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MTA Taps Westfield as Master Lessee for Fulton Center

12/19/2013
Published By: The Retail Report

Link: https://retailmls.com/retailreport/featured-article/mta-taps-westfield-as-master-lessee-for-fulton-center

Earlier this week the Metropolitan Transportation Authority announced its intention to designate Australian mall developer and operator Westfield Group as the master lease holder for substantial portions of the new transit hub andretail destination scheduled to open next year.

The master lease will encompass the majority of the non-station areas in the complex, most prominently the glass and steel Fulton Building at the southeast corner of Broadway and Fulton Street, the historic Corbin Building at the northeast corner of Broadway and John Street, the Dey Street Headhouse at the southwest corner of Broadway and Dey Street, and the corrider under Dey Street that will connect to the World Trade Center in the future. The master lease covers about 180,000 square feet, and includes about 63,000 square feet of commercial space (approximately two-thirds retail and one-third office space).

“This agreement will empower Westfield to generate revenues for us that will go right back into the system while allowing MTA New York City Transit to focus its efforts on providing seamless service for the approximately 300,000 people who will pass through the Fulton Center every day,” said MTA New York City Transit President Carmen Bianco in a press release.

As master lessee, Westfield’s responsibilities will include subletting the commercial space and selling advertising space on the extensive network of digital displays. With limited exceptions, Westfield will also be in charge of cleaning, operating, and maintaining the entire leased premises and making required repairs throughout the lease term.

The $1.4 billion Fulton Center encompasses five subway stations serving nine different lines, and eventually will connect to the World Trade Center Transportation hub by an underground corridor.

[MTA]

[Wall Street Journal]

 
Release Date12/19/2013 - 08:00

Source

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