 Mall operators Simon Property Group NYSE: SPG and Brookfield Property Partners NASDAQ: BPY joined forces to present a bid to buy J.C. Penney OTC: JCPN.Q out of bankruptcy, and theirs has reportedly emerged as the leading offer. While private equity firm Sycamore Partners was offering a somewhat higher amount, Simon and Brookfield are jointly willing to offer concessions on the department stores leases that have led the company and its lenders to view their bid as a better option. Simon is the countrys largest mall operator, and J.C. Penney has a presence in about half of its malls, or some 63 locations. 