Westfield Corp. has informed the New York City Transit Authority that it intends to cease operations at the downtown Manhattan commuter hub Fulton Center less than halfway through its 20-year lease, according to a lawsuit filed Thursday in federal court in Manhattan by the transit authority that was reported by Bloomberg.
Westfield was awarded the rights to operate the Fulton Center in December 2013 and the hub opened nearly a year later, helping the area draw in developers and tenants as the city struggled to rebuild following the Sept. 11, 2001, terrorist attacks.
A Westfield representative told the authority last month that it wanted out of the lease because the center did not "work for" the company any longer, according to Bloomberg, and in a follow up letter, Westfield lawyers said the situation at the center was "financially unsustainable."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
