Macerich

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Macerich is a U.S. real estate investment trust that owns, operates, and invests in shopping centers.

Last updated August 26, 2026

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Overview

Macerich, formally The Macerich Company, is a U.S. real estate investment trust focused on shopping-center ownership, operation, leasing, and related property investment. The company traces its origins to MaceRich Real Estate Company, established in New York in 1964 by Mace Siegel and Richard Cohen. Its name combines elements of the founders' first names. Rather than functioning as a consumer-goods brand, Macerich is primarily an institutional property company whose public-facing identity is associated with enclosed malls, lifestyle destinations, mixed-use retail environments, and the management of large-scale commercial real estate. The company became publicly traded through an initial public offering in 1994. A major phase of expansion followed in the 2000s. In 2002, Macerich acquired Phoenix-based Westcor for approximately $1.475 billion. The transaction added nine properties and made Macerich the largest mall owner in the Phoenix metropolitan area at that time. In 2005, it acquired most of the portfolio of Rochester, New York-based Wilmorite Properties for approximately $2.333 billion. That transaction added eleven shopping centers, including Tysons Corner Center in Virginia, and materially increased the scale and geographic reach of the portfolio. In 2006, the company adopted the shorter Macerich name as its corporate brand. Macerich's business model centers on holding interests in shopping centers and generating value through tenant leasing, property operations, redevelopment, asset management, and strategic investment. Its properties serve as platforms for department stores, specialty retailers, restaurants, entertainment uses, services, and other forms of consumer activity. As a property owner and operator, the company is exposed to retail-sector conditions, tenant demand, occupancy, consumer spending, interest rates, asset values, and competition from other shopping-center owners and retail formats. The company has also been involved in consolidation discussions within the U.S. shopping-center industry. On April 1, 2015, Macerich rejected a $16.8 billion takeover proposal from Simon Property Group. The episode illustrated both Macerich's strategic importance in the U.S. mall sector and the pressure for scale among large retail-property owners. According to the cited reference material, as of December 31, 2024, Macerich owned interests in 43 properties representing approximately 43 million square feet of leasable area. Its principal market remains the United States, and its current identity is that of a specialized public real estate company rather than a broad multinational consumer brand.

History

Macerich's history begins with MaceRich Real Estate Company, founded in New York in 1964 by Mace Siegel and Richard Cohen. The founders combined parts of their first names to create the company name. From its origins, the business was associated with the ownership and investment of commercial real estate, particularly shopping centers. The company entered the public markets in 1994 through an initial public offering. Public ownership provided a broader capital base for expansion and helped establish Macerich as a significant participant in the U.S. shopping-center industry. Its growth strategy included both portfolio acquisitions and the accumulation of interests in major regional retail properties. In 2002, Macerich acquired Westcor, a shopping-center company based in Phoenix, Arizona, for approximately $1.475 billion. The acquisition contributed nine properties to Macerich's portfolio and strengthened its position in the Phoenix metropolitan area, where it became the largest mall owner at the time. The transaction demonstrated the company's use of acquisitions to increase regional concentration and operating scale. Macerich expanded again in 2005 by acquiring most of the portfolio of Wilmorite Properties, headquartered in Rochester, New York, for approximately $2.333 billion. The transaction added eleven shopping centers, including Tysons Corner Center in Tysons, Virginia. This acquisition broadened Macerich's portfolio and reinforced its position among the leading owners and operators of U.S. shopping centers. In 2006, the company rebranded under the shorter name Macerich. The name retained the historical connection to Mace Siegel and Richard Cohen while presenting a more concise corporate identity. The company continued to operate as a public real estate investment trust focused on shopping-center assets. A notable strategic episode occurred in 2015, when Simon Property Group made a $16.8 billion takeover proposal for Macerich. Macerich rejected the offer on April 1 of that year. The approach reflected the importance of scale, high-quality assets, and portfolio concentration in the U.S. retail property sector, while the rejection indicated that Macerich did not accept the proposed transaction on the offered terms. By December 31, 2024, the reference material described Macerich as owning interests in 43 properties with approximately 43 million square feet of leasable area. The company remains an active U.S. real estate investment trust. Its ongoing business encompasses shopping-center ownership, leasing, operations, redevelopment, and related investment activities. Unlike a conventional consumer brand, Macerich creates value primarily through commercial property assets, tenant relationships, destination retail environments, and the long-term management of real estate.

2024
Portfolio reported at 43 properties
[1]Macerichen.wikipedia.org
As of December 31, 2024, Macerich is described as owning interests in 43 properties representing approximately 43 million square feet of leasable area.
2015
Rejection of Simon Property Group takeover offer
[1]Macerichen.wikipedia.org
Macerich rejects Simon Property Group's proposed $16.8 billion takeover.
2006
Corporate rebranding as Macerich
[1]Macerichen.wikipedia.org
The company adopts the shorter Macerich name as its corporate brand.
2005
Acquisition of most of Wilmorite Properties' portfolio
[1]Macerichen.wikipedia.org
Macerich acquires most of Wilmorite Properties' portfolio for approximately $2.333 billion, adding eleven shopping centers, including Tysons Corner Center.
2002
Acquisition of Westcor
[1]Macerichen.wikipedia.org
Macerich acquires Phoenix-based Westcor for approximately $1.475 billion, adding nine properties and strengthening its position in the Phoenix metropolitan area.
1994
Initial public offering
[1]Macerichen.wikipedia.org
The company becomes publicly traded through an initial public offering.
1964
MaceRich Real Estate Company is founded
[1]Macerichen.wikipedia.org
Mace Siegel and Richard Cohen establish the predecessor company in New York. The original name combines elements of their first names.

Products and positioning

A specialized U.S. retail real estate investment trust focused on owning, operating, leasing, and redeveloping prominent shopping-center properties.

Retail real estate
Regional shopping centers
Macerich's core assets are large shopping centers and malls in the United States. These properties combine multiple retail tenants and other commercial uses and are operated as destination-oriented environments. The company earns value from ownership interests, leasing, property operations, and the long-term performance of the assets.
Real estate services
Retail property management and leasing
Macerich manages the commercial performance of its shopping-center portfolio through tenant leasing, day-to-day property operations, asset management, and related retail real estate activities. These functions support occupancy, tenant mix, customer traffic, and the positioning of individual properties.
Real estate development
Retail property redevelopment
Redevelopment is part of the value-creation model for shopping-center assets. It can involve repositioning existing properties, improving the tenant environment, and adapting retail destinations to changing consumer and commercial requirements. Specific redevelopment programs are not detailed in the supplied reference material.

Brand decisions

2015
Rejection of Simon Property Group's takeover proposalM&A
Background
Simon Property Group proposed acquiring Macerich in a transaction valued at $16.8 billion. The approach occurred during a period of consolidation and strategic competition among large U.S. shopping-center owners.
Action taken
Macerich rejected the takeover offer on April 1, 2015.
Aftermath
The rejection preserved Macerich as an independent public real estate investment trust. The supplied reference does not provide further details about the proposal's subsequent legal, financial, or strategic outcome.
Proposed takeover value. (2015)
Source

Recent events

2015
Macerich rejects Simon Property Group takeover proposal[1]Macerichen.wikipedia.org
M&A
Macerich rejected a takeover offer from Simon Property Group valued at $16.8 billion. The proposal was one of the most significant strategic approaches involving a major U.S. shopping-center owner.

Sources7 sources

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