The Metropolitan Transportation Authority has tapped Newmark Grubb Knight Frank (NGKF) retail team to lead the leasing of Grand Central Terminal.
NGKF executive vice president Mitch Friedel will lead the exclusive leasing assignment. Friedel, whose resumé also includes the leasing of The Shops at Columbus Circle at the Time Warner Center, one of world’s top-producing retail shopping centers by revenue, will work with his team to continue to diversify the retail and restaurant mix in part by engaging new, popular brands expanding in New York to create a fresh shopping experience at Grand Central Terminal.
The train station has around 150,000 s/f of retail space and rents that reach up to $800 psf, according to the Wall Street Journal. More than a dozen leases are due to expire next year, according to a NGKF spokeswoman who noted that the company was selected for the long-term-year assignment after winning a RFP.
The Terminal draws more than 750,000 national and international visitors each day. The Vanderbilt Hall, once the waiting room for long-distance travelers, is among the most-desired public event spaces in the city.
Claus Meyer, restaurateur and co-founder of Noma in Denmark,recently announced he would open a Nordic restaurant and food hall in Grand Central Terminal in 2016.
“This is an unparalleled opportunity for retailers and restaurateurs to become part of one of the city’s most prized and distinctive treasures that has fostered tremendous success for existing tenants due to the sheer number of visitors and commuters who walk through here every day,” said Friedel. “It is an honor to be entrusted with an assignment of this magnitude and significance.”
Nancy Marshall, director of Grand Central Terminal Development for the MTA, said, “NGKF’s track record working with high-profile leasing assignments and understanding how the multiple uses in a property can complement each other were key reasons why the firm was chosen for this assignment. With NGKF’s involvement, we feel Grand Central Terminal will be invigorated with a dynamic blend of new and existing tenants.”