CVS inked a lease for 22,000 square feet at 1440 Broadway, a 25-story Midtown office building owned by American Realty Capital’s New York REIT.
The pharmacy will become part of the REIT’s new strategy of repositioning the building by bringing below market-rate tenants to market and creating lower-level selling space with double-height ceilings, according to a release.
“We are quite excited to have a tenant with the consumer demand and credit quality of CVS/pharmacy as our first anchor tenant in the redevelopment of our retail space at 1440 Broadway,” said Michael Happel, CEO of New York REIT.
American Realty Capital purchased 1440 Broadway, between West 40th and 41st streets, in 2013 for $529 million. [PR Newswire] — Tess Hofmann