Macerich has been hit hard by tenant losses , particularly Sears , which had several stores in its malls . The REIT is in the process of demolishing or repurposing those stores at a cost of $ 250m-$300 m and co - working features in its plans . CFO Scott Kingsmore suggested that the company wasn’t looking back, saying some of those retailers that closed had “no in-store experience.” The company has entered into a joint venture with Union Pacific Properties to redevelop the West Pavilion Mall in Los Angeles into a co - working facility that will be rebranded as One Westside . Industrious recently opened a co - working facility at its Scottsdale Fashion Square mall in Arizona .
Macerich has been hit hard by tenant losses , particularly Sears , which had several stores in its malls . The REIT is in the process of demolishing or repurposing those stores at a cost of $ 250m-$300 m and co - working features in its plans . The company has entered into a joint venture with Union Pacific Properties to redevelop the West Pavilion Mall in Los Angeles into a co - working facility that will be rebranded as One Westside . Industrious recently opened a co - working facility at its Scottsdale Fashion Square mall in Arizona .