Greystone welcomes Starbucks as the newest arrival to NJ TRANSIT’s Newark Penn Station. Starbucks joins quality providers at Newark Penn Station, following NJ TRANSIT’s board action to enter into a 10-year lease for a 1,050 square foot retail space in the station’s main corridor.
“We are proud to have convinced this nationally-known retailer to enter into a Request for Proposal process that provides a service to enhance the customer experience at Newark Penn Station,” says Greystone’s Managing Director Michael Plesnitzer, “Starbucks increases dining and convenience options in the Station providing an inviting place to linger in the station while awaiting a train. Additionally, the design of this store keeps with NJ TRANSIT’s goal to maintain and enhance the art-deco aesthetic of the station.”
Greystone administered the Request for Proposal (RFP) process, of which Starbucks was the successful respondent. Under the terms of the agreement, Starbucks spent $750,000 on improvements to the space in addition to rent of $161 PSF or $1.7M over the lease term.
Greystone is NJ TRANSIT’s designated tenant management and leasing advisor, responsible for drafting and administering the agency’s RFP process, and managing the agency’s portfolio of tenants.