Meta Inks Lease For 5-Story Flagship Store On Fifth Avenue
Meta has committed to a 10-year lease for its first retail flagship in New York City.
The store, called Meta Lab, will occupy the entire five-level, 15K SF townhouse at 697 Fifth Ave. owned by Vornado, according to an announcement by the companies.
The space will showcase Meta’s wearable technology, such as its artificial intelligence glasses and virtual reality headsets. The company has already held a pop-up at the location.
“We’re proud to make a long-term commitment to Fifth Avenue, the heart of U.S. retail,” Meta Vice President and Creative Director Matt Jacobson said in a statement. “Placing our flagship store alongside the brands that help define culture will distinguish Meta Lab from traditional consumer electronics retail.”
The store is adjacent to the St. Regis Hotel between East 54th and 55th streets in the heart of the world's priciest retail corridor.
Average asking rent on Fifth Avenue between 49th and 60th streets reached $2,305 per SF in the fourth quarter, up nearly 4% year-over-year, according to Cushman & Wakefield. The availability rate was 13%, a 4.4% increase from the previous year and above the city’s overall rate of 12%.
Luxury retail markets have especially benefited from the K-shaped economic recovery, where high-income households have increased their consumption while their lower-income counterparts have had to adjust to rising inflation and higher costs of living.
The parent company of Facebook, Instagram and WhatsApp, Meta launched its experiential retail concept in 2024 to promote its smart glasses, made in partnership with Ray-Ban. The frames can take pictures and videos, make calls and send messages.
The brick-and-mortar presence helps consumers “see, try, and understand” Meta’s products, Jacobson said.
Meta Lab's first permanent flagship spans more than 20K SF at 8600 Melrose Ave. in West Hollywood. It also operates a store in Burlingame, California, and has recently opened pop-up boutiques in Las Vegas and Honolulu. The company plans to open additional retail locations throughout 2026, it said Wednesday.
In a statement, Vornado Executive Vice President and co-Head of Real Estate Glen Weiss said the REIT is “thrilled to further extend our long-standing relationship with Meta and applaud their permanent entry into New York City’s retail landscape.”
Meta leases all 730K SF of the office space at the Farley Building, a historic former post office redeveloped by Vornado next to the new Moynihan Train Hall at Penn Station. The building at 390 Ninth Ave. serves as Meta’s New York City headquarters and a hub for its tech and engineering teams.
Vornado executives have previously said they would consider selling the office building to fund the company's new developments.
