American Realty adds CVS at 1440 Broadway

Pharmacy to take 22K sf at 25-story Midtown office building

1440 Broadway in Midtown (inset: Michael Happel)
1440 Broadway in Midtown (inset: Michael Happel)

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.

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American Realty Capital purchased 1440 Broadway, between West 40th and 41st streets, in 2013 for $529 million. [PR Newswire]Tess Hofmann