CVS signs lease in Tribeca’s Keystone Building

Drug store chain to take up over 11K sf

New York /
Apr.April 02, 2021 04:47 PM
38 Warren Street and CVS CEO Karen S. Lynch (Google Maps, CVS)

38 Warren Street and CVS CEO Karen S. Lynch (Google Maps, CVS)

CVS is opening another Tribeca outpost after a banner year.

The drugstore chain signed a lease for nearly 12,000 square feet at 38 Warren Street, aka the Keystone Building, a spokesperson for CVS confirmed. The retailer will take over 8,600 square feet on the ground level, and an additional 3,000 square feet of basement storage. It plans to open a retail location in 2022.

JEM Associates brokered the deal, which was signed in December, according to public records. Warren Street Associates owns the building. Neither could be reached for comment.

This isn’t the first time the drugstore has worked with Warren Street Associates: In November 2019, it signed a lease for 12,000 square feet at 140 Church Street, which the landlord also owns.

CVS and its competitors have received a boost from the pandemic. The chain alone expects to administer more than 3 million vaccines in about 40,000 long-term facilities. In 2020, CVS’s total revenue grew 4 percent from the previous year to $69.55 billion.

That’s led to some big deals in the beginning of the year: In February, CVS leased 19,350 square feet at the former Astor Hotel at 217 Broadway, just a few blocks from the Warren Street property.

Still, CVS closed 22 stores in the first quarter of 2020 after shuttering just 46 in all of 2019. Its competitors, Walgreens and Duane Reade, plan to sublease 16 stores across the city.





    Related Articles

    arrow_forward_ios
    Clockwise from left: Flushing’s Main Street, City Point in Brooklyn and Bronx’s Fordham Road (Getty)
    Manhattan’s retail loss is outer boroughs’ gain
    Manhattan’s retail loss is outer boroughs’ gain
    2 Bank Street (Google Maps, iStock)
    Pizzeria featured in “Eat Pray Love” signs lease in Greenwich Village
    Pizzeria featured in “Eat Pray Love” signs lease in Greenwich Village
    Dollar General CEO Todd Vasos (Retail Industry Leaders Association, iStock)
    Dollar General thrives amid retail apocalypse
    Dollar General thrives amid retail apocalypse
    (Getty)
    Manhattan retail market awaits recovery as vacancies rise in Q1
    Manhattan retail market awaits recovery as vacancies rise in Q1
    (Getty, iStock)
    McDonald’s to shutter hundreds of Walmart outposts
    McDonald’s to shutter hundreds of Walmart outposts
    The vacancy rate for regional and superregional malls is at an all-time high.  (Getty)
    Mall vacancy rate hits all-time high
    Mall vacancy rate hits all-time high
    Rudin Management’s Michael Rudin and Industrious’ Justin Stewart with 32 Sixth Avenue in Tribeca (Rudin, Industrious, Google Maps)
    Rudin teams up with Industrious for flex-office play
    Rudin teams up with Industrious for flex-office play
    15 W 55th owner Solly Assa. (Getty, Google Maps)
    Value of building at former Domenico Vacca flagship cut by 70%
    Value of building at former Domenico Vacca flagship cut by 70%
    arrow_forward_ios

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

    Loading...