Macerich renews lease in Santa Monica headquarters: sources

The REIT occupies 82k sf at a Douglas Emmett building

Los Angeles /
Apr.April 06, 2018 01:00 PM
401 Wilshire Blvd and Macerich CEO Art Coppola

Shopping mall owner Macerich Co. has renewed its lease at its Santa Monica headquarters, The Real Deal has learned.

The company was reportedly eyeing other properties, as well, sources familiar with the deal said. Terms of the deal remain unknown.

Macerich occupies 82,000 square feet inside 401 Wilshire Boulevard, which is located one block away from the Third Street Promenade. The Douglas Emmett-owned Class A office building spans nearly 235,000 square feet. Other tenants at the 12-story building include anchor tenant One West Bank and shared workspace provider Premier Business Center.

A representative from Macerich did not respond to immediate requests for comment. An in-house leasing broker from Douglas Emmett declined to comment.

Earlier this year, TRD reported that Macerich was selling a majority stake in the Westside Pavilion to Hudson Pacific Properties. In a joint company statement, the two firms announced on March they will be repurposing the struggling shopping center into office space.

The Los Angeles-based REIT made headlines this week when Reuters reported that an activist hedge fund investor, Starboard Value LP, was trying to oust the firm’s board of directors. Investors have been critical of Macerich, led by Art Coppola, which has seen its stock plummet ever since it rejected a $16.8 billion acquisition bid from Simon Property Group.


Related Articles

arrow_forward_ios
Mayor Sue Himmelrich (City of Santa Monica, Getty)
Santa Monica moving to tighten rent control rules
Santa Monica moving to tighten rent control rules
Ben Horowitz and Marc Andreessen with 1305 2nd Street in Santa Monica (Getty, KFA)
Andreessen Horowitz signs lease in Santa Monica
Andreessen Horowitz signs lease in Santa Monica
(Illustration by The Real Deal with Getty Images)
Rent-controlled rates ratchet up along with inflation
Rent-controlled rates ratchet up along with inflation
Architect Frank Gehry and rendering of Ocean Avenue Project (Getty, Ocean Avenue Project)
Santa Monica approves Frank Gehry project
Santa Monica approves Frank Gehry project
Douglas Emmett's Jordan Kaplan with 21600 Oxnard Street (Getty, LoopNet)
Douglas Emmett claims Center for Autism owes $4.7M
Douglas Emmett claims Center for Autism owes $4.7M
Jeff Bezos and Water Garden at 2450 Colorado Avenue (Getty, Google Maps)
Amazon signs LA’s largest office lease of year
Amazon signs LA’s largest office lease of year
Kirk Lazurus and 966 Palisades Beach Rd (Molori, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Developer’s own beach house on Santa Monica’s Gold Coast to list for $25M
Developer’s own beach house on Santa Monica’s Gold Coast to list for $25M
From left: Tom Brady, Dillon Rosenblatt, and  Richard Rosenblatt with 3130 Wilshire Boulevard (Kilroy Realty, Getty, LinkedIn)
Tom Brady’s NFT company signs lease in Santa Monica
Tom Brady’s NFT company signs lease in Santa Monica
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...