Defining our greatest moments.
Discover the major events that have shaped Macerich's history, marked by strong leadership and strategic growth.
Macerich has accomplished a great deal since its debut as a public company in March 1994 with a modest total market capitalization of under $1 billion. Since then, we have grown to a total market capitalization of more than $17 billion. Today, Macerich is one of the top retail real estate companies in the country.
Our history of strategic acquisitions in key markets begins on the East Coast with the purchase of Queens Center in New York City; adding to our California portfolio with Santa Monica Place (Santa Monica, CA), Vintage Faire Mall (Modesto, CA), Stonewood Center (Downey, CA), Los Cerritos Center (Los Angeles, CA), and Westside Pavilion (Los Angeles, CA); as well as Washington Square (Portland, OR) and South Plains Mall (Lubbock, TX).
Macerich acquires premier shopping center developer Westcor, adding a top collection of Arizona malls to the portfolio, including the iconic Scottsdale Fashion Square, Arrowhead Towne Center, Chandler Fashion Center in Metropolitan Phoenix, as well as FlatIron Crossing in Broomfield, CO. Macerich also makes a strategic acquisition in California – The Oaks (Thousand Oaks, CA).
Macerich makes another smart move in California with acquisition of Victor Valley Mall. Adding to its already dominant collection of Metro Phoenix properties, Biltmore Fashion Park joins the portfolio. Queens Center (Queens, NY), now one of the most productive malls in the country, undergoes major remerchandising and expansion.
The acquisition of Wilmorite gains another 13.4 million square feet of market-dominant East Coast properties, bringing Tysons Corner Center, Freehold Raceway Mall and Danbury Fair Mall to the portfolio. A partnership to add Kierland Commons (Metro Phoenix) is complete.
Burnishing our longstanding redevelopment prowess, Macerich celebrates the transformation of Twenty Ninth Street in Boulder, CO as well as Biltmore Fashion Park in Phoenix, AZ. The national portfolio continues to expand with the addition of Valley River Center (Oregon) and Deptford Mall (New Jersey).
Macerich launches a comprehensive, long-range sustainability program, creating leading-edge shopping environments and driving efficiencies across the portfolio. The Shops At North Bridge (Chicago, IL) joins the portfolio.
Macerich breaks through expectations with the fresh, new and iconic Santa Monica Place – with anchors Nordstrom and Bloomingdale's and a roster of luxury retailers. The property will go on to earn multiple awards, including MAPIC's Best High Street Retail Development.
Macerich enters the outlet sector with the acquisition of Fashion Outlets of Niagara Falls USA and begins the development of the innovative Fashion Outlets of Chicago.
Macerich expands its NYC footprint with the acquisition of Kings Plaza and Green Acres, opens the country's second Eataly in Chicago at The Shops at North Bridge, and near Washington, D.C., signs a major office tenant and the Hyatt Regency hotel brand for the Tysons Corner Center densification. The long-awaited Neiman Marcus opens at Broadway Plaza in San Francisco's East Bay.
Macerich joins the prestigious list in May of this year, making it the first REIT to be added to the benchmark index in four years, a positive reflection on the entire REIT industry as well as Macerich.
August 1 marks the opening of Fashion Outlets of Chicago, the first ground-up outlet for the company. With a prime location just minutes away from O'Hare International Airport, the center offers brands and amenities for residents as well as the international tourism market.
Macerich's Santa Monica Place is named ICSC's "VIVA" Best of the Best.
Macerich introduces Tysons Tower and the elevated Plaza that links the elements of the ambitious, new urban hub at Tysons Corner Center, which is built around the company's top-performing mall.
In partnership with Lennar, Macerich announces its next new outlet development — Fashion Outlets of San Francisco for the site of the former Candlestick Park.
Demonstrating a consistent commitment to innovative environmental stewardship, Macerich earns the prestigious NAREIT "Leader in the Light" as well as the Global Real Estate Sustainability Benchmark (GRESB) Green Star rating. Also in 2014, Tysons Tower earns the LEED® Gold designation.
Macerich establishes a 50% partnership with PREIT to redevelop The Gallery, a major property located in the heart of Philadelphia's business and tourism center, as Fashion Outlets of Philadelphia. The company also enters into a new joint venture with Sears Holdings to acquire 50% of Sears' buildings at nine top Macerich properties.
With the opening of VITA luxury residences and the Hyatt Regency hotel, Macerich celebrates the completion of the trailblazing urbanization project at Tysons Corner Center.
Macerich earns 2015 Retail "Leader in the Light" by the National Association of Real Estate Investment Trusts (NAREIT) for the second straight year, as well as the Global Real Estate Sustainability Benchmark (GRESB's) #1 Ranking - US Retail Sector, and selected for the Carbon Disclosure Project (CPD's) 2015 Climate A list, identifying our A grade actions to mitigate climate change.
Macerich raised $2.3 billion dollars through two strategic partnerships, contributing a 40% interest in five properties (Arrowhead, Lakewood, Los Cerritos, South Plains, and Washington Square) and a 49% interest in three properties (FlatIron Crossing, Twenty Ninth Street and Deptford Mall).
In March, Macerich announced a 50/50 partnership with Taubman on the acquisition of Country Club Plaza in Kansas City, MO. Originally opened in 1928, the iconic, 15-block, 1.3 million square foot mixed-use retail and office property is located in the heart of the city.
September saw the official opening of the newly expanded and refreshed Broadway Plaza, adding 50+ new retailers to the iconic open-air retail center including Arhaus, H&M, lululemon athletics, Michael Kors, Kit & Ace, Madewell, NYX Professional Makeup, SoulCycle, Tesla and True Food Kitchen. The major transformation included adding multi-level new parking structures, expanded walkways, new seating areas, art installations and a central plaza for events and brand activations.
GRESB awarded Macerich the #1 ranking in the North American retail sector in 2016 for the second consecutive year. GRESB (Global Real Estate Sustainability Benchmark) is a leading measure of sustainability performance for real estate portfolios around the world. A top performer in GRESB's Green Star Ratings for three years running, Macerich continues to be well recognized across the industry for its leadership in sustainability.
Macerich earns 2016 Retail "Leader in the Light" by the National Association of Real Estate Investment Trusts (NAREIT) for the third straight year, and selected for the Carbon Disclosure Project (CPD's) 2015 Climate A list for second year, identifying our A grade actions to mitigate climate change.
The new U.S. Green Building Standard – BREEAM USA In-USE Certified Building – measures and monitors environmental performance of existing buildings that are not currently able to benchmark sustainability efforts via traditional methods. A wide-range of environmental upgrades to The Oaks such as solar panels, LED lighting, recycling, and integrated thermal control, secured the designation, further reinforcing Macerich as a proven industry leader in sustainability.