Unibail-Rodamco-Westfield inked a conditional agreement to take full ownership of the Westfield UTC by acquiring the remaining 50% stake in the mall from its unnamed joint venture partner for $705M in cash and shares.

The roughly 1M SF, upscale open-air shopping center sits in San Diego's University City neighborhood, right next to UC San Diego. The transaction is expected to close by the end of the year, according to a release from Westfield.

The announcement noted the deal did not include some parcels that will continue to be owned in partnership, but did not specify which.

The French-based retail company has made significant capital investments in the mall. In 2024, URW launched an expansion of the mall to add luxury brands and high-end food offerings and redevelop the former Nordstrom site, which was demolished in 2022. Expansions like this, which cost approximately €80M, or $92M, according to URW financial filings, are part of URW's plan to drive growth to its portfolio over the coming years.

The new tenants at Westfield UTC's upscale new wing were set to start occupying the space in the first half of 2026. That includes storefronts for luxury fashion brands Carolina Herrera, Chanel, Saint Laurent, Tom Ford and Zegna.

URW announced in 2025 that its plan to sell off American mall assets did not include a handful of high-performing locations, such as the Westfield Century City mall.

CORRECTION, JUNE 11, 11:50 A.M. PT: This story has been updated to correct the square footage of the mall.