Westfield America, Inc. (NYSE:WEA) closes on deal for retail component of World Trade Center
Countries: United States
Los Angeles, CA, July 24, 2001 – Westfield America officials today announced that the Company has executed an agreement with the Port Authority of New York and New Jersey to lease the retail component of the World Trade Center for 99 years. Concurrently, Silverstein Properties has executed an agreement to lease portions of the World Trade Center office complex totaling nearly 10 million square feet.
Westfield’s net leasehold covers approximately 427,000 square feet of retail space (“The Mall”). The Mall has 75 specialty stores, restaurants and service retailers, and will be branded ‘Westfield Shoppingtown World Trade Center.’ The Mall has one of the highest producing sales volumes in America with sales in excess of $900 per square foot. It serves 40,000 office workers, 150,000 daily visitors and is an important business and tourism hub.
“This is an exciting opportunity for us,” said Westfield’s CEO, Peter Lowy. “The World Trade Center is one of the most prominent office and retail complexes in the world, and we look forward to putting our management, leasing and development experience to work at this premier property.”
Westfield America, Inc., (NYSE: WEA) a real estate investment trust, is one of the nation’s leading owners of regional shopping centers. Including the World Trade Center retail complex, the Company owns interests in 40 major shopping centers, branded as Westfield Shoppingtowns. Westfield Shoppingtowns are home to more than 5,000 specialty stores, serve 10% of the U.S. population and comprise approximately 38.1 million square feet of leasable space in California, Colorado, Connecticut, Maryland, Missouri, New Jersey, New York, North Carolina and Washington. For more information, visit the website at www.westfieldamerica.com.
Certain matters within this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and as such may involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements to differ materially from estimates or expectations expressed or implied by such forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. These risks are detailed from time to time in the Company’s filings with the Securities and Exchange Commission.