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Published on : Thursday, December 5, 2013
In a continued effort to return the Port Authority of New York and New Jersey to its core mission, the Board of Commissioners today approved the sale of the agency’s remaining 50 percent joint venture in the World Trade Center retail project to the Westfield Group (ASX: WDC) for $800 million.
Today’s action is for approximately 365,000 square feet of retail space at the World Trade Center Transportation Hub, including future bi-level retail offerings in the newly opened WTC West Concourse pedestrian corridor. Westfield also will have a major street level presence along Church Street, Cortland Way and Dey Street and above-grade in Tower 3 and 4. An additional 90,000 square feet of retail space will be added for additional consideration when Tower 2 is developed in the future. The grand opening of the retail complex is expected to include a mix of 150 world-class brands and dining options when it opens in 2015.
Westfield has interests in and operates one of the largest shopping center portfolios in the world, with investment interests in 91 shopping centers around the globe, encompassing roughly 20,500 retail outlets and total assets in excess of $65 billion.
“Today’s $800 million sale of the Port Authority’s remaining interest in the World Trade Center Retail joint venture is a significant step in the Port Authority’s continuing efforts to refocus agency resources on our core transportation mission,” said Port Authority Chairman David Samson. “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.”
“Westfield’s $1.4 billion commitment to the retail project generates upfront capital, allowing us to further reduce our redevelopment risk, and additionally deliver critical jobs to the region,” said Vice Chairman Scott Rechler. “The retail experience will provide unparalleled service for the millions of tourists who visit New York, as well as the thousands of New York and New Jersey residents who work, visit, or live in Lower Manhattan.”
“We have greatly valued our long standing relationship with the Port Authority, and will continue to work in close collaboration for the successful realization of the overall project,” said Peter Lowy, Westfield Group co-CEO. “Now, we look forward to 2015 and celebrating the distinctive character and vibrancy of this great city, while introducing Westfield World Trade Center – an iconic, spectacular and world class shopping, dining, cultural, entertainment destination – to New Yorkers and global visitors alike.”