Port Authority completes $800 million sale in World Trade Center retail to Westfield
EmpireStateNews
NEW YORK - The Port Authority today announced the closing of the sale of the agency’s remaining 50 percent interest in the World Trade Center retail project to The Westfield Group. The transaction reflects the Port Authority’s continuing efforts to return to its core transportation mission and to divest itself of its non-core ventures.
As previously announced, the sale encompasses approximately 365,000 square feet of retail space located across multiple levels within the site, including bi-level retail offerings in the newly opened West Concourse pedestrian corridor, and a major street-level and above-grade presence along Church Street, Cortland Way and Dey Street in Towers 3 and 4. A portion of the sale proceeds is contingent on delivery of the above-grade retail space in Tower 3. An additional 90,000 square feet of retail will be sold to Westfield for additional consideration when Tower 2 is developed in the future.
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