Macerich renews lease in Santa Monica headquarters: sources

The REIT occupies 82k sf at a Douglas Emmett building

401 Wilshire Blvd and Macerich CEO Art Coppola
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.

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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.