Friday, August 10, 2007

Restoration Hardware Enters Build to Suit Agreement for 800,000 SF Distribution Center

SEC Edgar Database - August 7, 2007

On August 7, 2007, Restoration Hardware, Inc. entered into a Lease Agreement, effective as of August 3, 2007, with Duke Realty Limited Partnership pursuant to which the Company will lease from the Landlord an approximately 800,000 square feet distribution facility in the Village of West Jefferson, Ohio.

The Leased Premises will be used primarily for fulfillment to the Company’s East Coast retail stores and its non-furniture direct-to-customer business. The Leased Premises will be constructed by the Landlord and is expected to be completed in June 2008. The term of the Lease is 15 years after completion of the Landlord’s construction of the Leased Premises. The Company has the right to extend the lease for three additional periods of five years each.

The annual rent under the Lease will be approximately $3.2 million per year for years one through five, approximately $3.5 million per year for years six through ten, and approximately $3.8 million per year for years eleven through fifteen. The Lease also provides the Company with certain options to expand the Leased Premises. Sphere: Related Content

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