Westfield Group will be buying a 50 per cent share in the World Trade Centre retail premises for US$800 million as part of a deal made with the Port Authority of New York and New Jersey.
Westfield has been investing in the site since 2001 and with the acquisition has put in $1.4 billion overall in the World Trade Centre retail project. Due to open in 2015, the retail precinct will feature world class shopping, dining, cultural and entertainment experiences.
Westfield Group co-CEO Peter Lowy said the buy-up amplifies the company’s commitment to the site.
“We have greatly valued our long standing relationship with the Port Authority and will continue to work in close collaboration for the successful realisation of the project,” he said.
“Now, we look forward to 2015 and celebrating the distinctive character and vibrancy of this great city.”
The World Trade Centre retail premises compromise of approximately 365,000 square feet of retail space located across multiple levels in the dramatic Santiago Calatrava designed Oculus, with major street level presence along Church Street, Cortland Way and Dey Street, and three stories above grade in Towers 3 and 4. An additional 90,000 square feet of retail space will be added when Tower 2 is developed in the future.
“The retail experience will provide unparalleled service for millions of tourist who visit New York, as well as thousands of New York and New Jersey resides who work, visit or live in Lower Manhattan,” said Port Authority of New York and New Jersey vice chairman Scott Rechler.