Macerich



Macerich 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, 2020, the company owned interests in 52 properties comprising 50 million square feet of leasable area. The company name is a portmanteau of its founders, Mace Siegel and Richard Cohen.

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.

In 1994, the company became a public company via an initial public offering.

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.

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.

In 2006, the company name was rebranded to "Macerich."

On April 1, 2015, the company rejected a $16.8 billion takeover offer from Simon Property Group, claiming that the offer undervalued the company. Simon withdrew the offer.