Westside Pavilion mall, once a thriving shopping mecca in the heart of West Los Angeles, will be renovated into office space under a partnership announced Monday by the mall owner and a real estate development company.
Some Mall Space To Remain
Under the deal between Macerich and Hudson Pacific Properties, the 600,000-square-foot mall will be transformed into 500,000 square feet of office space, while maintaining about 100,000 square feet of existing “entertainment retail space.”
The project is estimated to cost $425 million to $475 million.
“Strong Demand… For Creative Office Space”
“The project is poised to capture the strong demand from tenants for creative office space on the west side of Los Angeles,” said Victor Coleman, chairman/CEO of Hudson Pacific. “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.”
Expected To Be Done In 2021
The renovated property on Pico Boulevard will be overseen by a joint venture, with Hudson Pacific maintaining 75 percent of the project and Macerich 25 percent.
Construction is expected to be completed by the middle of 2021.