ExpansionMay 15, 2026, 04:33 PM
Playboy Expands Miami Beach Office, Amends Lease Terms
AI Summary
Playboy, Inc., through its subsidiary Playboy Enterprises, Inc. (PEI), has significantly expanded its office footprint in Miami Beach by amending an existing lease and entering into a new one. The amendment to the original lease for 20,169 rentable square feet adjusts key dates, abates rent for seven months, and sets a new expiration date of November 30, 2037, with a lower maximum rent. Concurrently, PEI secured an additional lease for 5,696 rentable square feet, completing its rental of the entire floor for its corporate offices, with this new lease also running until November 30, 2037, and including rent abatement through February 2027.
Key Highlights
- Playboy Enterprises, Inc. amended its original Miami Beach lease, changing the delivery date and lease term commencement to January 1, 2027.
- The amended lease term now expires on November 30, 2037, with rent, taxes, and operating expenses abated from January 1, 2027, through July 31, 2027.
- The amended lease includes a lower maximum rent than the original agreement.
- PEI also entered into a new lease for the rest of the floor, totaling 5,696 rentable square feet, to occupy the entire floor.
- The additional lease term is effective May 1, 2026, and ends November 30, 2037, with two five-year renewal options.
- Base rent for the additional lease is abated through February 2027, then starts at $49,840 per month from March 2027.
- PEI is required to provide an irrevocable letter of credit for $600,000 for the additional lease.
- Both the amended original lease and the new additional lease include cross-default provisions.
Price Impact
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