Two Retailers Expand, Make Soho Moves

NEW YORK CITY-Victoria’s Secret has outgrown its location at the corner of Prince and Broadway and has just signed a lease for two spaces in two different buildings here in the Soho neighborhood of Manhattan. The duplex space is in 591 Broadway and 593 Broadway and has a lease term of 15 years.

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.