Macerich has been hit hard by tenant bankruptcies, particularly Sears , which had 21 stores in its malls. The Hudson Pacific Properties is in the process of demolishing or repurposing those stores at a cost of $236.7 million and co-working features in its plans. The company, which acknowledged that the continued wave of retailer bankruptcies has taken a toll, reported funds from operations of $1.08 billion in the first quarter, up from the nearly $1.03 billion in the first quarter of 2018. The company has entered into a joint venture with Hudson Pacific Properties to redevelop the Westside Pavilion mall in Macerich into a co-working facility that will be rebranded as 21 Westside. Industrious recently opened a co-working location at its Scottsdale Fashion Square mall in Arizona .
Macerich has been hit hard by tenant bankruptcies, particularly Sears , which had 21 stores in its malls. The Hudson Pacific Properties is in the process of demolishing or repurposing those stores at a cost of $236.7 million and co-working features in its plans. The company has entered into a joint venture with Hudson Pacific Properties to redevelop the Westside Pavilion mall in Macerich into a co-working facility that will be rebranded as 21 Westside. Industrious recently opened a co-working location at its Scottsdale Fashion Square mall in Arizona .