Westfield Pays $800M For Remainder Of WTC Retail Space

Law360, New York (December 5, 2013, 1:23 PM EST) -- The Westfield Group will buy the second half of the World Trade Center's retail space from The Port Authority of New York and New Jersey for $800 million, giving it full ownership of the space, the Australian real estate giant said Thursday.

Westfield is betting on the strong performance of New York's retail center and rising commercial rents. Value is being strongly driven by tourism, according to real estate analysts, with major retail corridors like Fifth Avenue appreciating fastest.

“The retail experience will provide unparalleled service...
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