbour is keyed to "Guarantor", not Tenant. Confirm which entity guarantees this lease.
The Commencement Date Agreement sets rent commencement at Sep 12, 2018, which is 30 days later than the lease's own "151 days after delivery" formula produces. That is roughly $81,250 of extra free rent. Confirm the basis, and confirm a fully signed counterpart exists — the copy on file is unsigned.
The security deposit reductions to $1.5M and then $1.0M were REQUEST-DRIVEN, not automatic, and the request dates opened in Sep 2019 and Sep 2020. Check the current letter-of-credit face amount — $1,000,000 of collateral may still be posted unnecessarily.
The renewal notice deadline is September 30, 2027, time of the essence. The option is 95% of market but the landlord can unilaterally impose the $1,310,319 floor instead, so there is no upside if the market falls.
No square footage anywhere in the lease. The $/SF rows use 4,111 SF from the company store roster, which may be a planning figure rather than a measured area — it is identical to the Dallas figure. Replace it with the architect's measured area when that is available.
Real estate tax pass-through from Year 2 onward is not quantified in the lease. Pull the NYC assessment history for the block and lot to size it, and diarise the 120-day window to dispute each statement.
Accrue for end-of-term restoration. The specialty-alteration removal obligation is unpriced and the store expires September 30, 2028.
Source: Executed\New York\LEASE--1.PDF (Agreement of Lease, January 2018) and COMMEN_1.DOC (Commencement Date Agreement, May 2018). Store open and trading.
Two separate but co-terminous leases in the same building: the ground-floor retail store at 814-816 S. Broadway (4,700 SF) and the whole mezzanine floor of 818 S. Broadway (6,410 SF) used as office, showroom and warehouse. Each lease requires the other, and both start and end on the same dates.
Positioning
The lease gives no market commentary. It does disclose, and make the tenant accept, that there is year-round film production adjacent to the building with street closures, noise and queues from events at the Orpheum Theatre, no guaranteed parking, and competing optical retailers already on Broadway.
Building constraints
An historic structure that does NOT meet California and City of Los Angeles seismic ordinances. The landlord guarantees it will not start the retrofit during the initial term, but may force the store to vacate during any option period on 180 days' notice.
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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mezzanine rent (other)
Total Fixed
Total $/SF
Breakpoint
1-6 (mo 1-64)
$169,200
$36.00
—
—
$96,000
$265,200
$56.43
n/a
6 (mo 65-76)
$174,276
$37.08
—
—
$98,880
$273,156
$58.12
n/a
7 (mo 77-88)
$179,508
$38.19
—
—
$101,880
$281,388
$59.87
n/a
8 (mo 89-100)
$184,884
$39.34
—
—
$104,880
$289,764
$61.65
n/a
9 (mo 101-112)
$190,440
$40.52
—
—
$108,060
$298,500
$63.51
n/a
10 (mo 113-124)
$196,152
$41.73
—
—
$111,300
$307,452
$65.42
n/a
Opt 1 (125-136)
$202,032
$42.99
—
—
$114,600
$316,632
$67.37
n/a
Opt 1 (137-148)
$208,092
$44.27
—
—
$118,080
$326,172
$69.40
n/a
Opt 1 (149-160)
$214,344
$45.61
—
—
$121,620
$335,964
$71.48
n/a
Opt 2 (161-172)
$220,764
$46.97
—
—
$125,280
$346,044
$73.63
n/a
Opt 2 (173-184)
$227,388
$48.38
—
—
$129,000
$356,388
$75.83
n/a
Opt 2 (185-196)
$234,216
$49.83
—
—
$132,900
$367,116
$78.11
n/a
Note: the "Mktg / Other" column here is the MEZZANINE lease (818 S. Broadway, 6,410 SF of office, showroom and warehouse), shown alongside the store because the two leases are co-terminous and each is conditional on the other. Base rent is the ground-floor store only, and the $/SF columns divide by the 4,700 SF store area, so Total $/SF is the combined cost carried per selling square foot and is NOT comparable to the mall deals. Rent is stated monthly in the leases; the annual figures are monthly x 12. The first band runs 64 months, then five 12-month steps of 3%. The four abated months are not deducted. Calendar dates cannot be shown because commencement was never fixed in writing.
Assumptions used in the schedule
Store floor area, ground floor 814-816 (SF)
4,700 SF
Mezzanine floor area, 818 back of house (SF)
6,410 SF
Store rent — months 1-64 ($36.00/SF)
$169,200.00
Mezzanine rent — months 1-64
$96,000
Rent escalation (stated schedule)
3%
CAM / taxes / insurance
NONE — gross lease, all included in base rent
Percentage rent / sales
Percentage rent
NONE. Expressly negated: "There shall be no 'Percentage Rent Clauses' applicable to this Lease."
Sales reporting
None. No gross-sales reporting and no audit right anywhere in either lease.
Other key terms
TI allowance / landlord's work
A one-time $5,000 allowance for paint and lighting — the figure is OCR uncertain and should be checked on the paper copy. Against that, the tenant is REQUIRED to spend at least $250,000 improving the premises. The landlord did substantial base-building work at its own cost: removed the wall between 814 and 816, stripped the interior to bare concrete, and provided water, sewer and sprinkler.
Security deposit
$35,250 on the store and $20,000 on the mezzanine — each exactly 2.5 months' rent, both confirmed again in Amendment #1. No burn-down.
Taxes / OpEx
None payable by the tenant. Tax increases over the base year are the landlord's cost.
Co-tenancy
None, and no exclusive use. The lease has the tenant acknowledge competing optical retailers already on Broadway.
Kick-out
None on sales. Construction-phase termination rights (permits, delivery) have long since lapsed and terminated both leases together.
Seismic displacement (option periods only)
IMPORTANT. If an option is exercised, the landlord may on 180 days' notice require the store to fully vacate for the seismic retrofit. The tenant may then terminate, or stay with rent fully abated for the whole displacement plus 60 days. Model this against any option decision.
Relocation right
None
Radius restriction
None, in either direction.
Assignment / change of control
Consent not to be unreasonably withheld, and notably NO consent is needed for a sale of substantially all the business, a share sale, merger or consolidation, or a transfer to an affiliate. Far more permissive than the mall leases. Note the mezzanine lease alone adds a 30% change-of-control trigger that the store lease does not have.
Insurance (tenant)
CGL $1M per person / $2M aggregate, landlord as additional insured. The landlord's own building cover EXCLUDES earthquake, which is worth noting given the acknowledged seismic deficiency.
Surrender
The landlord may require removal of all improvements, but the tenant can instead pay a one-time $5,000 fee and leave everything in place.
Open items / follow — up
OCR RELIABILITY: both leases were scanned images with no text layer and were read by OCR. The rent tables passed four independent cross-checks (term reconciles to 124 months, every step is 3% once the monthly amounts are rounded to whole dollars, $14,100 x 12 / 4,700 SF is exactly $36.00, and the deposit is exactly 2.5 months' rent confirmed in a second document), so the money is sound. The $5,000 TI allowance, the handwritten signature dates and one assignment clause should be checked against the paper originals.
The commencement and expiry dates were never fixed in writing. At the earliest possible start of Oct 1, 2016 the initial term ends around Jan 31, 2027 — inside the next 12 months. Get a commencement-date confirmation or estoppel so the option deadline can be diarised.
Option notice is due 90 to 180 days before expiry. If the term did start Oct 2016, that window is open NOW. The mezzanine lease states a conflicting outer bound (9 months rather than 180 days) — resolve which applies before serving notice.
Exercising an option switches on the landlord's seismic displacement right. Price the risk of being forced to close for the retrofit before committing to either option.
The mezzanine adds about $96,000/yr and 6,410 SF of back-of-house to this location. Decide whether the two should keep being reported together — they are legally co-terminous and each requires the other.
Each lease says rent is not adjusted if the area differs, "with the exception that if the measurement proves to be less than 4,400 square feet" (6,000 on the mezzanine) — and then the sentence simply stops. There is no stated consequence. Harmless unless a remeasurement is ever attempted.
Source: Executed\Los Angeles\Anjac Fashion Bldg Lease Agreement (LA Store).pdf and (LA 2nd).pdf (two cross-conditioned leases, both dated July 18, 2016) and ANJACF_3.PDF (Amendment #1, name change, Oct 1, 2018). Scanned documents read by OCR — see open items. Store open and trading.
Store 1215 at Westfield Valley Fair, one of the highest-grossing centres in the United States. Trading since December 2020. The first renewal option has been exercised, taking the term to the end of 2029.
Positioning
The lease names only Bloomingdale's, and only inside the co-tenancy clause that Amendment No. 1 later deleted. No traffic or market data is stated in the lease.
Amendment No. 1 (Mar 2021)
A COVID-era rent restructuring. It re-anchored every rent step to the calendar year, extended the initial term to Dec 31, 2025, made the whole first lease year a 13%-of-sales year with no fixed rent, and deleted the opening co-tenancy rent waiver. The original 2019 economics no longer apply.
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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Promotional (other)
Total Fixed
Total $/SF
Breakpoint
1 (2021)
$0
$0.00
$0
$0
$0
$0
$0.00
$0
2 (2022)
$434,906
$101.00
$195,449
$83,450
$19,851
$733,656
$170.38
n/a
3 (2023)
$447,953
$104.03
$203,267
pro-rata TBD
$20,645
$671,865
$156.03
n/a
4 (2024)
$461,392
$107.15
$211,398
pro-rata TBD
$21,470
$694,260
$161.23
n/a
5 (2025)
$475,234
$110.37
$219,854
pro-rata TBD
$22,329
$717,417
$166.61
n/a
6 (2026, opt 1)
$489,491
$113.68
$228,648
pro-rata TBD
$23,222
$741,361
$172.17
n/a
7 (2027, opt 1)
$504,175
$117.09
$237,794
pro-rata TBD
$24,151
$766,121
$177.92
n/a
8 (2028, opt 1)
$519,301
$120.60
$247,306
pro-rata TBD
$25,117
$791,724
$183.87
n/a
9 (2029, opt 1)
$534,880
$124.22
$257,198
pro-rata TBD
$26,122
$818,200
$190.01
n/a
Note: lease year 1 (Dec 24, 2020 – Dec 31, 2021) carried NO fixed rent — the tenant paid 13% of gross sales instead, covering base rent, taxes, CAM and promotional together. The Summary tab therefore shows lease year 2 (2022) as this store's Year-1 comparison figures, because year 1 has no fixed cost to compare. REAL ESTATE TAXES: the amendment fixes them at $19.00/SF, stepping to $19.76/SF on the 25th full calendar month after the July 1, 2020 rent commencement (about July 2022) and reverting to the ACTUAL reconciled tenant's share on the 37th month (about July 2023). 2022 is therefore shown as a blend of the two rates ($19.38/SF); 2023 onward is part fixed and part actual, so it is marked TBD and excluded from Total Fixed. About $42,500 of the 2023 tax IS contractually fixed, so the apparent fall in Total Fixed from 2022 to 2023 is an artefact of the missing tax line, not a real decrease. The condenser water plant charge (about $20,000/yr, CPI-linked) is also excluded. Every base rent figure is a FLOOR, not a ceiling.
Assumptions used in the schedule
Floor Area (SF)
4,306 SF
Base rent, first fixed year 2022 ($101.00/SF)
$434,906.00
Rent escalation (stated schedule)
3%
CAM Y1 ($45.39/SF)
$195,449.34
CAM / promotional escalation (from Jan 1, 2023)
4%
RE taxes 2022 blend ($19.00/SF to Jun, $19.76/SF from Jul)
$83,450.28
Promotional charge ($4.61/SF)
$19,850.66
Percentage rent rate
13%
Condenser water plant charge ($4.65/SF, +CPI)
$20,022.90
Percentage rent / sales
Percentage rent
13% of gross sales.
Breakpoint
Natural, but struck against GROSS rent, not base rent. Percentage rent is payable only once 13% of sales exceeds the SUM of base rent, taxes, CAM and promotional for that year. For 2022 that implies roughly $5.63M–$5.66M of sales; later years cannot be calculated because the tax component is not in the lease.
The ratchet
For every rent year, base rent is the greater of the stated figure or that figure plus the amount by which 13% of the PRIOR year's sales exceeded the prior year's total fixed cost. Prior-year percentage rent is permanently rolled into the following year's base.
Gross sales
Includes all e-commerce, telephone and catalogue orders that either originate or are accepted at the store, or are fulfilled from store inventory. Bad debts and credit card fees are each deductible up to 2% of sales.
Reporting / audit
Monthly within 10 days; annual within 30 days to sales_valleyfair@urw.com. $100 per statement per day for late filing. Two consecutive misses trigger an audit at the tenant's cost.
Other key terms
TI allowance / landlord's work
A tenant allowance was granted for the initial term only; Amendment No. 1 revised its conditions. No allowance is payable for the option periods.
Security deposit
None stated in the amended data sheet. Credit support is the parent guaranty.
Taxes
Fixed at $19.00/SF for 2021 and $19.76/SF from the 25th month after rent commencement, then the actual reconciled tenant's share from the 37th month. Tax administration fee 0%.
Other recurring charges
Condenser water plant $4.65/SF/yr escalating with CPI and never decreasing; water and sewer $1,045/yr; fire detection $600/yr; employee parking $75 per employee per month rising 5%/yr; electricity and trash paid direct.
Co-tenancy
DELETED by Amendment No. 1. The opening co-tenancy rent waiver of up to 6 months was removed in full.
Kick-out
None for the tenant.
Relocation right
Limited — the landlord could relocate the premises within 40 feet before final plans, with rent adjusted proportionally.
Radius restriction
20 miles. Sales of any competing store inside the radius are ADDED to this store's gross sales for percentage rent. Stores already open at signing are exempt.
Assignment / change of control
Consent required. The renewal option is personal to the tenant and dies automatically on any assignment or on a sublease of half the premises.
Second option
Jan 1, 2030 – Dec 31, 2033. First-year rent is the greater of $550,925.92, 103% of the prior year, or 95% of the per-SF rent the landlord is then getting from comparable in-line tenants in the defined market review zone — an effective market reset.
Open items / follow — up
Real estate taxes reverted to the actual reconciled tenant's share around July 2023 and are not in the lease at any figure from then on. Pull the landlord's reconciliation statements so 2023 onward can be completed — this is the largest gap in the schedule, and it makes Total Fixed look like it fell in 2023 when it did not.
Every base rent figure is a MINIMUM. Check each year's 13%-of-sales calculation against that year's total fixed cost; any excess was rolled permanently into the next year's base rent, so the stated schedule may understate what is actually being paid.
The 2026 rent ($489,490.53) is only a floor. The actual figure is the greater of four tests, one of which is 95% of comparable market rent. Confirm what the landlord actually billed from Jan 1, 2026.
One of the four tests for 2026 rent points at "Section 2.01(d)", which does not exist — section 2.01 has only (a), (b) and (c), and (c) is intentionally deleted. Worth noting if the landlord ever relies on it.
The second option window falls in 2028 (12 to 18 months before Dec 31, 2029). Decide early — the option requires a full cosmetic refurbishment to like-new condition at the tenant's cost, and it dies on any assignment.
The first option was exercised by EMAIL, and the landlord accepted service "for purposes of this notice only, and not for any other future notices". Serve the second option notice by the formal method the lease requires.
The lease carries two conflicting definitions of the lease year — the amendment's calendar-year definition and an unamended clause running to January 31. The amendment controls, but confirm the landlord bills on the same basis.
Source: Executed\San Jose\URWVLF_1.PDF (Lease dated Nov 12, 2019), GENTLE-1.PDF (Lease Amendment No. 1, Mar 2, 2021 — controls all economics) and the option exercise of Sep 30, 2024. Store open and trading.
South Coast Plaza, the highest-grossing shopping centre in the United States. The lease covers the eastern portion of the centre only. The store has been trading since 2022.
Positioning
The lease gives no positioning. Department stores appear only incidentally in the asbestos disclosure, which names Bloomingdale's, Macy's, Macy's Men's Store and the former Sears. The lease expressly disclaims any warranty as to pedestrian traffic, occupancy level or tenant mix.
Store standard
The tenant is required to build and keep a flagship-quality store using its most current prototype design for its highest-quality stores, and to trade at full price — no outlet, no showroom-only operation.
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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Promo / VAC (other)
Total Fixed
Total $/SF
Breakpoint
1 (2/22-1/23)
$341,100
$75.00
included in gross rent
included in CAM
included in gross rent
$341,100
$75.00
$2,436,429
2 (2/23-1/24)
$363,840
$80.00
pro-rata TBD
included in CAM
pro-rata TBD
$363,840
$80.00
$2,598,857
3 (2/24-1/25)
$363,840
$80.00
pro-rata TBD
included in CAM
pro-rata TBD
$363,840
$80.00
$2,598,857
4 (2/25-1/26)
$386,580
$85.00
pro-rata TBD
included in CAM
pro-rata TBD
$386,580
$85.00
$2,761,286
5 (2/26-1/27)
$409,320
$90.00
pro-rata TBD
included in CAM
pro-rata TBD
$409,320
$90.00
$2,923,714
6 (2/27-1/28)
$432,060
$95.00
pro-rata TBD
included in CAM
pro-rata TBD
$432,060
$95.00
$3,086,143
7 (2/28-1/29)
$454,800
$100.00
pro-rata TBD
included in CAM
pro-rata TBD
$454,800
$100.00
$3,248,571
Note: every base rent figure is stated in the addendum as both a monthly amount and a per-SF rate ($75 / $80 / $80 / $85 / $90 / $95 / $100), and the two tie exactly at 4,548 SF. Year 1 rent is shown at its contract amount even though all twelve months were abated, so that it is comparable with the other sites. In year 1 CAM, air-conditioning and promotional are included in the gross rent. From Feb 2023 the addendum drops the "in lieu of additional rent" wording and leaves the pass-through clauses in force, so those amounts are shown as TBD and excluded from Total Fixed — the facing page carrying the rates is missing from the file. Real property taxes sit inside common area costs, so there is no separate tax line. The breakpoint column is the sales level at which 14% of sales overtakes base rent, tested MONTHLY, annualised here for comparison. The twelve abated months run from the first FULL calendar month after rent commencement, so on a Feb 15, 2022 start they ran Mar 2022 to Feb 2023 and spill one month into lease year 2.
Assumptions used in the schedule
Floor Area (SF)
4,548 SF
Year 1 gross rent ($75.00/SF)
$341,100.00
Free rent
12 full calendar months from rent commencement
CAM / OpEx rate
NOT IN THE DOCUMENT — the facing page is missing
RE taxes
Included inside common area costs — no separate tax line
Overage rate (greater of base or % of monthly sales)
14%
Percentage rent / sales
Percentage rent
Formally NONE — the addendum deletes the percentage rent clause entirely.
But: a 14% overage
Rent is the greater of the stated base rent or 14% of that CALENDAR MONTH's gross sales. It is tested monthly with no annual true-up, so a strong December alone can trigger a payment even if the full year never reaches the annual breakpoint. This is harsher than a normal annual percentage rent.
Gross sales
Broad — includes internet, mail, telephone and facsimile orders received, placed or filled at the premises. No deduction for uncollectible accounts. If a tax return shows higher sales, the higher figure is used.
Reporting / audit
Monthly by the 10th; annual statement certified by the CFO. The landlord's audit right survives the end of the lease and a CPA's determination is binding. The tenant pays the audit cost on a 2% deficiency.
Other key terms
TI allowance / landlord's work
ZERO. "There shall be no allowance or abatement of any kind by Landlord". The tenant builds the whole store, pays a barricade charge of $100 per lineal foot of storefront, an $8,000 clean-up deposit, plan review fees on every future remodel, and must post full payment and performance bonds unless it uses a contractor from the landlord's approved list.
Security deposit
The initial amount is on the missing facing page. The addendum reduces it to $150,000 after the second full lease year and $100,000 after the third, each by credit against rent and each conditional on no default.
CAM
Uncapped and unusually inclusive: real property taxes sit inside it, a 15% administrative surcharge is added on top of all other costs, ALL capital expenditure is included without amortisation, and so is interest on money the landlord borrows to fund it. The tenant has NO audit right and the landlord's annual statement is conclusive.
Specialty retailer condition
In place of co-tenancy. Satisfied once the landlord has signed leases with any two of 25 named retailers. If not, after an 18-month grace period the rent becomes the greater of $100/SF or 10% of sales — which in the $80/SF years could COST MORE than the contract rent. The test is leases signed, not stores open, and there is no long-stop date and no termination right.
Kick-out
None. The only tenant termination right was a pre-opening one that expired in 2021.
Relocation right
Yes, and broad — at any time during the term on 90 days' notice, to comparable space. The tenant may instead terminate within 20 days. No rent abatement and no compensation for business loss, and replaced trade fixtures become the landlord's property.
Radius restriction
The centre and ALL of Orange County. It binds parents, subsidiaries and affiliates, and catches corporate sales, shop-in-shops, outlets and trunk shows. Annual written certification of compliance is required on request.
Assignment / change of control
Consent may be withheld "in its sole and absolute discretion for any reason deemed sufficient by Landlord and without reference to any standard of reasonableness". A transfer of more than 25% of the ownership of the tenant OR ITS PARENT is a deemed assignment.
Other obligations
Two paid advertisements per lease year in the landlord's digital programme, at the landlord's price. Holdover at the greater of 300% of rent or market. The landlord's liability is capped at $5 million. Continuous operation including Sundays.
Open items / follow — up
THE FACING PAGE OF THE LEASE IS MISSING from the file, and it carries the initial security deposit, the CAM rate, the promotional fund rate and the plan review fee. Several cells in the schedule cannot be completed without it. Request it from the landlord or from counsel. (The mall air-conditioning rate IS in the file — Exhibit D shows $3.31/SF/yr effective Jan 1, 2021.)
The deal appears to convert from gross to net on Feb 1, 2023. The first-period clause says the gross rent is "in lieu of Minimum Rent AND additional rent"; the second-period clause says only "Minimum Rent" and leaves the CAM, tax, air-conditioning and promotional sections untouched. Read as drafted, all of those became separately payable from Feb 2023. Confirm with counsel whether that was intended — it is the difference between an $80/SF deal and an $80/SF-plus-full-recoveries deal.
Check what has actually been billed since Feb 2023 against the lease reading above. The invoices will settle the question faster than the drafting will.
The 14% overage is tested monthly with no annual true-up. Check whether monthly overage payments have been made in peak months even in years when annual sales stayed below the annualised breakpoint.
The specialty retailer condition may cost more than it saves. Once the CAM rate is known, work out the crossover point before ever invoking it.
No renewal option and a hard expiry of January 31, 2029 — about two years and four months away — against a flagship build funded entirely by us with zero allowance. Start the renewal conversation early.
The abatement ends early on an assignment, a subletting of ANY part, or a change of more than 25% in the ownership of the tenant or its parent. Run any group reorganisation past this clause.
Source: Executed\Costa Mesa\lease Gentle Monster_v3 executed.pdf and the Addendum to Lease, both dated June 18, 2021 (tenant signed June 29, 2021). Store open and trading.
Room B2883 at the Houston Galleria — the original 4,000 SF store plus an 843 SF expansion, restated into a single new lease in June 2022. Simon-owned.
Positioning
The lease names no anchors and gives no traffic data. A "major tenant" is defined generically as any single tenant of 25,000 SF or more. The tenant must run a first-class, high-quality, fashionable store — not a general, promotional or self-service one.
The centre definition
"Centre" today means one of the five Galleria buildings, but the landlord may at any time add any or all of the others into the definition — which changes the denominator for the tenant's share of taxes.
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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Promo fund (other)
Total Fixed
Total $/SF
Breakpoint
1
$290,580
$60.00
$260,263
pro-rata TBD
$24,215
$575,058
$118.74
$5,000,000
2
$299,297
$61.80
$271,741
pro-rata TBD
$25,426
$596,464
$123.16
$5,415,000
3
$308,257
$63.65
$283,793
pro-rata TBD
$26,697
$618,747
$127.76
$5,831,153
4
$317,507
$65.56
$296,447
pro-rata TBD
$28,032
$641,986
$132.56
$6,006,100
5
$327,048
$67.53
$309,734
pro-rata TBD
$29,433
$666,215
$137.56
$6,186,283
6
$336,879
$69.56
$323,686
pro-rata TBD
$30,905
$691,470
$142.78
$6,371,871
7
$347,001
$71.65
$338,335
pro-rata TBD
$32,450
$717,786
$148.21
$6,563,027
8
$357,413
$73.80
$353,716
pro-rata TBD
$34,073
$745,202
$153.87
$6,759,918
9
$368,116
$76.01
$369,867
pro-rata TBD
$35,777
$773,760
$159.77
$6,962,716
10
$379,158
$78.29
$386,825
pro-rata TBD
$37,565
$803,549
$165.92
$7,171,597
Note: base rent is stated in the lease for all ten years as both a per-SF rate and an annual amount, and every one ties exactly to 4,843 SF. The operating cost charge, central plant charge and promotional fund are stated only as per-SF rates ($47.40, $6.34 and $5.00); the annual amounts here are those rates times 4,843 SF. The CAM / OpEx column is the operating cost charge PLUS the central plant charge ($30,705 in year 1); the promotional fund is shown on its own in the next column. REAL ESTATE TAXES ARE NOT QUANTIFIED ANYWHERE IN THE LEASE — it is a pro-rata share with no base, no estimate and an express disclaimer, so taxes are shown as TBD and are EXCLUDED from Total Fixed. This site's total is therefore understated against the sites whose taxes are known. Operating costs and the promotional fund escalate 5% per CALENDAR year while base rent steps per LEASE year, so the timing may be out by up to one step. The central plant charge is held flat but recalculates upward annually by formula.
Assumptions used in the schedule
Store Floor Area (SF)
4,843 SF
Year 1 base rent ($60.00/SF)
$290,580.00
Rent escalation (stated schedule)
3%
OC charge Y1 ($47.40/SF, 2022 base year)
$229,558.20
OC / promotional escalation (each calendar year)
5%
Central plant charge ($6.34/SF)
$30,704.62
Promotional fund Y1 ($5.00/SF)
$24,215.00
Percentage rent rate
5%
Percentage rent / sales
Percentage rent
5% of adjusted gross sales above the breakpoint.
Breakpoint
FIXED dollar amounts, not natural — $5,000,000 in year 1 rising to $7,171,597 in year 10. The natural breakpoint in year 1 would be $5,811,600, so percentage rent bites EARLIER than a natural breakpoint would, and the gap widens over the term.
Not re-cut for the expansion
The breakpoints are identical to those in the 2021 lease even though the store grew about 21% and base rent rose from $240,000 to $290,580.
Gross sales
Includes internet, electronic, video and computer orders originating in, at or from the premises, regardless of where they are filled. No deduction for uncollected amounts.
Reporting / audit
Monthly within 5 days, certified under oath; annual within 30 days. $250 per missed statement. The tenant pays the audit cost on a 3% understatement.
Other key terms
TI allowance / landlord's work
The lesser of $250/SF ($1,210,750) or the actual net cost of the work, paid half on 50% completion and half after opening. The tenant had to spend at least $1,000,000 on permanent improvements and prove it.
Security deposit
$100,000, carried over from the previous lease — no new cash was required.
Taxes
Pro-rata share with NO stated base, estimate or cap, and an express disclaimer that the landlord makes no representation as to the amount. The denominator excludes major tenants, free-standing premises, theatres, restaurants, kiosks and storage, so the share is struck against a much smaller base than total centre area.
Automatic rent increases
TWO, both outside the rent schedule. Base rent increases 10% automatically whenever an additional major tenant opens or an existing one is replaced by a higher-quality one, and a further 10% if the landlord completes a renovation or expansion costing over $10,000,000. Neither is capped.
Co-tenancy
None.
Kick-out
A year-5 sales test — if year-5 sales are under $2,750,000 the tenant may terminate, but must pay the unamortised $1,210,750 allowance with the notice. AND the right dies permanently if sales exceed $2,750,000 in ANY rolling 12-month period at any time. Treat it as illusory.
Relocation right
None — expressly deleted.
Radius restriction
25 miles. On a breach the landlord may either add 50% to the rent or fold 100% of the other store's sales into gross sales. Stores existing at June 2, 2022 are grandfathered.
Assignment / change of control
Consent required with no reasonableness standard. On any transfer the landlord takes the GREATEST of the rent uplift, the highest percentage rent of the prior three years, or the CPI increase — so a payment can fall due even with no rental profit. A change of voting control of the tenant OR THE GUARANTOR is a deemed assignment.
Other charges
Deck parking: if the landlord builds structured parking, the tenant pays a share of the capital cost amortised over at least 15 years plus 9% interest — uncapped. The tenant has NO right to audit the operating cost charge.
Open items / follow — up
Real estate taxes are a complete blank in the lease and are excluded from the totals here. On a Texas retail asset this is usually the second-largest occupancy line. Pull the actual billed history so this site can be compared fairly against Dallas and the others.
Two automatic 10% rent increases sit outside the schedule — one when a major tenant is added or upgraded, one on a renovation over $10,000,000. Neither is capped and both look stackable. Check whether either has been triggered since 2022.
The lease states no commencement date, and the required completion date is left as a literal "?" in the executed document. Get the commencement date certificate so the lease-year boundaries can be fixed — the operating cost and promotional escalations run on calendar years and the base rent on lease years.
The year-5 kick-out is almost certainly already dead: it is extinguished permanently once sales exceed $2,750,000 in any rolling 12-month period. Do not carry it as an exit option.
Percentage rent breakpoints were never re-cut for the 843 SF expansion and sit well below natural, so overage rent starts earlier and runs longer than the fixed schedule suggests. Model a percentage-rent sensitivity, not just the fixed table.
No renewal option and no free rent, with the term ending on the last day of January following the tenth lease year. Start the renewal conversation well ahead.
The central plant charge is not a fixed escalator — it recalculates at least annually by a four-factor formula where every factor is floored at 1, so it can only ratchet up. The figure here is held flat and will understate later years.
Source: Executed\Houston\GENTLE MONSTER 5-31-22_revised_final.pdf (restated lease dated June 2, 2022, which replaced the Sep 9, 2021 lease and added the 843 SF expansion). Store open and trading.
Room S31A at The Forum Shops at Caesars. The lease is structured as a SUBLEASE — the landlord holds under a 1990 ground lease from Caesars Palace Realty Corp.
Positioning
No anchors named and no traffic data in the lease. The tenant must operate a first-class, high-quality, fashionable store.
Trading hours
Set by the lease: 10am to 11pm Sunday to Thursday and 10am to midnight Friday and Saturday, plus any other hours the landlord sets. Failing to trade adds 25% to that day's rent as liquidated damages.
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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Mktg + media (other)
Total Fixed
Total $/SF
Breakpoint
1
$591,000
$150.00
$289,708
pro-rata TBD
$19,700
$900,408
$228.53
$5,000,000
2
$608,730
$154.50
$300,901
pro-rata TBD
$20,488
$930,119
$236.07
$5,415,000
3
$627,012
$159.14
$312,541
pro-rata TBD
$21,308
$960,861
$243.87
$5,831,153
4
$645,805
$163.91
$324,647
pro-rata TBD
$22,160
$992,613
$251.93
$6,006,100
5
$665,190
$168.83
$337,238
pro-rata TBD
$23,046
$1,025,474
$260.27
$6,186,283
6
$685,127
$173.89
$350,332
pro-rata TBD
$23,968
$1,059,426
$268.89
$6,371,871
7
$705,693
$179.11
$363,949
pro-rata TBD
$24,927
$1,094,570
$277.81
$6,563,027
8
$726,851
$184.48
$378,112
pro-rata TBD
$25,924
$1,130,887
$287.03
$6,759,918
9
$748,639
$190.01
$392,841
pro-rata TBD
$26,961
$1,168,441
$296.56
$6,962,716
10
$771,097
$195.71
$408,159
pro-rata TBD
$28,039
$1,207,295
$306.42
$7,171,597
Note: base rent is stated in the lease for all ten years as both a per-SF rate and an annual amount, and every one ties exactly to 3,940 SF. The operating cost, central plant, marketing and media rates are stated only per SF ($71.02, $2.51, $2.50 and $2.50); the annual amounts are those rates times 3,940 SF. The "Mktg / Other" column is the marketing fund plus the media fund; the central plant charge is inside the CAM column. REAL ESTATE TAXES ARE NOT QUANTIFIED ANYWHERE IN THE LEASE, so they are shown as TBD and EXCLUDED from Total Fixed — this site's total is understated accordingly. The $71.02/SF operating cost base is conditional on the store having commenced before Dec 31, 2023; a 2024 start lifts the whole stack by at least one 4% step. The 4% operating cost escalator compounds the OC charge from $71.02 to about $101 per SF over ten years — a bigger dollar mover than the base rent escalator.
Assumptions used in the schedule
Store Floor Area (SF)
3,940 SF
Year 1 base rent ($150.00/SF)
$591,000.00
Rent escalation (stated schedule)
3%
OC charge Y1 ($71.02/SF, 2023 base year)
$279,818.80
OC / marketing / media escalation (each calendar year)
4%
Central plant charge ($2.51/SF)
$9,889.40
Marketing fund $2.50/SF + media fund $2.50/SF
$19,700.00
Percentage rent rate
5%
Percentage rent / sales
Percentage rent
5% of adjusted gross sales above the breakpoint.
Breakpoint
FIXED dollar amounts — $5,000,000 in year 1 rising to $7,171,597. The natural breakpoint in year 1 would be $11,820,000, so percentage rent bites at roughly 42% of the sales level a natural breakpoint would require. Treat it as a near-certain cost, not a contingency.
Gross sales
Includes internet, electronic, video and computer orders and "orders by means of other technology-based systems whether now existing or hereafter developed". No deduction for uncollected amounts.
Reporting / audit
Monthly within 5 days, certified under oath; annual within 30 days. $250 per missed statement. The tenant pays the audit cost on a 3% understatement. The ground lessor has its own independent audit right.
Other key terms
TI allowance / landlord's work
The lesser of $325/SF ($1,280,500) or the actual net cost — the most generous allowance in the portfolio. But it is paid within 60 days AFTER completion and opening, against eight separate deliverables, so it funds nothing during construction.
Security deposit
NONE — expressly deleted. The parent guaranty is the only credit support.
Taxes
Pro-rata share with NO stated base, estimate or cap, and an express disclaimer. The denominator excludes major tenants, free-standing premises, theatres, restaurants, kiosks and storage — which at Forum Shops removes a great deal of the centre and concentrates the burden on in-line tenants.
Automatic rent increases
TWO, both outside the rent schedule, same as Houston: 10% when a major tenant is added or upgraded, and a further 10% on a renovation or expansion costing over $10,000,000. Neither is capped.
Co-tenancy
None.
Kick-out
None for the tenant.
Relocation right
None — expressly deleted. But the landlord reserves the right to build mezzanines over the premises.
Radius restriction
5 miles — the tightest of the open stores. On a breach the clause applies BOTH remedies: 50% added to the rent AND 100% of the other store's sales folded into gross sales.
Assignment / change of control
Consent required. The landlord takes the greatest of the rent uplift, the highest percentage rent of the prior three years, or the CPI increase. A change of voting control of the tenant OR THE GUARANTOR is a deemed assignment.
Gaming authorities
Nevada-specific: a "denial" by the gaming authorities affecting the tenant gives the landlord or the ground lessor a termination right.
Continuous operation
Failing to trade in 100% of the premises during required hours adds 25% to that day's rent as liquidated damages, without notice or demand.
Open items / follow — up
Real estate taxes are not quantified anywhere in the lease and are excluded from the totals here. Pull the actual billings — the tax denominator is drawn narrowly against in-line tenants, so the share will be materially higher than a simple area ratio suggests.
Confirm the commencement date. If it fell on or after Jan 1, 2024, the $71.02/SF operating cost base itself escalates and the whole ten-year stack shifts up.
The 4% operating cost escalator is the largest single cost driver here — bigger than base rent escalation in dollar terms. At $71/SF starting, ten years of 4% adds roughly $30/SF.
Percentage rent should be modelled as a near-certain cost: the $5,000,000 breakpoint is about 42% of the natural breakpoint. Confirm how e-commerce and click-and-collect sales are being attributed, since gross sales expressly captures technology-based orders.
There is no security deposit and no renewal option. The parent guaranty is the only credit support, and the unamortised $1,280,500 allowance is the first component of the post-year-5 guaranty cap.
Two automatic 10% rent increases sit outside the schedule. Check whether either has been triggered.
The execution copy on file shows a blank date and empty signature lines. Confirm against the signed original, and obtain the guaranty signature page in particular.
Source: Executed\Las Vegas\Gentle Monster @ The Forum Shops III 9-13-22 (1).pdf. Store open and trading.
None — 16% of adjusted gross sales from the first dollar
Base rent / SF
—
Year-1 fixed cost
n/a — 16% of adjusted gross sales
Fixed cost / SF
—
Percentage rent
16% of sales from the first dollar
TI allowance
Landlord built, capped $3.0M, repayable
Deposit / guaranty
$100,000
Location
Introduction
Space E237 in "The Collections" at American Dream, East Rutherford. Open since July 2024. A September 2025 amendment extended the term to 2030 and changed the deal materially.
Positioning
The lease named Alexander Wang, Balenciaga, Bottega Veneta, Dolce & Gabbana, Gucci, Hermes, Moncler, Saint Laurent, Saks Fifth Avenue and Tiffany as the relevant co-tenants — but only inside the co-tenancy clause that the amendment has since deleted.
What the 2025 amendment did
Fixed the commencement date at July 18, 2024; extended the term from four to six lease years, to July 31, 2030; DELETED the co-tenancy clause entirely and retroactively; gave a one-off rent credit of $133,747.34; required Sunday opening except on NFL game Sundays; added a flood-zone notice and waiver; and took an irrevocable release of all termination rights.
Fixed occupancy cost schedule (annual)
There is no fixed occupancy cost schedule for this site, and that is the correct answer rather than a gap. Every fixed component — minimum annual rent, real estate taxes, the fixed rate charge, the marketing fund and the grand opening fee — is expressly stated as "None" in the lease, and common area costs are funded by the landlord out of the rent it receives. The tenant pays 16% of adjusted gross sales from the first dollar, with no breakpoint, plus utilities, trash and water and sewer, each grossed up by a 15% landlord administration fee, plus IT services. The one material hidden cost is the $3,000,000 landlord's work cost, which converts into a monthly amortising charge for the rest of the term once trailing twelve-month sales first reach $10,000,000.
Store Floor Area (SF)
4,261 SF
Minimum annual rent
NONE — stated as "None" in the lease
Real estate taxes
NONE — the tenant does not contribute to centre taxes
CAM / fixed rate charge
NONE — funded out of rent by the landlord
Marketing fund / grand opening fee
NONE
Percentage rent rate (from the first dollar)
16%
Landlord's work cost, repayable on a sales trigger
$3,000,000
Gross sales threshold that starts the repayment
$10,000,000
Percentage rent / sales
Percentage rent
16% of adjusted gross sales, payable from the FIRST DOLLAR.
Breakpoint
None — there is no breakpoint, natural or fixed.
Gross sales
Broad: includes internet, electronic, wireless, video and computer orders, orders originating at the premises regardless of where filled, unrefunded deposits, gift cards, and sales by any sublessee or concessionaire. No deduction for uncollected amounts.
If the store closes
Sales are IMPUTED at the greater of $13,700 a day or the same day last year plus 5%, and failing to operate adds a further 25% as liquidated damages. Opening late or closing early is a default plus $200 an hour.
Reporting / audit
Monthly by the 5th with a DAILY breakdown, certified under oath; annual within 30 days with the sales tax records. $250 per day for a late statement. The tenant pays the audit cost on a 3% understatement.
Other key terms
TI allowance / landlord's work
No cash allowance. The landlord built the store at its own cost, capped at $3,000,000 including the tenant's plan costs. BUT once trailing twelve-month adjusted gross sales first reach $10,000,000, the tenant must repay that cost, amortised monthly over the rest of the term.
Security deposit
$100,000. The landlord may unilaterally require it to be replaced by an evergreen standby letter of credit running to 120 days past expiry.
Utilities and services
Utilities, trash removal and water and sewer are all charged with a 15% landlord administration fee on top. The tenant must also contract with the landlord's IT service provider.
Co-tenancy
DELETED IN ITS ENTIRETY AND RETROACTIVELY by the 2025 amendment. The anchor and occupancy protections are now treated as never having existed.
Kick-out
NONE. The 2025 amendment took an irrevocable release of all termination rights not set out in the amendment, and the amendment grants none.
Relocation right
Yes, for ANY reason, on 90 days' notice, to space within 10% of the current size. The landlord rebuilds at its cost and pays the moving costs.
Radius restriction
20 miles — but with a carve-out for Manhattan and Brooklyn, and for stores already open at the effective date. On a breach the remedies are cumulative: 50% added to the effective rent, 100% of the other store's sales folded in, AND the $3,000,000 landlord's work cost repayable in cash within 30 days.
Assignment / change of control
Consent in the landlord's SOLE DISCRETION, and the landlord may recapture and terminate instead of consenting. A change of voting control is itself a transfer. Intra-group transfers are permitted on notice, but both entities stay primarily liable. The tenant may not transfer to, or sell products branded by, Gucci, Louis Vuitton, Prada, Dior, Fendi or Chanel.
Sunday trading
Bergen County's Sunday sales law prohibits Sunday sale of clothing and apparel. The amendment requires the store to open on Sundays anyway, except for prohibited sales on NFL game Sundays at MetLife Stadium, with a landlord indemnity for fines.
Flood zone
The premises sits in a FEMA Special Flood Hazard Area, Zone AE. The tenant waived its rights under the New Jersey flood disclosure statute and released the landlord from flood claims.
Open items / follow — up
Confirm whether the $10,000,000 trailing twelve-month sales threshold has already been crossed. If it has, the $3,000,000 landlord's work cost is already amortising into rent — and because the term now runs only to July 2030, the later it triggers the larger the monthly charge.
Confirm how much of the $3,000,000 cap the landlord actually spent, and how much of it was consumed by the tenant's plan reimbursement costs. The lease states the figure in words only, with no numeral.
The amendment's rent credit reads "One Hundred Thirty-three Thousand Seven Hundred Forty-seven and 30/100 Dollars" against "$133,747.34" in figures — a four-cent gap, since words normally govern. Immaterial, but tie the credit to the rent ledger.
The 4-year option has NO stated rent basis. If it is likely to be exercised, paper the rent mechanism before notice is given — the window is roughly 12 to 18 months before August 1, 2030.
The landlord's signature block on the amendment is blank in the copy on file. Confirm a fully countersigned original exists.
This site carries no fixed cost at all, so it cannot be compared with the others on $/SF. Its meaningful measure is 16% of sales plus the 15%-marked-up utilities and services, and eventually the amortised landlord's work cost.
The store is now locked in to July 2030 with no co-tenancy protection, no kick-out and no exit, against a landlord that may relocate it for any reason on 90 days' notice.
Source: Executed\New Jersey\Gentle Monster AD Lease (6 27 21).pdf and the First Amendment of Lease dated September 2025 (filed in the New York folder but it amends THIS lease — same landlord, tenant and space). Store open and trading.
Unit 228 at Yorkdale Shopping Centre, Canada's highest-grossing mall, managed by Oxford Properties. The lease was signed in September 2024 and assigned to a new Canadian company in June 2025. All amounts in this tab are Canadian dollars.
Positioning
Not stated in the lease. The only qualitative standard is the landlord's repeated reference to a "first-class shopping centre".
Unique storefront covenant
The lease requires this to be a one-of-a-kind flagship storefront, not substantially the same as any other Gentle Monster store in a Greater Toronto Area mall — and gives the landlord an immediate termination right if it ever stops being unique. See open items.
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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx
RE Taxes
Promotion fund (other)
Total Fixed
Total $/SF
Breakpoint
1 (2025-26)
C$1,047,000
C$200.00
C$239,240
C$411,105
C$32,446
C$1,729,790
C$330.43
C$6,000,000
2 (2026-27)
C$1,078,410
C$206.00
C$239,240
C$411,105
C$34,068
C$1,762,822
C$336.74
C$6,000,000
3 (2027-28)
C$1,110,762
C$212.18
C$239,240
C$411,105
C$35,772
C$1,796,878
C$343.24
C$6,000,000
4 (2028-29)
C$1,144,109
C$218.55
C$239,240
C$411,105
C$37,560
C$1,832,014
C$349.95
C$6,000,000
5 (2029-30)
C$1,178,398
C$225.10
C$239,240
C$411,105
C$39,438
C$1,868,181
C$356.86
C$6,000,000
6 (2030-31)
C$1,213,735
C$231.85
C$239,240
C$411,105
C$41,410
C$1,905,489
C$363.99
C$6,000,000
7 (2031-32)
C$1,250,170
C$238.81
C$239,240
C$411,105
C$43,481
C$1,943,995
C$371.35
C$6,000,000
Note: ALL AMOUNTS ARE CANADIAN DOLLARS, and HST is charged on top of every figure. Minimum rent is stated in the lease only as a per-SF rate by month band ($200.00 rising 3%/yr to $238.81); the annual amounts are those rates times 5,235 SF. OPERATING COSTS AND REALTY TAXES ARE A FISCAL 2023 ESTIMATE quoted in a lease signed in September 2024 for a store opening in late 2025 — the lease gives no escalator and no other data point, so they are carried flat here. They are genuinely stale and uncapped, and together they are about CAD 124/SF, or 62% on top of minimum rent. Replace them with the landlord's current statement as soon as it is available. The promotion fund escalates 5% each FISCAL year rather than each lease year, so each lease year is a blend of two rates. The condenser and operating HVAC charges are extra and are not quantified in the lease.
Assumptions used in the schedule
Gross leasable area (SF)
5,235 SF
Year 1 minimum rent (CAD $200.00/SF)
$1,047,000.00
Rent escalation (stated schedule)
3%
Operating costs (CAD $45.70/SF — FY2023 ESTIMATE)
$239,239.50
Realty taxes (CAD $78.53/SF — FY2023 ESTIMATE)
$411,104.55
Promotion fund (CAD $5.95/SF for FY2025)
$31,148.25
Promotion fund escalation (each fiscal year)
5%
Percentage rent rate
6%
FIXED annual breakpoint (never escalates)
$6,000,000
Percentage rent / sales
Percentage rent
6% of gross revenue above the breakpoint, in addition to minimum rent — not offset against it.
Breakpoint
FIXED at CAD 6,000,000 per lease year, and it NEVER escalates while minimum rent rises 3% a year. The natural breakpoint implied by year-1 minimum rent would be CAD 17,450,000, so percentage rent starts at roughly a third of the natural level.
Gross revenue
Includes all e-commerce sales completed by delivery at or from the premises or ordered on a device in the premises. Employee discounts are deductible only up to 2% of gross revenue.
Reporting / audit
Monthly by the 5th; annual within 60 days certified by a CFO holding a recognised accounting designation. The tenant pays the audit cost on a 3% understatement, and the landlord's estimate becomes uncontestable after 6 months.
Other key terms
Tenant allowance / landlord's work
CAD $160.00/SF = CAD 837,600, plus sales taxes, payable no earlier than 60 days after commencement against statutory declarations, lien clearance and receipted invoices. Landlord's work is effectively nil — the premises were taken as-is. On default the unamortised allowance is repayable with 10% interest compounded annually.
Security deposit
NONE. The only deposit is a CAD 15,000 construction deposit from the general contractor.
Operating costs
Include a 15% management fee, depreciation of capital items with interest at prime plus 2%, capital tax, and insurance deductibles. A 15% administration fee also applies to utilities, HVAC costs and landlord-performed work. The window to dispute a statement is 6 months, after which the claim is waived.
Co-tenancy
None.
Kick-out
None for the tenant. The LANDLORD has several: after the fifth lease year it may terminate on 6 months' notice for remerchandising (offering relocated premises), or on 12 months' notice for demolition or substantial renovation WITH NO COMPENSATION AT ALL.
Relocation right
Yes, after the fifth lease year, on 6 months' notice, to comparable space at the same rent per SF with the landlord building it out and paying the moving costs. The tenant has only 15 days to accept; if it refuses it receives the depreciated value of its improvements NET of the tenant allowance, over a maximum 5-year life — which could be close to nil.
Radius restriction
Not a distance radius. A named-centre restriction covering the project itself and CF Fairview Mall, CF Markville Mall and CF Sherway Gardens. Future deals inside the Oxford portfolio are carved out.
Assignment / change of control
Consent required, not to be unreasonably withheld unless the landlord elects to recapture instead. A change of effective control of the tenant OR ANY AFFILIATE is a transfer. On a transfer the landlord takes ALL consideration received, not just rent uplift. Public-exchange share trading is carved out.
Unique storefront
The landlord may terminate the lease EFFECTIVE IMMEDIATELY on written notice if the storefront design was not approved, was not built as approved, or at any time during the term "ceases to retain its unique character" among our other GTA stores. A subjective and uncapped right that runs the whole term.
Art pieces
The right to display art pieces, statues and robots is drafted to last only "so long as Tenant is IICOMBINED U.S.A. INC." — which, after the June 2025 assignment to the Canadian company, reads as having lapsed. See open items.
Open items / follow — up
The operating cost and realty tax figures are a FISCAL 2023 ESTIMATE carried into a 2024 lease for a 2025 opening. Together they are about CAD 124/SF, larger than most stores' entire occupancy cost, and they are uncapped. Get the landlord's current statement and replace them — this is the single biggest number in this tab and the least reliable.
The actual commencement date is not documented. November 1, 2025 is only the contractual outside date. Obtain the landlord's confirmation notice, because it fixes the lease years, the allowance payment date and the fifth-year thresholds for the landlord's relocation and demolition rights.
The percentage rent breakpoint is fixed at CAD 6,000,000 and never escalates. Against the company sales plan for this store, percentage rent is likely payable from early in the term and grows every year. Confirm how e-commerce and click-and-collect are being recorded, because gross revenue captures them.
There is no renewal option, and the landlord can terminate after the fifth lease year — on 12 months' notice for demolition with NO compensation. Treat this as a 5-year protected term, not 7, when amortising the CAD 837,600 allowance and our own fit-out.
The unique-storefront clause lets the landlord terminate immediately, at any time, on a subjective view that the storefront has stopped being unique among our GTA stores. Track it as a live covenant before any further Toronto-area rollout.
The art-piece right appears to have lapsed on the June 2025 assignment to IICOMBINED CANADA INC., because it is drafted to last only while the tenant is IICOMBINED U.S.A. INC. If the concept depends on it, get written confirmation from the landlord.
The assignment acknowledgement operates "as of and from the Effective Date" in four places but never defines that term. Worth papering, since it governs when liability passed to the Canadian entity.
Source: Executed\Toronto\GentleMonster.Yorkdale.Lease.rd_km.pdf (Shopping Centre Lease dated Sep 6, 2024) and the Acknowledgement of Assignment dated Jun 12, 2025. ALL AMOUNTS ARE CANADIAN DOLLARS.
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 / condenser water / 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 / condenser water / 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
None — license fee 20%/15%/13% of net sales
Base rent / SF
—
Year-1 fixed cost
n/a — fully variable
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 (Vancouver). 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 / condenser water / 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 / condenser water / 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).
$3,562,500 letter of credit + unlimited parent guaranty
Location
Introduction
Ground + lower level + sub-level at the landmarked Puck Building (1885), on the Lafayette / E Houston corner where SoHo, NoHo and Nolita meet. The space is part of Commercial Unit 1 of The Puck Building Condominium (Tax Block 510, Lot 1101); the retail block also houses REI. Landlord is NEW PUCK, LLC (Kushner Companies). Landlord's Work demises a self-contained unit of approximately 28,491 RSF. RSF is measured to the 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 / condenser water / other
Lease Year
Base Rent
Base Rent $/SF
CAM / OpEx over base
RE Taxes
Condenser water
Total Fixed
Total $/SF
Breakpoint
Year 1
$4,750,000
$166.72
$0
— incl.
$41,250
$4,791,250
$168.17
n/a
Year 2
$4,900,000
$171.98
$29,916
— incl.
$42,488
$4,972,403
$174.53
n/a
Year 3
$5,050,000
$177.25
$60,729
— incl.
$43,762
$5,154,491
$180.92
n/a
Year 4
$5,151,000
$180.79
$92,466
— incl.
$45,075
$5,288,541
$185.62
n/a
Year 5
$5,254,020
$184.41
$125,156
— incl.
$46,427
$5,425,603
$190.43
n/a
Year 6
$5,359,100
$188.10
$158,826
— incl.
$47,820
$5,565,746
$195.35
n/a
Year 7
$5,466,282
$191.86
$193,506
— incl.
$49,255
$5,709,043
$200.38
n/a
Year 8
$5,575,608
$195.70
$229,227
— incl.
$50,732
$5,855,567
$205.52
n/a
Year 9
$5,687,120
$199.61
$266,019
— incl.
$52,254
$6,005,394
$210.78
n/a
Year 10
$5,800,863
$203.60
$303,915
— incl.
$53,822
$6,158,600
$216.16
n/a
Note: modified gross. Tenant pays 14.63% of the increase in RE taxes over the July 2026 – June 2027 base tax year and 14.63% of the increase in building operating expenses over calendar 2027. Both are combined in the CAM / OpEx column, so the RE taxes column reads “incl.” and the Year 1 pass-through is $0 by construction. The $35.00/SF base is a PLACEHOLDER — the lease does not state the base-year dollars — so that column is indicative only. The condenser-water charge (55 tons × $750, +3%/yr) is payable whether or not it is used. Base rent Years 4–10 computed at 2.0% ties exactly to Schedule A ($5,151,000 → $5,800,863). Excludes submetered electricity, water at cost, Tenant's own cleaning and refuse removal, and Tenant's ~$26.5–40M build-out.
Assumptions used in the schedule
Rentable area (RSF, REBNY) — Article 1
28,491 SF
Year 1 Fixed Rent — Schedule A
$4,750,000
Year 2 Fixed Rent — Schedule A
$4,900,000
Year 3 Fixed Rent — Schedule A
$5,050,000
Escalation from Year 4 onward — Schedule A
2%
Tenant's Proportionate Share — Article 1
14.63%
ESTIMATE — RE tax + OpEx base ($/SF), placeholder
$35.00
ESTIMATE — annual growth in taxes + OpEx over base
3%
Condenser water — 55 tons × $750/ton, Year 1
$41,250
Condenser water — annual increase per lease
3%
Tenant Improvement Allowance — hard costs only
$3,500,000
Security deposit / Letter of Credit face amount
$3,562,500
Percentage rent
None in the executed lease
Percentage rent / sales
Percentage rent
NONE — the executed lease contains no percentage rent, no breakpoint and no sales-based charge. Tenant-favourable versus every mall candidate.
Sales reporting
Not a routine obligation. Section 2.8 lets Landlord request an annual, officer-signed Gross Sales statement, no more than once a calendar year, and only if it is needed for a sale, investment or financing of the building, or if Landlord has a reasonable basis to be concerned about Tenant's financial condition. The LOI had required no reporting at all.
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 of 495K entrants and a $350 ticket gets to ~$14.7M and ~32%.
Other key terms
TI allowance / Landlord's Work
$3,500,000 (Section 30.1) — HARD COSTS ONLY: soft costs, trade fixtures, equipment, inventory and filing fees are excluded. The LOI had said hard and soft costs, so the effective allowance is narrower than previously modelled. Paid 50% when the initial installations are 50% complete and 50% within 60 days of completion and opening; any unused balance is credited against rent. Landlord's Work (Exhibit G), at Landlord's cost: demise the unit and remove the walls shown on Exhibit G-1; broom-clean delivery; HVAC, plumbing, electrical and fire protection in good order; 800 amps dedicated (raised from 400 amps in the LOI) plus submeters; watertight and structurally sound envelope; no violations blocking permits; a certificate of occupancy for the permitted use; sprinkler standpipe with a connection point inside the premises.
Security deposit / guaranty
$3,562,500 — nine months of Year 1 rent. Tenant may post CASH at execution but must replace it with a letter of credit within 60 days of the Effective Date (approx. Nov 10, 2026); Shinhan Bank America is named in the lease as a pre-approved issuing bank. Burn-down, provided there has been no default in the preceding 12 months: $3,166,666.67 at the 2nd anniversary of the RCD, $2,770,833.33 at the 3rd, $2,375,000.00 at the 4th and $1,583,333.33 at the 6th. PLUS the unlimited parent guaranty — see Guarantor above. The heaviest credit package of the 14 candidates.
Alterations
Landlord consent not to be unreasonably withheld, with a 10-business-day response and a deemed-approval remedy after a second notice in bold capitals. Kenneth Park Architects is pre-approved as architect (not mandatory). NON-UNION LABOR IS PERMITTED and Landlord warrants that using it is not a breach — a meaningful New York cost saving. Landlord must flag any Specialty Alterations that need removal at the time it approves the plans, or the removal obligation is waived.
Real estate tax / OpEx structure
Modified gross (Article 7). Tenant pays 14.63% of the increase in Taxes over the Base Tax Year (July 1, 2026 – June 30, 2027) and 14.63% of the increase in Operating Expenses over the Base Expense Year (calendar 2027), monthly on Landlord's estimate with an annual reconciliation. Management fees are capped at 3% of gross revenues and a long list of Excluded Expenses applies. Landlord warrants the building is not under any tax abatement or incentive programme.
Utilities / HVAC
Electricity is submetered and billed to Tenant. Condenser water: Landlord supplies 55 tons; Tenant pays $750 per ton per year, rising 3% each calendar year, payable annually in advance whether or not it is used (~$41,250 in Year 1). Tenant operates and maintains its own HVAC system under a service contract, but Landlord pays for replacement of the major components (compressors, coils, motors, valves, control boards) after the Commencement Date. Water is billed at cost; Tenant pays for its own cleaning, extermination and refuse removal.
Signage
Logo and brand identification on the exterior at the ground-floor entrance, to the approved rendering at Exhibit H, 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. Use of the freight elevators and the 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 entities under common control, or a successor by merger or sale of substantially all assets. Transfer Profit is shared 50/50 with Landlord on both assignments and subleases (after deducting Tenant's costs); transfers to affiliates and to Permitted Users are carved out. Tenant may also license space to optometrists, ophthalmologists and short-term users under Section 13.11.
Co-tenancy
None.
Kick-out / early termination
NONE — no sales kick-out for either party, confirmed in the executed lease. The only exits are the Outside Termination Date of August 1, 2027 if the space is never delivered, and casualty or condemnation. On a 10-year term with a ~$26.5–40M build-out this remains the single largest downside exposure in the portfolio.
Relocation right
None.
Radius restriction
None — the executed lease imposes no radius restriction, so 70 Wooster and any future New York store are unaffected.
Permitted use
Upscale first-class retail for eyewear, fashion accessories, technology products and related merchandise, plus product demonstrations, brand activations, pop-up installations and experiential programming, with office, storage and back-of-house uses. Coffee, tea and off-site-prepared pastries may be sold for consumption on the premises; no cooking or baking on site.
Remeasurement right
Tenant may have the premises measured to the REBNY store standard by its own licensed architect within 90 days of the Commencement Date, time of the essence. Rent and every per-SF charge change only if the certified area is below 95% or above 105% of 28,491 SF; unresolved disputes go to a three-member AAA panel and any adjustment is backdated to the lease date.
Escrow / non-disturbance
Signature pages are held by Davis + Gilbert LLP as escrow agent and the security deposit by Landlord, pending delivery of a non-disturbance agreement from the current lender in the form agreed with Tenant's counsel. If that has not arrived within 60 days of the escrow agreement, the escrow is void, the signature pages return to Tenant and the deposit is refunded — unless Tenant instructs in writing that the escrow continue.
Open items / post — execution follow — up
Parent guaranty from IICOMBINED CO., LTD. due by approx. Nov 10, 2026 (60 days from the Sep 11 Effective Date). It is UNLIMITED — no dollar cap, no burn-off, no expiry — and needs Korea HQ board approval plus Korean regulatory clearance. The copy on file is unsigned and undated.
Fallback if the guaranty is late: an ADDITIONAL letter of credit of $5,937,500 by approx. Dec 10, 2026, not subject to any burn-down. That would take total security to about $9.5M.
Letter of credit for the $3,562,500 security deposit due by approx. Nov 10, 2026 to replace the cash Landlord now holds. Shinhan Bank America is pre-approved as issuer — tie this to the standby L/C facility being arranged with Shinhan.
Lender non-disturbance agreement still outstanding. The escrow releases only when it arrives and lapses 60 days after the escrow agreement if it does not.
RE tax and OpEx base-year dollar amounts are still not quantified. The $35.00/SF placeholder drives every escalation figure here and must be replaced with Landlord's actuals for the FY 2026/27 tax year and calendar 2027.
The $3,500,000 allowance is now HARD COSTS ONLY — soft costs, trade fixtures, equipment, inventory and filing fees are excluded, so it covers less of the ~$26.5–40M build-out than the LOI implied.
No kick-out and no co-tenancy on a 10-year term against that build-out ($33M BASE case).
Store must open within 60 days of the Rent Commencement Date or Fixed Rent runs at 1.5× the daily rate; 120 days is an Event of Default at Landlord's option.
Remeasurement right expires 90 days after the Commencement Date (approx. Mar 1, 2027 on a Dec 1 delivery). 28,491 RSF is REBNY-measured and includes the sub-level — economics should also be read on selling area (19,991 SF ground + lower level).
25–35% cannibalisation of 70 Wooster assumed — net new New York volume is materially less than gross.
Source: Executed\_New York_New Puck_295 Lafayette\ — New Puck _ Gentle Monster - Lease.docx, New Puck _ Gentle Monster - Guaranty.docx, Escrow Agreement - Gentle Monster - The Puck Building.docx.pdf, signature page.pdf | FULLY EXECUTED — Effective Date September 11, 2026. Landlord NEW PUCK, LLC (Kushner Companies), signed by Laurent Morali; Tenant IICOMBINED U.S.A. INC., signed by Rachel Muscat, Chief Strategic Adviser / President. Supersedes the LOI of Jul 9, 2026.
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 / condenser water / 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 / condenser water / 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 / condenser water / 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-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 / condenser water / 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 / condenser water / 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 / condenser water / 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 / condenser water / 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.