Cushman nears contract to broker Port Authority retail space

With $1.1M agreement, firm would market Midtown bus terminal and Jersey City PATH locations

New York /
Sep.September 16, 2014 04:40 PM

Cushman & Wakefield is poised to land a contract to broker up to 230,000 square feet of retail space at Port Authority transit hubs in the city and across the Hudson River, agency documents show.

The bi-state agency is looking for a firm to handle marketing and leasing of retail spaces at the Port Authority Bus Terminal and the Journal Square PATH station in Jersey City.

Cushman scored highest on a pair of requests for proposals the agency submitted earlier this year, according to an agenda for the authority’s upcoming meeting.

Board members will vote on a measure to authorize the agreements at a meeting in New Jersey Wednesday. If approved, the deal at the bus terminal would be worth $1.1 million over the three-year term.

Cushman did not respond to a request for comment. A spokesman for the Port Authority said the intent was not necessarily a complete overhaul of the properties’ retail tenants, though upgrades would be considered along with lease renewals.

Back in 2010 the Port Authority signed an agreement with 20X Square Associates to manage and operate the retail spaces inside the bus hub on Eighth Avenue.

During that time, “Revenues were significantly enhanced, and the caliber of retailers was improved,” according to the agency’s meeting materials.

20X declined to renew its agreement, the Port Authority said, which ran through mid-August.

Under the terms of the proposal with Cushman, the Port Authority would handle management of the retail spaces while the brokerage would cover marketing and leasing some 150,000 square feet of space in the terminal’s north and south wings, as well as a vacant 13,000-square-foot space in the rear of the building at 551 Ninth Avenue.

In New Jersey, Cushman would enter into a brokerage agreement covering 47,000 square feet at the PATH station with the potential to add another 22,000 square feet. The deal would also cover three years and be worth $230,000.

Cushman and the Port Authority have partnered in the past.

In 2007 the brokerage served as an advisor on a plan to develop a 1.3-million square foot office tower over the bus terminal. That same year Cushman was hired to handle office leasing at 1 World Trade Center.


Related Articles

arrow_forward_ios
Stephen Preuss
Top sales broker out at Cushman & Wakefield
Top sales broker out at Cushman & Wakefield
President & CEO of Northwood Investors with 520 and 524 Broadway. (Getty, Google Maps)
Northwood buys two Soho buildings for $325M
Northwood buys two Soho buildings for $325M
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
CBRE’s Darcy Stacom and Bill Shanahan; Cushman & Wakefield’s Doug Harmon and Adam Spies
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)
Port Authority taps CBRE to manage WTC
Port Authority taps CBRE to manage WTC
Cushman & Wakefield CIO Nathaniel Robinson and CEO Brett White (iStock)
Cushman launches $250M SPAC
Cushman launches $250M SPAC
Saadia Group, Lord & Taylor's new owner, will sublet its new headquarters from Cushman & Wakefield. (Getty, RPW Group)
Lord & Taylor owner sublets new Midtown HQ
Lord & Taylor owner sublets new Midtown HQ
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...