JV to Transform LA Mall into Office Property
- Mar 07, 2018
Hudson Pacific Properties and Macerich have formed a joint venture to transform the Westside Pavilion mall into a state-of-the-art creative office space in Los Angeles. The joint venture will be held 75 percent by Hudson Pacific and 25 percent by Macerich. The project is scheduled for completion by mid-2021.
Of the property’s total 600,000 square feet, 500,000 square feet will be changed to offer office accommodations, while 100,000 square feet will be retained to continue housing the existing entertainment retail space. The companies project a cost in the range of $425 million to $475 million for the redevelopment. Hudson Pacific will serve as Managing Member for the joint venture and the property’s day-to-day operator and developer.
“Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location—this is what we do best,” Victor Coleman, chairman & CEO of Hudson Pacific Partners, said in prepared remarks. “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.”
Westside Pavilion is located within close proximity to interstates 405 and 10, and in walking distance from the Expo Line light rail’s Westwood/Rancho Park station. The property is adjacent to the residential enclave of Cheviot Hills and less than three miles from the business and residential communities of Century City, Westwood, Culver City, Mar Vista and Brentwood.
Image courtesy of Google Street View