NEW YORK CITY-Westfield Group has boosted its Downtown presence yet again.
The company, which controls the right to lease retail space at Lower Manhattan's World Trade Center, has been tapped to also rent out a substantial amount of stores just a block east at the upcoming Fulton Street Transit Center.
The master lease will encompass approximately 180,000 square feet of space, including roughly 63,000 square feet of commercial property (roughly one-third office and two-thirds retail), some 60,000 square feet of public circulation areas and 57,000 square feet of mechanical and other “back-of-house” space. The master lease will encompass the majority of the non-station areas of the Fulton center complex, most prominently, the new glass and steel Fulton Building at the southeast corner of Broadway and Fulton street; the historic Corbin Building at the northeast corner of Broadway and John street; the Dey Street Headhouse at the southwest corner of Broadway and Dey Street; and the corridor under Dey street that will connect to the World Trade Center in the future. The initial term of the Westfield lease will activate when the Fulton Building's public circulation areas open, scheduled for June 2014.
The Metropolitan Transportation Authority board's finance committee announced Tuesday it chose Westfield as the winner of a competition for the lease. “This agreement will empower Westfield to generate revenues for us that will go right back into the system,” says MTA New York City Transit president Carmen Bianco. “About 300,000 people a day are expected to use the transit hub.”
The deal will help make Westfield a dominant retail landlord in lower Manhattan. The company controls about 365,000 square feet of retail at the 16-acre World Trade Center site, including stores that will serve the Santiago Calatrava-designed Port Authority Trans-Hudson terminal that is scheduled for completion in 2015. Earlier this month, Westfield agreed to buy out the Port Authority of New York and New Jersey's interest in the PATH hub retail. The two transit hubs are linked by a pedestrian tunnel under Dey street.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
