Westfield Group has reached an agreement to purchase the Port Authority of New York and New Jersey’s remaining 50 per cent interest in the World Trade Center (WTC) retail project.

This acquisition, which was worth $800 million USD, gives Westfield 100 per cent ownership of the retail project.

Westfield’s 99-year lease on the WTC retail facilities was originally acquired in July 2011. In May 2012, the Port Authority and Westfield entered a joint venture to own and operate the retail space. Under the 2012 agreement, Westfield would be responsible for management and leasing.

The multi-level retail space includes 365,000 square feet of retail, spread between street level of the Santiago Calatrava-designed Transportation Hub and above-grade floors in Towers 3 and 4.

When Tower 2 is developed, an additional 90,000 square feet of retail will be added. The first phase of the retail complex is expected to open in 2015.

Port Authority Chairman David Samson says the sale is a step toward the Authority’s efforts to refocus its agency resources on its core transportation mission.

Westfield has invested more than $1.4 billion USD into the World Trade Centre site. The purchase price for the 50 per cent interest is subject to a one-time additional contingent payment to the Port Authority within five years of the Centre’s opening date. The transaction is expected to close in early 2014.