Westfield Group to manage Fulton Center leasing

New York /
Dec.December 17, 2013 01:20 PM

The Metropolitan Transportation Authority’s finance committee has approved Australian developer Westfield Group to serve as the revamped Fulton Center’s master leaseholder.

The designation goes before the full MTA board on Wednesday and will place about 180,000 square feet, or the majority of the complex’s non-station areas, in the developer’s hands, if approved, the Wall Street Journal reported. Of the 63,000 square feet of commercial space, two-thirds will be retail and the remaining third will be office space.

As the master leaseholder, Westfield 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 of next year.

“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 Journal.

Westfield also 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, where brands such as Apple, Michael Kors and Victoria’s Secret have made leasing commitments. [WSJ]Julie Strickland


Related Articles

arrow_forward_ios
A photo illustration of Gov. Andrew Cuomo and Mayor Bill de Blasio (Getty)
Congress came through. Why is real estate not satisfied?
Congress came through. Why is real estate not satisfied?
Dalton Gomez and Ariana Grande (Compass, Getty, Instagram/ArianaGrande)
Ariana Grande and Compass’ Dalton Gomez engaged
Ariana Grande and Compass’ Dalton Gomez engaged
Senate Majority Leader Mitch McConnell and Speaker of the House Nancy Pelosi (Getty)
Stimulus to extend eviction moratorium, provide $25B in rent relief
Stimulus to extend eviction moratorium, provide $25B in rent relief
Unibail-Rodamco-Westfield CEO Christophe Cuvillier, Westfield Century City in Los Angeles and Westfield World Trade Center in New York (Getty, iStock, Google Maps)
Unibail-Rodamco-Westfield says its real estate is worth 11% less than last year
Unibail-Rodamco-Westfield says its real estate is worth 11% less than last year
(Getty)
MTA proposes percentage-based rent payments for Grand Central retailers
MTA proposes percentage-based rent payments for Grand Central retailers
TRD's Erik Engquist and MTA Chief Development Officer Janno Lieber 
MTA development chief: Capital budget will be “cannibalized” without federal aid
MTA development chief: Capital budget will be “cannibalized” without federal aid
Related chairman Steve Ross and 35 Hudson Yards (Photos via Getty, SOM, MTA)
Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut
Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut
Unibail-Rodamco-Westfield CEO Christophe Cuvillier, Westfield Century City in Los Angeles and Westfield World Trade Center in New York (Getty, iStock, Google Maps)
Unibail-Rodamco sees 15% decline in US mall rents after offering deferrals
Unibail-Rodamco sees 15% decline in US mall rents after offering deferrals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...