Walgreen's becomes newest tenant in Tishman's Stuyvesant Town.

Rose Associates, Inc., the New York-based full-service real estate firm, acting as agent for the former owner, completed a lease with Walgreens at The Shops at Peter Cooper Village/Stuyvesant Town. The national retail pharmacy chain signed for 10,873 s/f of retail space for 15 years at 292-298 First Avenue.

Managed by Rose Associates, Inc., Peter Cooper Village/Stuyvesant Town comprises 110 buildings and is home to more than 25,000 people. The Shops at Peter Cooper Village/ Stuyvesant Town encompasses the entire east side of First Avenue from 14th Street to 23rd Street, serving the complex with more than 100,000 square feet of retail space. The new Walgreens is located on First Avenue at 18th Street within one of the center buildings at The Shops at Peter Cooper Village/Stuyvesant Town.

Bruce Spiegel, senior managing director of commercial leasing for Rose Associates, Inc., represented the landlord in the transaction. Patrick Smith, principal with Staubach Retail Services, represented Walgreens.

"This was a complex transaction that took over one year of negotiations among four different entities to complete," said Spiegel. "This is an ideal location for Walgreens as it was able to take over an existing pharmacy, Elm Drugs."

Walgreens is already operating out of the Elm Drugs location, 298 First Avenue, which totals approximately 5,273 s/f plus basement space. The retail pharmacy chain purchased the lease from the original operator, who had been in business at the same location for a number of years. Walgreens gained access to Elm Drug's substantial customer base within the area and among Peter Cooper Village/ Stuyvesant Town residents. The retail pharmacy chain will eventually take over the 5,600 s/f store located at 292 First Avenue, currently occupied by Payless ShoeSource. The two locations will be combined into one prototypical Walgreens store in 2007.