Macerich rings closing bell at the New York Stock Exchange to celebrate 30 years
Big regional center operator Macerich, whose longtime CEO Thomas O’Hern recently retired, celebrated 30 years as a public company with a ringing the closing bell at the New York Stock Exchange last week
New president and CEO Jack Hsieh did the honors, joined by a cadre of other senior Macerich executives. Hsieh was previously the president and CEO of Spirit Realty Capital, where he led the successful merger of Spirit with Realty Income Corporation through an all-stock transaction valued at an enterprise value of approximately $9.3 billion.
“I’m so pleased and proud to lead the next chapter in Macerich’s exciting story as we continue to densify and diversify our Class A portfolio to add even more value for stakeholders,” said Hsieh at the podium. “Thirty years ago, when Macerich launched as a public company, the mall business was very different. While we know that physical retail is here to stay, this is a pivotal time for Macerich as we continue adding new uses and experiences to ensure that our well-located properties remain sought-after destinations for retailers, shoppers, and communities for many years to come.”
Macerich, whose portfolio of well-known regional centers includes Scottsdale Fashion Center, Queens Center in New York, and Tysons Corner in the Washington, D.C, metro, has been aggressive in adding new uses to its centers covering categories such as fitness, food and beverage, and entertainment--as well as office, residential, and hotel.
The 1.9 million-sq.-ft. Scottsdale Fashion Square — whose luxury tenancy includes Dior, Saint Laurent, Prada, and Gucci — recently added a Life Time fitness destination and is undergoing a renovation of its south wing that will add Hermes and the Catch and Elephante restaurants.
Tysons Corner—long one of America’s best-performing malls—now has direct access to Washington’s Metro Silver line and is home to Apple, Bloomingdale’s, and The Capital Grille, as well as Class A offices space and luxury apartments.
Santa Monica, Calif.-based Macerich owns 46 million sq. ft. of real estate consisting primarily of interests in 43 regional town centers concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Northeast Corridor.