The Macerich Company is a real estate investment trust that invests in shopping centers. It is the third-largest owner and operator of shopping centers in the United States. As of December 31, 2024, the company owned interests in 43 properties comprising 43 million square feet of leasable area.[1] The company name is a portmanteau of its founders, Mace Siegel and Richard Cohen.[2]
History
The company traces its antecedents to the MaceRich Real Estate Company founded in New York in 1964 by Mace Siegel and Richard Cohen who combined their first names to name their company.[2]
In 1994, the company became a public company via an initial public offering.[3]
In 2002, Macerich acquired Phoenix, Arizona-based Westcor for $1.475 billion. The purchase added 9 properties to Macerich's portfolio making them the largest mall owner in the Phoenix Metropolitan Area.[4]
In 2005, the company acquired most of Rochester, New York-based Wilmorite Properties' portfolio for $2.333 billion, adding 11 shopping centers to Macerich's portfolio, including Tysons Corner Center in Tysons, Virginia.[5]
In 2006, the company name was rebranded to "Macerich."[6]
On April 1, 2015, the company rejected a $16.8 billion takeover offer from Simon Property Group.[7][8]
Notable investments
See also
- Shopping property management firms
External links
References
- The Macerich Company 2024 Form 10-K Annual Report U.S. Securities and Exchange Commission, February 28, 2025^
- Prideful Mall Giant Macerich Burns a Hole in Canadian Teachers' Pension Investor - SWFI www.swfinstitute.org, retrieved 2020-04-21^
- Macerich Marks 30 Years as Public Company, Rings Closing Bell at New York Stock Exchange GlobeNewswire, March 12, 2024^
- Mike Padgett. Westcor sold for $1.5B American City Business Journals, May 31, 2002^
- Ray A. Smith. Macerich to Acquire Wilmorite Properties In $1.45 Billion Deal The Wall Street Journal, December 24, 2004^
- Investing in Macerich: a Must-Know Company Overview Market Realist, 2015-10-15, retrieved 2020-04-21^
- George Stahl. Macerich Rejects Simon Property's $16.8 Billion Takeover Bid The Wall Street Journal, April 1, 2015^
- Antoine Gara. Simon Property Withdraws $95.50 A Share Macerich Takeover Bid Forbes, April 1, 2015^
- Joshua Molina. Macy's Will Be Out of La Cumbre Plaza by 2028 as Housing Plans Roil Santa Barbara Noozhawk, 2023-01-03, retrieved 2023-01-04^