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Australia's Westfield wins rights to lease out lower Manhattan subway stores

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December 17
2:21 AM 2013

Australia's Westfield Group was selected to rent out stores at the new eight-line subway hub in New York City's Financial District. Westfield also controls the right to lease retail space at lower Manhattan's World Trade Center.

According to Bloomberg, Westfield is poised to sign the master lease on about 180,000 square feet, including 40,000 square feet of store space, at the Fulton Street Transit Center. Fulton Street Transit Center is a subway-line transfer point.

Bloomberg, citing a statement by the Metropolitan Transportation Authority (MTA) board, said the agency's finance committee picked Westfield as the winner of a competition for the lease. MTA New York City Transit president Carmen Bianco said the deal will empower Westfield to generate revenues for MTA. About 300,000 people are expected to use the transit hub daily, the report said. 

Moreover, the deal will also help make Westfield a dominant retail landlord in lower Manhattan. Westfield is the world's No. 2 shopping center owner by stock market value, Bloomberg wrote.

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