Westfield Group LLC (Sydney) has been approved by a committee of New York’s Metropolitan Transportation Authority’s to manage the city’s new Fulton Center, a commercial development with about 40,000 square feet of retail space.
After gaining the approval of the MTA’s finance committee, the designation will go before the full MTA board next week.
As the master leaseholder, the Australian developer will manage the subletting of commercial space, digital advertising sales and maintenance. The term begins when the Fulton Center’s public circulation areas open in June 2014.
“This agreement will empower Westfield to generate revenues for us that will go right back into the system while allowing MTA New York City Transit to focus its efforts on providing seamless service for the approximately 300,000 people who will pass through the Fulton Center every day,” Carmen Bianco, New York City president of the MTA, told the Wall Street Journal.
According to Women’s Wear Daily, the Fulton Center, on Lower Broadway in the Manhattan Financial Center, now consists of a 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.
“Westfield has great confidence in and commitment to downtown New York City as a world-class destination,” Greg Miles, U.S. chief operating officer of Westfield, told Women’s Wear. “We are pleased to be part of MTA’s new flagship Fulton Center and look forward to introducing an exciting retail offer for commuters and visitors alike.”
This will be the second major initiative for Westfield in New York. The developer recently paid the Port Authority of New York and New Jersey $800 million for a 50 percent stake in the forthcoming World Trade Center retail complex, which already has leasing commitments from brands such as Apple, Michael Kors and Victoria’s Secret.