Westfield San Francisco Centre opens its doors: renowned emporium site reemerges as world-class shopping and entertainment destination

28 September 2006

Countries: United States

$460 million project features west coast flagship for Bloomingdales, retail, Bristol Farms Gourmet Grocer, Century Theatres, and first class office space

San Francisco, CA, (September 28, 2006) Westfield Group (ASX: WDC) and Forest City Enterprises, Inc., today celebrated the Grand Opening of Westfield San Francisco Centre, marking the debut of the US$460 million revitalization of the famed Emporium site into one of the finest shopping, office, and entertainment destinations in the world.

The new Westfield San Francisco Centre will be an anchor in the transformation of the mid-Market corridor. It will, we believe, bring a new era of shoppers, diners and entertainment seekers to downtown. It will help make Market Street once again the main boulevard of the city, as it was back in the 19th century, said San Francisco Mayor Gavin Newsom.

Now the largest urban shopping center west of the Mississippi, Westfield San Francisco Centre is ideally located in the heart of the city, immediately proximate to the Union Square shopping district, the contemporary South of Market (SOMA) district and Yerba Buena, the citys burgeoning cultural corridor.

Featuring the faithful restoration of the Emporiums fabled glass dome and grand faade as signature elements, the approximately 1.5 million square-foot mixed-use venue is projected to attract 25 million visitors per year and generate more than $600 million in annual retail sales.

Westfield San Francisco Centre will emerge as a unique global icon with an unrivaled combination of fashion, food, entertainment and architecture, said Peter Lowy, Group Managing Director of Westfield. “Our goal for the Centre was to bring a new era of shopping, dining and entertainment to the cityoffering visitors an unprecedented experience.

Westfield San Francisco Centre is the only urban retail center distinctively anchored by the nations second largest Bloomingdales and Nordstrom. Additionally, the Centre features a mix of 170 specialty stores and exclusive boutiques, The Restaurant Collection, comprising seven full-service restaurants, The Food Emporium, housing Bristol Farms gourmet market and 14 fast-casual gourmet eateries, Class A office space, Burke Williams Day Spa, and a nine-screen, state-of-the-art Century Theatres.

Among the 170 retailers in the Centre, almost 47% are new to San Francisco; 11% are flagship locations; 16% are new concepts; and 22% are local San Francisco businesses.

Dining at Westfield San Francisco Centre is also a world-class experience. Both The Food Emporium and The Restaurant Collection offer gourmet dining options from around the globe. The Food Emporium, modeled after Westfield Bondi Junctions signature Harbor Room food court in Sydney, Australia and Westfield Century Citys Dining Terrace in Los Angeles, California, features food served on authentic china with silver cutlery, elevating the level of dining to that of an upscale restaurant.

Westfield Centre, the office component, consists of 245,000 square feet of Class A office space. San Francisco State Universitys Executive MBA program and College of Extended Learning occupies 107,000 square feet of the space.

Westfield San Francisco Centre is located at 865 Market Street, in San Francisco, across from the Powell Street cable car turn-around and directly above the BART and Muni Powell Street Station. The Centre offers separate entrances on Market, Mission, and Fifth streets as well as two entrances from the Bart and Muni Powell Street Station, creating a corridor connecting Union Square, South of Market and Yerba Buena.

* * *

The Westfield Group(ASX: WDC) is an internally managed, vertically integrated, shopping center group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing more than 4,400 staff worldwide. Westfield has investment interests in 120 shopping centers in four countries (U.S., Australia, New Zealand and the United Kingdom), with a total value in excess of US$42.2 billion and is the largest property group in the world by equity market capitalization.

Forest City Enterprises, Inc.is an $8.0 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.