By sending the first installment of a $612.5 million payment to the Port Authority of New York & New Jersey, Westfield Group officially sealed the deal to take a 50 percent stake in the World Trade Center’s 460,000 square feet of retail space, the New York Post reported.
While the deal had been in the works for nearly 11 years and had been officially approved in February, without yesterday’s $93.9 million payment, the agreement could have failed to come to fruition.
Westfield will develop, lease and operate 365,000 square feet of retail space in 3 WTC, 4 WTC and the center’s Transportation Hub. The deal also includes more than 90,000 square feet of retail planned for the base of 2 WTC when it is developed in the future. [Post]