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

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

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Christian Bautista

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Daria Solovieva

Santa Monica’s reputation makeover

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Isabella Farr

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

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WS Communities' Scott Walter, NMS Properties' Neil Shekhter and City of Santa Monica mayor Gleam Davis

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WS Communities' Scott Walter and Neil Shekhter with 3000 Nebraska Avenue

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WS Communities' Scott Walter and NMS Properties' Neil Shekhter with rendering of 3030 Nebraska Avenue

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BLT's Bernie Huberman and BMW Designworks' Holger Hampf with 1601 Olympic Boulevard (BLT Enterprises, BMW Designworks, LoopNet)

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Neil Shekhter (Photo-illustration by Paul Dilakian/The Real Deal; Shekhter photo by Kevin Scanlon)

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TRD Staff

J.P. Morgan's Mary Callahan Erdoes and Water Garden at 1620 26th Street in Santa Monica (Getty, Water Garden LA)