Macerich opens its rebuilt San Francisco ‘fortress’
It was already generating $700 per square foot in revenue, but Broadway Plaza in San Francisco’s East Bay got a complete makeover from owner Macerich that was unveiled last week. Fireworks and a performance by Mark McGrath of Sugar Ray accompanied the ribbon-cutting.
Gross leasing area was expanded to beyond 900,000 sq. ft. and more than 50 new stores inhabit the open-air center that debuted in 1951. Nordstrom, Neiman-Marcus, and Macy’s anchor the plaza that Macerich has owned for the last 30 years.
Noting that Macerich believes in adding values to what it considers its “fortress properties,” EVP Randy Brant said the company expanded this “unique street-retail setting to meet extensive retailer demand to be part of our high-performing property, while also enhancing the amenities, pedestrian appeal ,and scale of this irreplaceable downtown retail asset.”
Macerich reports that the center is 90% leased. New tenants include Aritzia, ECCO, H&M, L’Occitane, Papyrus, SoulCycle, Tesla, Victoria’s Secret, and Zara.
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