NEW YORK CITY—Newmark Grubb Knight Frank has been chosen to lead the retail leasing of Grand Central Terminal. Mitch Friedel, an EVP at the firm, will lead the exclusive leasing assignment, which was doled out by the Metropolitan Transportation Authority.
The iconic building is 100% occupied but some retail leases will expire next year, NGKF confirms to GlobeSt.com. The century-old terminal includes boutique restaurants and cocktail lounges, a gourmet market and many specialty shops. It draws more than 750,000 national and international visitors each day. Among Grand Central's unique spaces is Vanderbilt Hall, a popular event space that once served a the waiting room for long-distance travelers.
“This is an unparalleled opportunity for retailers and restaurateurs to become part of one of the city's most prized and distinctive treasures that has fostered tremendous success for existing tenants due to the sheer number of visitors and commuters who walk through here every day,” says Friedel. "It is an honor to be entrusted with an assignment of this magnitude and significance."
Friedel, whose resumé also includes the leasing of The Shops at Columbus Circle at the Time Warner Center, will work with his team to continue to diversify the retail and restaurant mix in part by engaging new, popular brands expanding in New York.
"NGKF's track record working with high-profile leasing assignments and understanding how the multiple uses in a property can complement each other were key reasons why the firm was chosen for this assignment," says Nancy Marshall, director of Grand Central Terminal Development for the MTA. "With NGKF's involvement, we feel Grand Central Terminal will be invigorated with a dynamic blend of new and existing tenants."
The NGKF retail leasing team has previously represented space on Madison avenue, in Union Square, Times Square and, most recently, the retail supporting Virgin's US hotel in NoMad.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
