"We are selling our interests to the Port to help simplify the overall rebuilding process and expedite the rebuilding of the World Trade Center," says Westfield chairman Frank Lowy in a statement. "While Westfield wanted to be a part of the future of the World Trade Center, we recognized the conflict between the interests of the public and the needs of our commercial/net lease rights. Selling our interest back to the Port will allow the public interest to take precedence."

"The Port Authority is pleased to enter into discussions with Westfield America toward an agreement that would enable all remaining parties to proceed with the rebirth of the World Trade Center site as planned and on Governor Pataki's aggressive timetable," notes Joseph J. Seymour, the Port Authority's executive director.

The letter of intent is the culmination of several months of discussion between the Port Authority and Westfield on how best to proceed with the redevelopment of the retail facilities at the World Trade Center and provides the basis for the resolution of these discussions.