Leases  ·  Retail

CVS Takes 13K SF at Base of One Soho Square


Pharmacy chain CVS has inked a 13,266-square-foot deal to open a new location at the base of One Soho Square, according to the brokers and the landlord, Stellar Management.

CVS signed a lease for 9,900 square feet on the ground floor and 3,366 square feet below grade in One Soho Square’s East Tower, which has an alternate address of 161 Avenue of the Americas between Spring and Vandam Streets, according to Stellar and Newmark (NMRK) RKF, which brokered the deal for the tenant.

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Spokespeople for Newmark RKF and Stellar Management would not provide the asking rent or length of the deal, but the CoStar (CSGP) Group lists average asking rents as between $50 to $61 per square foot.

“CVS will be a great addition to Hudson Square, which has more than 53,000 office workers and a residential population of more than 13,000,” Ariel Schuster, a vice chairman of Newmark RKF who handled the deal with colleagues Thomas Cholnoky and Brandon Eisenman, said in a statement. “The pharmacy will find strong traffic from the area’s quickly growing residential and commercial populations.”

David LaPierre, Kristen Crossman and Gabby Semet of CBRE (CBRE) represented Stellar in the deal. A spokeswoman for CBRE declined to comment.

CVS plans to open its new location—which was previously a Janovic Paint & Decorating—in the spring of 2019.

The pharmacy will join retailers Trader Joe’s and Aveda at One Soho Square, which still has 3,200 square feet of vacant retail space, a spokeswoman for Stellar Management said.

With additional reporting provided by Lauren Elkies Schram.