The Port Authority Bus Terminal is about to get some glamour.
The PA Board of Directors has okayed a lease for an upscale food court at the midtown terminal.
OHM Concession Group, LLC, will pay about $15.2 million in rent for three retail spaces with a total of 5,943 s/f.
The space will be converted to a food court featuring high-end dining options for commuters and visitors to the main level of the south wing, ticketing plaza on 8th Avenue at 40th Street.
Cushman & Wakefield, the Port Authority’s exclusive retail agent, represented the agency in the lease, which is part of an overall campaign to enhance the retail roster and revenues at the transportation hub.
Kelly Simek from JRT Realty was also part of the brokerage team.
The annual rent for the new tenants — Einstein’s Bagels, Good Stuff Eatery and Currito Burritos — will be “significantly higherˮ than the PA currently collects from sitting tenants Deli Plus, the U.S. Postal Service, and Jamba Juice, according to NJ.com.
The new lease is expected to begin around February 1, 2016. While Jamba Juice is currently building out a new space at the bus terminal, the leases with Deli Plus and the USPS will be terminated at the end of January.
“This partnership marks a new milestone in our commitment to create a brighter experience and welcoming atmosphere for travelers who visit the Port Authority Bus Terminal — and to create a substantial increase in retail revenue for the public’s benefit,” said Port Authority chairman John Degnan in a press release.
The lease comes on the heels of the Port Authority’s $90 million Quality of Commute Program which was approved in July of 2014.
That was created to upgrade facilities, install new restrooms and wi-fi, reduce crowding and improve bus flow.
