ICSC: Victoria’s Secret takes 60K sf at 2 Herald Square

TRD New York /
May.May 21, 2013 02:30 PM

UPDATED, 7:50 p.m., May 21: Lingerie retailer Victoria’s Secret inked a 60,000-square-foot lease to take two additional floors above its flagship retail location in Herald Square to use as offices, training space and storage.

The store, a division of the Ohio-based public company Limited Brands, signed a lease during the first quarter of 2013 for floors four and five at 2 Herald Square, a 380,000-square-foot office and retail building at the corner of Broadway and 34th Street, owned by Sitt Asset Management, David Sitt, a principal with the firm, told The Real Deal.

The company does not plan to use the floors — each about 30,000 square feet — for selling space, although having the additional stock space should allow the company to merchandise more efficiently, a person familiar with the deal said.

Prior to the new lease, Victoria’s Secret occupied a total of 60,000 square feet on the ground level, lower level and a portion of the second floor on a lease that runs to 2016, with three renewal options of five years each, the source said. The retailer signed the new lease for just 3.5 years, with additional options, so that it expires at the same time as its existing agreement. The asking rent was about $60 per square foot.

Sitt Asset represented itself in the transaction, while Richard Hodos, an executive vice president at CBRE Group, represented the tenant. Hodos and Limited Brands did not immediately respond to a request for comment.

The retailer is taking space formerly occupied by ASA College.

Another major tenant in the building, H&M, occupies the ground, and parts of the second and third floors.


Related Articles

arrow_forward_ios
ICSC President Tom McGee (ICSC via YouTube, iStock)

ICSC’s “incredibly tragic day” and rough year ahead

ICSC’s “incredibly tragic day” and rough year ahead
ICSC President Tom McGee (ICSC via YouTube, iStock)

ICSC’s layoffs paint dark picture for retailers it represents

ICSC’s layoffs paint dark picture for retailers it represents
Victoria’s Secret’s parent company has canceled its deal with private equity firm Sycamore Partners, while Neiman Marcus is nearing a restructuring deal with a Pimco-led group. (Andrew Chin/Getty Images; Noam Galai/Getty Images)

Retail fallout: Victoria’s Secret sale scrapped, Neiman Marcus nears restructuring deal

Retail fallout: Victoria’s Secret sale scrapped, Neiman Marcus nears restructuring deal
A photo illustration of the Victoria's Secret storefront at 722 Lexington Avenue (Credit: Google Maps)

Sale of Victoria’s Secret in jeopardy as buyer tries to back out

Sale of Victoria’s Secret in jeopardy as buyer tries to back out
From left: Knotel CEO Amol Sarva, Industrious CEO Jamie Hodari and Convene CEO Ryan Simonetti (Credit: Sarva via Sasha Maslov; Hodari via Rethink Events; Simonetti via Convene)

“We’re going to have to redesign everything”: Flex-office heads discuss industry’s survival

“We’re going to have to redesign everything”: Flex-office heads discuss industry’s survival
ICSC President Tom McGee (Credit: ICSC via YouTube)

ICSC requests federal help amid massive shutdowns

ICSC requests federal help amid massive shutdowns
The International Council of Shopping Centers sent a memo to members on Friday

ICSC suspends real estate’s biggest trade show due to coronavirus

ICSC suspends real estate’s biggest trade show due to coronavirus
Several major office landlords are enhancing cleanup efforts as COVID-19 is on the rise (Credit: iStock)

Landlords aim to keep offices squeaky clean as coronavirus spreads

Landlords aim to keep offices squeaky clean as coronavirus spreads
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...