CVS signs lease in Tribeca’s Keystone Building

Drug store chain to take up over 11K sf

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.

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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.