World Trade Center’s Retail Space Sales Will Help Fund Infrastructure

Westfield Group paid $800 million last week to buy 50% of the retail space in the new World Trade Center.  The company had previously purchased the other 50% of space for $600 million two years ago.  Westfield Group is a mall developer and operator and currently own shopping areas in London, San Fransisco, and Los Angeles.  The New York and New Jersey Port Authority owns the 16-acre World Trade Center site, and it will use part of the $1.4 billion in revenue from the sales to fund infrastructure in the region.  According to Port Authoirty chairman David Samson, Westfield’s investment will allow the Port authority to “refocus agency resources on our core transportation mission.”  No specific announcements have been made about where this funding will be used.

 Sources: Crain's, Bloomberg, International Building Times