Macerich, a self-managed real estate investment trust, announced a national partnership with workplace operator Industrious. The major mall owner and the coworking company are targeting a multi-property rollout.
For more on malls and coworking, read the Retail Environments magazine article on how the Bespoke incubator at Westfield San Francisco Center mixed 24/7 office access with bocce ball, sleep nooks, and other perks.
With nearly 50 locations in 33 cities, Industrious offers flexible, perk-filled workspaces for established companies ranging from SMBs to Fortune 500 brands, with household-name clients including Lyft, Hyatt, Pandora, Pinterest, Pfizer, Freddie Mac, and more.
“Macerich is on the cutting edge when it comes to adding exciting, traffic-driving new uses to our market-dominant retail properties across the country,” says Art Coppola, CEO of Macerich. “With time-limited marquee attractions like Candytopia, luxury fitness/wellness concepts, destination restaurants and appealing first-to-market digitally native brands, our well-situated centers are high street, town square locations where shoppers, retailers and brands absolutely want to be. Our settings deliver top-tier, built-in amenities for today’s professionals, which is why a partnership with experience-focused Industrious makes so much sense.”
Terms of partnership
Under the terms of the partnership, Industrious will operate coworking locations at select Macerich properties, complementing top-drawing retailers including Apple, lululemon, Sephora, Tesla, Nordstrom with hospitality-driven workplace experiences.
The first Industrious location in the Macerich partnership is set to open in January 2019 at Scottsdale Fashion Square, a premier shopping and dining destination offering nearly 2 million sq. ft. of the region’s best brands and experiences.
Now creating an enhanced luxury presentation due to open this fall, this top property is Arizona’s undisputed luxury leader with brands such as Gucci, Cartier, Bottega Veneta, Bulgari, Prada, Salvatore Ferragamo, Burberry and more — including the recently announced first-to-market Saint Laurent store, according to Macerich.
Rigorous vetting process
Macerich selected Industrious after a rigorous vetting process. The decision ultimately was based on two factors: a shared commitment to high-end experiences and Industrious’ proven track record of strong financial performance across its nationwide network of locations.
“Our relationship represents a bold step that combines our vision for the future of the workplace with Macerich’s vision for the future of the retail experience, and allows us to jointly deliver superior programming, services and amenities beginning at Scottsdale Fashion Square,” says Jamie Hodari, CEO of Industrious. “We look forward to Scottsdale Fashion Square being the first of many successful collaborations between our two companies.”