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Westfield Sells WTC Retail Interest to Port Authority for $140M

NEW YORK CITY-Westfield is stepping away from the redevelopment of retail facilities at the World Trade Center by signing an agreement to sell its interest in the retail net lease for $140 million to the site's owner, the Port Authority of New York and New Jersey.

By Barbara Jarvie | Updated on September 15, 2003

NEW YORK CITY-Mega mall developer Westfield America has started discussions and signed a non-binding letter of intent with the Port Authority of New York and New Jersey for the Port to purchase the company’s interest in the World Trade Center retail net lease for $140 million. Westfield will recover its initial investment and associated costs.

“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.

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