News > Deals
Westfield in WTC lease
April 26, 2001: 6:30 p.m. ET

Owner of regional shopping malls joins Silverstein to buy 99-year WTC lease
graphic graphic
NEW YORK (CNNfn) - Westfield America Inc. and developer Larry Silverstein inked an agreement Thursday for a 99-year lease of New York City's World Trade Center.

The deal culminates weeks of negotiations which began on March 19. The lease includes the famous 110-story twin towers in lower Manhattan, as well as 75 specialty stores and restaurants.

Press reports pegged the deal at $3.2 billion. In March, Silverstein began negotiating with the Port Authority of New York & New Jersey for the lease when a deal with Vornado Realty Trust fell through, the interactive version of the Wall Street Journal reported.

"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," said Westfield CEO Peter Lowy in a statement.

Terms of the deal call for Westfield to control 427,448 square feet of retail space while Silverstein will get the 10 million square foot office complex.

Los Angeles-based Westfield America (WEA: down $0.06 to $16.20, Research, Estimates) is one of the nation's leading owners of regional shopping malls. graphic