Westfield Buys Remaining Stake in World Trade Center Retail
The Port Authority of New York and New Jersey is selling the remaining 50 percent interest in the 365,000 square feet of space within the retail complex being built at the World Trade Center site to Westfield Group for $800 million.
That brings the total price tag, combined with the $600 million Westfield paid for the other half of the interest less than two years ago, to $1.4 billion.
“Westfield’s $1.4 billion overall investment in the World Trade Center retail project, which represents the largest private sector investment at the site, underscores Westfield’s commitment to provide an exceptional shopping experience to all who visit, and we look forward to the site’s grand opening in 2015,” said Port Authority Chairman David Samson, in a statement.
The purchase includes future bi-level retail offerings in the new pedestrian corridor at the site, which opened for the first time since 9/11 in October. Westfield also retains a major street level presence along Church Street, Cortland Way and Dey Street and above-grade space at the site.
The Port Authority, meanwhile, retains ownership of the World Trade Center Transportation Hub, and will remain the contractor on behalf of Westfield to construct and deliver the retail space to its tenants, according to an announcement from the Port Authority, which referred to the hub as “the most integrated network of underground pedestrian walkways in New York City, seamlessly connecting more than 200,000 daily commuters and millions of annual visitors from around the world to PATH, multiple ferries and to 11 MTA subway lines and the redeveloped Fulton Street Transit Center.”