New York – Locally based Silverstein Properties, in a partnership with Los Angeles-based Westfield America, recently gained control of New York’s World Trade Center by signing a 99-year lease worth $3.2 billion.
The deal gives Silverstein Properties control of a 10.6 million sq.-ft. office complex and two nine-story office buildings. The complex also includes a more than 400,000 sq.-ft. concourse mall previously called the Mall at the World Trade Center. The retail portion will now be called Westfield Shoppingtown World Trade Center. In addition, Westfield has proposed adding between 150,000 and 250,000 sq. ft. of retail space to the mall.