Hudson Pacific Properties Inc., which owns office and media and entertainment properties in certain West Coast markets, is in advanced discussions with mall landlord Macerich Co. to buy its 755,000-square-foot Westside Pavilion mall in West Los Angeles, The Real Deal reported, citing sources with knowledge of the matter.
Macerich CEO Art Coppola discussed plans to sell the mall, located at 10800 W. Pico Blvd., during an earnings call in November 2017. He said that several potential buyers had expressed interest in rezoning and redeveloping the site. The company plans to remain a partner in the property following the sale, sources told The Real Deal.
Anchor tenant Macy's, which occupies the 220,000-square-foot portion of the mall owned by GPI Cos., has said it will move out in a year, while another major retailer, Nordstrom, exited its lease. GPI also owns an accompanying 1,550-spot parking garage.
Hudson Pacific, Macerich and GPI did not respond to requests for comments, according to the Feb. 5 report.
