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Meta Opens Flagship Store on Fifth Avenue Amid High Rents

3/20/2026

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Summary

Story summary

Meta has signed a 10-year lease for its flagship store, Meta Lab, at 697 Fifth Avenue.
The 15,000-square-foot space will host AI smart glasses and VR headsets.
The location sits adjacent to the St. Regis Hotel.
The space previously operated as a pop-up.
Meta's Matt Jacobson says the store will stand out by engaging communities, as Fifth Avenue rents reach $2,569 per square foot and availability is 40% below 2021 peak.

History

Historical Context

Fifth Avenue's retail landscape has evolved significantly since the mid-20th century, with a peak availability rate of 40% in 2021. The opening of Meta's flagship store at 697 Fifth Avenue, leasing at $2,569 per square foot, reflects a trend where tech companies establish physical locations to connect with consumers. This shift may signal a resurgence in brick-and-mortar retail amid changing consumer behaviors.

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Story summary

Meta has signed a 10-year lease for its flagship store, Meta Lab, at 697 Fifth Avenue.
The 15,000-square-foot space will host AI smart glasses and VR headsets.
The location sits adjacent to the St. Regis Hotel.
The space previously operated as a pop-up.
Meta's Matt Jacobson says the store will stand out by engaging communities, as Fifth Avenue rents reach $2,569 per square foot and availability is 40% below 2021 peak.

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