Westfield Group to manage Fulton Center leasing
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