Richard Hodos, EVP of CB Richard Ellis, who represented Victoria's Secret in the deal, reportedly priced close to $100 million, tells GlobeSt.com that "Victoria's Secret is the dominant brand in its category, and it outgrew its successful location at the corner of Prince and Broadway." Hodos continues that the retailer's new location "will afford the brand an ability to showcase merchandise in a larger format with a modernized, updated store design."
GlobeSt.com could not get a price confirmation by deadline and could also not confirm taking rent or aggregate lease value. Cushman & Wakefield tells GlobeSt.com that average asking rents for ground floor space on Broadway in the Soho neighborhood was $450 at the end of the third quarter.
Hodos notes that the deal itself was quite challenging since it was combining the two spaces of 9,928 sf on grade and 9,682 sf in the basement and some sub-basement "in what is essentially two different buildings." He explains that it presented obstacles for both the ownership and Victoria's Secret; however, he says that "creativity and flexibility on both sides allowed us to close the transaction in this difficult environment."
The deal was made possible since Eastern Mountain Sports decided to relocate its existing store of 6,000 sf at 591 Broadway to a two-level 18,000-sf location at 530 Broadway on the northeast corner of Spring Street. Brian Katz, SVP of the Northeast region for Katz & Associates represented the sports company in the transaction. Landlord Thor Equities LLC was represented in house.
According to Bob Mayerson, COO of Eastern Mountain Sports, the new location "will allow us to open a full-size flagship store in a prime location in Soho, with a significantly expanded product offering for our customers in Manhattan." The retailer plans to continue expanding its concept throughout the Northeast. Katz & Associates were unable to be reached for lease terms or further information by deadline.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
