Westfield America, Inc. (Los Angeles), one of the country's largest REITs (real estate investment trusts), has executed an agreement with the Port Authority of New York and New Jersey to lease the retail component (The Mall) of the World Trade Center for 99 years.
Westfield's net leasehold covers approximately 427,000 square feet of retail space. The Mall has 75 specialty stores, restaurants and service retailers, and will be branded 'Westfield Shoppingtown World Trade Center.'The Mall currently has one of the highest-producing sales volumes in the U.S. (in excess of $900 per square foot).
“We look forward to putting our management, leasing and development experience to work at this premier property,” said Westfield ceo Peter Lowy.
Westfield America specializes in large shopping centers in major U.S. metropolitan areas. Its portfolio consists of nearly 40 regional shopping centers (its biggest market shares are in San Diego, St. Louis and Los Angeles). The trust also owns a dozen department store properties leased to May Department Stores. J.C. Penney and Macy's are other major tenants.