Introduction to Playboy’s New HQ
Playboy will take its ongoing makeover from Los Angeles to Miami Beach, as the once-iconic brand is moving its headquarters to Robert Rivani’s office building.
PLBY Group, the Los Angeles-based publicly traded company that owns Playboy magazine, its website and its trademarks, is moving its roughly 250-employee operation into a 20,000-square-foot penthouse office suite at the Rivani, a seven-story mixed-use building at 1691 Washington Avenue that is currently undergoing a $100 million renovation, a press release states.
The Lease Agreement
Playboy signed a 10-year lease with a corporate guarantee, a spokesperson for Rivani said. Tony Jones with Cushman Wakefield represented Playboy, and Jeremy Hakala with Newmark represented the landlord. The new star tenant is expected to move in next year when the renovations are completed, the spokesperson said.
Background on the Building
Rivani, founder of Miami-based Black Lion, bought a ground lease as well as the building, formerly known as The Lincoln, for $62.5 million last year. The land underneath is owned by the city of Miami Beach. Black Lion recently changed its name to Rivani, the release states.
New Ventures in Miami Beach
As part of the move to Miami Beach, Playboy is also planning a content studio for its online creator network and a new members-only Playboy Club in Miami Beach “with a leading hospitality company,” the release states. Playboy did not comment on the name of its members-only club partner. The facility would feature a restaurant and a members-only space inspired by the Playboy Mansion, the former Los Angeles home of the brand’s late founder and longtime editor-in-chief Hugh Hefner, who died in 2017.
Current State of Playboy
Since before Hefner’s death, Playboy has been in decline, a reflection of the overall decimation of the print magazine industry. PLBY Group ceased production of the monthly men’s lifestyle magazine, while the company has struggled to keep up with online competition from other adult content companies and streaming platforms such as OnlyFans. In February, Playboy published an annual edition of the magazine.
Revenue Streams
A majority of Playboy’s revenue is derived from brand licensing. In the second quarter, PLBY Group reported $28.1 million in total revenue, largely due to a 105 percent increase in licensing revenue, an earnings report states.
Recent Activities of Rivani
In recent months, Rivani has sold portions of its restaurant portfolio. In May, the firm sold a space at the SLS Lux Brickell leased to Gekkõ, a Japanese steakhouse owned by musician Bad Bunny and Miami Beach-based hospitality mogul David Grutman, and a space at Dua Miami Hotel leased to Mexican restaurant RosaNegra Miami. The combined sale price was $38.2 million.
Previous Sales
In January, Rivani sold a commercial building in Miami Beach’s South of Fifth neighborhood for $28.2 million. That property is leased to seafood restaurant Catch.
Conclusion
The move of Playboy’s headquarters to Miami Beach marks a significant shift for the brand as it continues to evolve and find new ways to engage with its audience. The establishment of a content studio and a members-only club in Miami Beach signals Playboy’s intent to remain relevant and vibrant in the modern entertainment landscape.
FAQs
Q: Where is Playboy moving its headquarters to?
A: Playboy is moving its headquarters to Robert Rivani’s office building in Miami Beach.
Q: What is the size of the penthouse office suite Playboy will occupy?
A: The penthouse office suite is 20,000 square feet.
Q: Who represented Playboy in the lease agreement?
A: Tony Jones with Cushman Wakefield represented Playboy.
Q: What new ventures is Playboy planning in Miami Beach?
A: Playboy is planning a content studio for its online creator network and a new members-only Playboy Club.
Q: What is the source of most of Playboy’s revenue?
A: A majority of Playboy’s revenue is derived from brand licensing.
