By Kelly Hartog
Hudson Pacific Properties, Inc. and Macerich recently announced the formation of a joint venture to redevelop the 600,000 square-foot Westside Pavilion on Pico Boulevard.
The redesign will see the once-bustling mall, transformed into 500,000 square feet of state-of-the-art creative office space, with only 100,000 square feet being devoted to retail and entertainment space.
Hudson Pacific will hold 75 percent of the venture, with 25 percent being held by Santa Monica’s Macerich. The redevelopment is slated to cost between $425 and $475 million and construction is slated to be completed by mid-2021.
Art Coppola, Chairman and CEO of Macerich, said, “Our joint venture with Hudson Pacific will enable us to maximize the value of this incredibly well-situated real estate with dynamic new uses – something Macerich has always excelled at. Hudson Pacific brings great expertise in the creative office space segment, and we are pleased to partner with them on this exciting, high visibility project.”
Victor Coleman, Chairman and CEO of Hudson Pacific, said in a statement, “Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location – this is what we do best. The project is poised to capture the strong demand from tenants for creative office space on the west side of Los Angeles. We look forward to working with Macerich and to making our signature improvements to the property, which we believe will greatly benefit the surrounding community.”
The Pavilion, which stretches from Overland to Westwood Boulevards along Pico Boulevard, has seen patronage drop off in the wake of its two big anchor department stores – Macy’s and Nordstrom’s – leaving the mall in favor of the newly-revamped Century City Westfield Mall.
The Landmark cinema at Westside Pavilion will, however, stay in its current location.
