TRD Staff

Chicago

Landlord hands back keys to Mag Mile mall Shops at Northbridge

Kari Hamanaka

Macerich’s Santa Monica Place Value Falls to $255 Million

Los Angeles

Macerich sees value of Santa Monica Place fall to $255M as it seeks buyer

Abigail Nehring

Stockdale ID’d as buyer of The Oaks mall from Macerich for $157M

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Macerich

Macerich Surrenders Santa Monica Place Mall to Lender

Macerich surrenders Santa Monica Place to lender after $300M default

Isabella Farr

Simon and Macerich Halt Carson Outlet Mall Project

Simon and Macerich halt Carson mall project, slam city for “wasting” $100M

Macerich Posts $127M Quarterly Loss, May Exit Properties

Macerich posts $127M quarterly loss, looks to sell or exit properties

Macerich Faces “Imminent” Default on Santa Monica Mall Loan

Macerich faces “imminent” default on $300M Santa Monica Place loan

Macerich Withdraws Plan for Office Tower at Phoenix Mall

Macerich withdraws plans for 10-story office tower at Phoenix mall

Mall Owner Macerich Posts 3,600% Profit Jump in Q4

Macerich reports 3,600% profit jump in Q4 while “running out of anchor space”

Macerich, the third-largest mall owner in the country, is getting a new CEO and president, all wrapped up in one. The Santa Monica-based company has tapped Jackson Hsieh as its new CEO and president, effective Feb. 29, according to an SEC filing on Monday. Hsieh was most recently the CEO of Spirit Realty Capital, until its $9.3 billion merger with Realty Income last month. Macerich CEO Thomas O’Hern and its president and co-founder, Edward Coppola, will both retire at the end of February. Both will continue to serve on the company’s board. O’Hern had served as the company’s CEO since 2018. Before that, he was Macerich’s chief financial officer for 25 years. Coppola, who helped found Macerich in the 1970s, assumed the role of president in 2008. Hsieh had served as CEO of Spirit Realty since 2017 and previously worked as an investment banker at Morgan Stanley. As Macerich’s CEO, his base salary will be $1 million a year, with the potential to earn 150 percent of his annual base salary as equity or cash bonuses. He will also receive a $5 million sign-on equity bonus, which will vest over time. Many mall owners have struggled with maturing loans over the last few years, given rising interest rates and inflation hurting consumer pockets. A number of retailers — Bed Bath & Beyond, David’s Bridal and Tuesday Morning — have filed for bankruptcy or liquidated over the last year. Macerich has managed to modify or extend a number of its loans, according to SEC filings, including a $300 million debt package on Santa Monica Place, a 527,000-square-foot shopping center that lost two anchor tenants during the pandemic. The company owns 45 malls in 13 states, according to its website.

Macerich taps former Spirit Realty chief Jackson Hsieh as new boss

Macerich eyes 10-story office building at upscale Phoenix mall

UCLA Pays $700M for Planned Google Campus in West LA

UCLA pays $700M for Hudson Pacific’s planned Google campus in West LA

Farm Conservation Tied to Saratoga Springs Mall Project

Macerich pitches apartments for failing mall, but town objects

Simon Property Group's David Simon and Macerich's Thomas O’Hern with rendering of proposed outlet mall

Simon and Macerich poised to pause on outlet mall in Carson

Pat Ralph

From left: Primark’s Paul Marchant and Macerich’s Thomas O’Hern with 90-15 Queens Boulevard