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Case Study

Revitalizing a historic landmark for maximum impact

Grand Central Terminal is an historic landmark transportation terminal located in New York City. In the 1990’s, the Metropolitan Transportation Authority (MTA) developed a plan for the revitalization of Grand Central including improved retail, restoration of the building, and improvements to the transportation concourse circulation patterns.

Jones Lang LaSalle was selected to oversee the revitalization, working with the MTA, Metro-North Railroad, leasing specialists, contractors, and government agencies. For maximum efficiency, Jones Lang LaSalle combined the $65 million transportation concourse project with the $70 million retail project.

To complement the Terminal, 120,000 square feet of retail space and restaurants were added to serve residents, tourists and commuters.  Our team managed the phased openings of the new tenants, including 50 retail shops, five fine restaurants and 20 casual restaurants. To reposition Grand Central as more than a train terminal, a major marketing and public relations program was developed and implemented including an annual $3MM+ sponsorship and events program.  Additional revenue was generated by transforming the 12,000-square-foot Vanderbilt Hall into a public and private special events and retail venue.

The Terminal has once again become a major tourist attraction in New York City.  Occupancy is consistently close to 100%.  Net revenue for 2012 has more than doubled from the first year of stabilized operations in 2000.​

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