The Port Authority of New York and New Jersey selected global commercial real estate services firm Cushman and Wakefield to serve as the exclusive retail agent for its Manhattan bus terminal.
Port Authority officials said Cushman and Wakefield will help form a strategy aimed at enhancing retail offerings and optimizing revenue at the bus terminal at 42nd Street and Eighth Avenue. The real estate team will handle all new leases and renewals for a total of 150,000 square feet of space in the terminal's north and south wings and a 13,000 square foot building on 9th Avenue between 40th and 41st Streets. The terminal, which was originally constructed in 1950, is one of world's busiest bus terminals with more than 225,000 visitors on an average weekday according to the Port Authority.
"We're poised to attract new, high-caliber retailers, be it higher-end food service or much needed amenity users, to enhance the retail experience for daily visitors," Steven Soutendijk, an executive director with Cushman & Wakefield, said in a statement. "The sheer number of captive customers walking through the terminal twice a day is staggering and we expect demand from end users to be substantial for any available space."
The Port Authority said Cushman and Wakefield has a "successful history" working with the agency on various projects including being named co-leasing agent for One World Trade Center.