Ex-Macy’s Site Draws Crowds

By AMANDA BRONSTAD

Staff Reporter

While the brokers for high-profile projects like Hollywood & Highland took center stage last year, Joel Mayer and Bob Baker of Madison Marquette Retail Services had their work cut out for them in leasing the old Macy’s department store (formerly Bullocks) in Westwood Village.

First off, the project involved converting a single-user space into four separate retail spaces, which all require their own access points and loading docks. Add to that Westwood’s active homeowners groups that in the past have stopped developments in their tracks.

But in the end, the senior Madison Marquette executives completed leasing the 225,000-square-foot building before the overhaul even began. What’s emerged over the last few months is a retail center that’s bringing in lots of shoppers and could provide a catalyst for an area that’s been on the verge of rebirth for more years than the locals would care to think about.

“While we were sensitive to the community needs, we had entitlement rights we didn’t want to jeopardize by over-involving the community, either,” Baker said.

As befitting the neighborhood, some of the new tenants provide a high-end flavor, including Home Depot’s Expo Design Center, a Ralphs Grocery Store Co.’s Fresh Fare. Also at the site is a Best Buy and Longs Drugs, which took the former Bullocks Tea Room space on the third floor.

Mayer and Baker continue to lease the 180,000 square feet of additional office and retail space surrounding the former Macy’s building. Only about 6,000 square feet remain unleased. Two unnamed restaurants and two unnamed retailers plan to take 16,000 square feet within a few weeks, Mayer said. Victoria’s Secret was scheduled to open late last week, and AT & T; Wireless recently leased 3,000 square feet next to The Gap.

Baker, senior vice president and director of leasing at Madison Marquette, worked on Hollywood Marketplace at Sunset Boulevard and Vine Street while he was at Beverly Hills-based Regent Properties.

Mayer directs leasing of Madison Marquette’s Southern California portfolio. He joined the firm after it acquired Farallon Retail Services, where he was an executive.

Unsung Deals

Project: Bullocks Westwood/Macy’s site

Players: Joel Mayer, Bob Baker senior vice presidents of leasing, Madison Marquette Retail Services

The Deal: After two years of renovation work, the former site of Macy’s department store at LeConte Avenue and Westwood Boulevard re-opened last fall pre-leased by four big-box retailers. Leasing for surrounding retail and office space has moved quickly, overcoming Westwood Village’s history as a challenging area for redevelopment.