Newmark on board to lease Grand Central’s retail space
Fifteen tenants at the 150,000-square-foot space will see contracts expire in 2015
The Metropolitan Transportation Authority selected Newmark Grubb Knight Frank to handle leasing of the retail space at Grand Central Terminal.
The train station has roughly 150,000 square feet of retail space.
The MTA selected NGKF from eight bidders. The firm was selected for technical expertise, local knowledge and because the firm was the lowest bidder, according to the newspaper. NGKF has been focusing on retail as the company expands globally, according to the Wall Street Journal.
The contract with could last up to 10 years, according to the newspaper. During that time, the MTA will pay NGKF a retainer that is not to exceed $3.1 million.
Approximately 15 leases are set to expire next year, six of which are located in the dining concourse. Rent in some of the smaller stores in the terminal can be as high at $8,000 per square foot. [WSJ] — Claire Moses