48,000-Square-Foot Immersive Art Phenomenon
to Replace Former ArcLight Cinemas; Museum Opening Set for Late
2023
SANTA
MONICA, Calif., Jan. 17,
2023 /PRNewswire/ -- Macerich (NYSE: MAC), one of the
nation's leading owners, operators and developers of one-of-a-kind
retail and mixed-use properties in top markets, today announced
that the first U.S. flagship location for global art and technology
phenomenon ARTE MUSEUM is coming to Santa Monica Place.
The 48,000-square-foot immersive art destination will replace
the former ArcLight Cinemas location on the open-air property's
third level and is set to open in late 2023. ARTE MUSEUM is
expected to draw one million visitors annually to Santa Monica
Place, which is a year-round magnet for international and domestic
visitors and affluent locals in this perennially strong
Southern California beach
city.
"We are very pleased to welcome ARTE MUSEUM, the internationally
lauded media art exhibition space, to Santa Monica Place, which
also is the permanent home of Cayton Children's Museum and has
hosted a number of other highly successful experiential
attractions, including the first retail property location for
Candytopia," said Cory Scott,
Executive Vice President, Asset Management, Macerich. "The
immersive, experience-driven ARTE MUSEUM is an excellent fit for
Santa Monica Place and provides a terrific example of how Macerich
consistently works to evolve the retail, dining and entertainment
offerings in each of our markets to match consumer preferences.
This new use represents the first executed lease in our planned
repurposing of the former Bloomingdale's box, and we look forward
to announcing details on the other uses – including high-end
fitness – for the remainder of this exceptionally well-positioned
space."
ARTE MUSEUM, which will also open in Las Vegas in early 2023, is planned and
produced by d'strict, a world-class digital design company. ARTE
MUSEUM is Korea's most popular media art exhibition space,
attracting more than 3.7 million visitors in the 26 months since
its debut in 2020. d'strict has left a significant legacy in the
history of media art exhibitions with LIVE PARK, the world's first
4D art park that debuted in 2011 at KINTEX, Ilsan, Korea. LIVE PARK
provided a journey and story through holograms, mega-sized media
façade walls, 360-degree interactive theater and kinetic sculpture.
d'strict is also known as the creative mastermind behind numerous
highly acclaimed public art projects, including "WAVE" at K-Pop
Square in Seoul and
"Waterfall-NYC" and "Whale #2" in New
York City's Times Square.
About Santa Monica Place
Located steps away from
the Pacific Ocean, the unique, all-outdoor Santa Monica
Place is home to Nordstrom, Louis Vuitton, Tiffany
& Co., Nike, Tonal, Tory Burch
and Hugo Boss, plus dozens more
shops and an inspired collection of restaurants and entertainment
experiences including True Food Kitchen, The Cheesecake
Factory, LouLou and more. For more information, please visit
Santa Monica Place | Home.
About Macerich
Macerich is a fully integrated,
self-managed and self-administered real estate investment
trust (REIT). As a leading owner, operator and developer of
high-quality retail real estate in densely populated and attractive
U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest,
Phoenix/Scottsdale, and the Metro New York to
Washington, D.C. corridor.
Developing and managing properties that serve as community
cornerstones, Macerich currently owns 48 million square feet of
real estate consisting primarily of interests
in 44 regional town centers. Macerich is firmly
dedicated to advancing environmental goals, social good and sound
corporate governance. A recognized leader in sustainability,
Macerich has achieved a #1 GRESB
ranking for the North American retail sector
for eight years (2015-2022). For more information, please
visit www.Macerich.com.
Macerich uses, and intends to continue to use, its Investor
Relations website, which can be found at investing.macerich.com, as
a means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation FD.
Additional information about Macerich can be found through social
media platforms such as LinkedIn. Reconciliations of non-GAAP
financial measures, including NOI and FFO, to the most directly
comparable GAAP measures are included in the earnings release and
supplemental filed on Form 8-K with the SEC, which are posted on
the Investor Relations website at investing.macerich.com.
MAC-L
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SOURCE Macerich Company