Richard Hodos, EVP of CB Richard Ellis, who representedVictoria's Secret in the deal, reportedly priced close to $100million, tells GlobeSt.com that "Victoria's Secret is the dominantbrand in its category, and it outgrew its successful location atthe corner of Prince and Broadway." Hodos continues that theretailer's new location "will afford the brand an ability toshowcase merchandise in a larger format with a modernized, updatedstore design."

GlobeSt.com could not get a price confirmation by deadline andcould also not confirm taking rent or aggregate lease value.Cushman & Wakefield tells GlobeSt.com that average asking rentsfor 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 itwas combining the two spaces of 9,928 sf on grade and 9,682 sf inthe basement and some sub-basement "in what is essentially twodifferent buildings." He explains that it presented obstacles forboth the ownership and Victoria's Secret; however, he says that"creativity and flexibility on both sides allowed us to close thetransaction in this difficult environment."