Macerich has been hit hard by tenant bankruptcies, particularly Sears, which had 21 stores in its malls. The company is also trying to sell off some of the real estate it owns and hopes to raise money for a new headquarters or other projects. The company has entered into a joint venture with Hudson Pacific Properties to redevelop the Westside Pavilion mall in Los Angeles into a co-working facility that will be rebranded as One 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 REIT is in the process of demolishing or repurposing those stores at a cost of $250m-$300m 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 Los Angeles into a co-working facility that will be rebranded as One Westside. Industrious recently opened a co-working location at its Scottsdale Fashion Square mall in Arizona.