Vornado Realty Trust signed Victoria’s Secret to a nearly 64,000-square-foot retail lease at 640 Fifth Avenue in Midtown, which will house the lingerie giant’s flagship store.
The 16-year lease is for 63,780 square feet at Fifth Avenue and 51st Street, with Victoria’s Secret securing 78 feet of frontage on the vaunted Fifth Avenue retail corridor in Midtown.
The store, expected to open in November 2016, will feature three “selling levels,” including 9,350 square feet on the ground floor of the 18-story, 285,840-square-foot property. Vornado said it would retain an adjacent 3,230-square-foot store featuring 25 feet of Fifth Avenue frontage available to lease.
The real estate investment trust is one of the most prominent landlords on the Fifth Avenue retail corridor, with properties including 689 Fifth Avenue, 655 Fifth Avenue, 608 Fifth Avenue and 510 Fifth Avenue.
The Steven Roth-led firm partnered with Crown Acquisitions last year to acquire the retail condo at the St. Regis Hotel for $700 million.
Vornado is reportedly teaming with developer Jared Kushner for an overhaul of 666 Fifth Avenue that would convert the office tower into a Zaha Hadid-designed vertical retail mall featuring a hotel and residential component. — Rey Mashayekhi