World Trade Heart shopping-mall proprietor Westfield Group is furiously chasing Brookfield Properties within the race to be the king of downtown retail.
Westfield, which controls all the retail area on the WTC, has already lined up retailers for 90 percent of the primary websites to come on line about 360,000 sq. ft at the sixteen-acre site, together with within the Transportation Hub Oculus and within the lower levels of Larry Silverstein’s office towers two and three, sources said.
Westfield is claimed to have signed a lease with Victoria’s Secret and is said to be close to offers with dozens of retailers, together with Apple, J. Lindberg, Tory Burch, Principle, Michael Kors, Swatch and Abercrombie & Fitch, in addition to a number of glamorous worldwide manufacturers.
Asking rents are within the $500-to-$600 a square foot vary.
In the meantime, Brookfield, which relaunched the World Monetary Center a short stroll west of the WTC as Brookfield Place, has already lured a batch of high-finish boutiques including Hermes, Burberry and Salvatore Ferragamo, as Lois Weiss first reported.
Westfield is paying the Port Authority $612 million for a long-term controlling interest in a joint enterprise for the WTC’s retail. New York dealmakers irked that Westfield handles leasing in-house rather than use exterior brokers were nonetheless impressed with its prowess.
Despite skepticism about designers and mass-marketers taking the plunge into untested waters at the WTC, one broker noted, “Westfield has extraordinary leverage over stores that are already tenants of their malls across the US and the world.
“The implied message is, ‘If you want to be at Malls X, Y and Z in the future, we want you on the World Commerce Middle, the broker said. “It’s the way in which mall-proprietor leasing works. /p>
One other downtown dealmaker stated, “Not all the Commerce Heart space is in the same demand, but the Oculus is on hearth. /p>
Australia-based Westfield is likely one of the world’s largest shopping-mall builders, with over 100 centers generating more than $1.1 billion in annual sales. “You’ve never seen a leasing machine like Westfield, stated one retail sage.
However in the brief run, Brookfield has stolen Westfield’s thunder.
It had a head begin because its 200,000 sq. feet of procuring and consuming area will probably be ready beginning in 2014. The primary of Westfield’s eventual 460,000 sq. toes won’t be open till 2015, or later.
Along with the boutiques, it’s also signed a giant Equinox Fitness membership and operators for a 25,000 square-foot gourmet meals market and for a 35,000 sq.-foot dining terrace.
CBRE regional CEO Mary Ann Tighe said FiDi’s swelling ranks of excessive-revenue residents ensures success at each the Westfield and Brookfield projects.
“Think about this straightforward equation, she stated. “There are 899 new apartments on the Frank Gehry constructing [eight Spruce St.] and 800 more coming on the Rose Associates conversion of 70 Pine St., plus all the new lodges.
“Where will they all store? Retail in the world is still very poor. /h2>
Douglas Elliman retail chief Religion Hope Consolo additionally mentioned there was enough business to go around for each tasks. She wasn’t shocked at Westfield’s full-courtroom press.