Frames Strikes $16.3M Lease Renewal at Port Authority Bus Terminal
By Terence Cullen February 18, 2016 12:54 pm
reprints
You’ll still be able to knock down a few pins before hopping on your bus home to the suburbs.
The Port Authority of New York & New Jersey’s board of directors today approved the lease with Frames Bowling Lounge be extended at the Port Authority Bus Terminal for another 10 years.
Board members voted unanimously at its monthly meeting to renew the lease with the bowling alley, which has been at the bus terminal since 2003. Frames will pay $16.3 million in rent over the decade-long term, according to a Port Authority agenda posted before the meeting.
Frames will now occupy a total of 36,900 square feet on several levels of the two-block structure between West 40th and West 42nd Streets along Eighth Avenue. That breaks down to 34,500 square feet on the second floor of the south wing, another 1,900 square feet on the lower level and 500 square feet of storage space, the agenda indicates.
The bowling alley is giving up some “additional space” on the lower level as part of the negotiation, according to the agenda, but the amount was not immediately clear. That additional space will be marketed to a new retail tenant, according to the Port Authority.
Cushman & Wakefield (CWK) along with JRT Realty Group handle retail leasing at the PABT, which is undergoing a $90 million renovation of its 150,000 square feet of shopping corridors. That big overhaul predates an October 2015 announcement that the Port Authority will build a new bus terminal, which is currently in the planning stages.
The Port Authority entered an agreement in December 2015 with St. Louis-based OHM Concession Group to open a 5,943-square-foot food court on the ground level of the 65-year-old building. JRT Realty Group Chief Executive Officer Jodi Pulice told Commercial Observer in October that the retail would be shifted from fast food to healthier grab-and-go options. Plans for the ground-floor retail also include moving bus ticket counters to lower levels of the terminal, as well as relocating information booths.
