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. One of Macerich’s biggest hurdles going forward is dealing with shuttered former Sears anchor stores. 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 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.