THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY SELECTS CUSHMAN & WAKEFIELD AS THE RETAIL AGENT FOR THE PORT AUTHORITY BUS TERMINAL

Date: Jan 26, 2015
Press Release Number: 12-2015

Firm will handle all leasing opportunities for 163,000 square feet of space

The Port Authority of New York and New Jersey announced today that it has selected Cushman and Wakefield, the global commercial real estate services firm as the exclusive retail agent for the Port Authority Bus Terminal, located on 42nd Street and Eighth Avenue in the heart of Times Square.

Entering into a retail brokerage agreement with Cushman and Wakefield offers the Port Authority the opportunity to work with a team of experts, who are experienced in the real estate industry, and who will collaborate with the Port Authority to create and implement a strategy to enhance the retail offerings, optimize revenues at the Bus Terminal, and provide an improved customer experience for our commuters and the neighborhood. Improved retail offerings will complement the Port Authority's efforts to improve customer service and on-time performance as part of its $90 million Quality of Commute Program, which began last fall.

"Over the past few months we have made significant progress through the Quality of Commute Program in improving on-time performance during the afternoon rush by making significant operational enhancements and improving coordination with our bus carriers," said Port Authority Bus Terminal and Lincoln Tunnel General Manager Diannae Ehler. "The next step is improving the customer experience inside the terminal, and we believe that Cushman & Wakefield's expertise will lead to more and better retail offerings for 225,000 daily commuters and complement our ongoing efforts to enhance cell connectivity and Wi-Fi throughout the terminal, upgrade restrooms and improve escalator and elevator access."

The Cushman and Wakefield team will handle all leasing, including renewals and new leases, for a total of 150,000 square feet of space in the terminal's north and south wings and the 13,000 square foot building on 9th Avenue between 40th and 41st Streets. The terminal, originally constructed in 1950, is one of New York's most important transportation hubs, and the busiest bus terminal in the world with more than 225,000 visitors on an average weekday.

"Were looking forward to partnering with The Port Authority of New York and New Jersey on this exciting retail assignment and 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,” said Steven Soutendijk, an Executive Director, Americas Retail Services for Cushman & Wakefield. “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.”

Cushman and Wakefield was selected by the Port Authority after its proposal rated highest in a rigorous and competitive procurement process for retail brokerage services at the Port Authority Bus Terminal. Cushman and Wakefield is a well-established real estate firm, and has been one of the top retail brokerage firms for the past 10 years. They have assembled a highly qualified team of retail leasing professionals and advisors, with extensive experience in the New York City and New Jersey region and nationally. The firm has a successful history of working with the Port Authority on various projects, including being named co-leasing agent for One World Trade Center.

CONTACT:
Port Authority of New York and New Jersey
212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency's network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where the 1,776-foot-tall One World Trade Center is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.