Walgreens inks $2 million annual lease in Lower Manhattan

New York /
Nov.November 29, 2011 12:57 PM

Walgreens has signed a deal for 22,000 feet of retail space at 100 Broadway for an annual rent of $2 million, the New York Observer reported.

The Lower Manhattan space, just blocks from Zuccotti Park, had been conspicuously vacant following the departure of Borders, which filed for bankruptcy earlier this year. The new store could become a Walgreens or a Duane Reade — the rival drugstore chain that Walgreens purchased last year.

Not everyone was pleased about the space going to the parent company of one of New York City’s most ubiquitous tenants.

“Some leasing experts and neighborhood advocates had hoped the space would attract a tenant that would add to the neighborhood’s rise as a shopping district with destination retail,” the Observer noted.

Madison Capital bought the note for 100 Broadway last year, and later foreclosed on the property. The bookstore closed in July along with eight other Borders outposts in New York City.

Duane Reade is exclusively represented by Jeff Winick, of Winick Realty. Cushman and Wakefield represented the landlord. [NYO]


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