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Prism Places Tapped to Manage Santa Monica Place
Prism Places has been engaged as property manager for Santa Monica Place. The 527,000-square-foot retail center in Santa Monica is directed by Trigild, the court-appointed receiver that assumed control of the asset last month and engaged Prism Places as day-to-day operator. The property’s longtime owner, Macerich, defaulted on its $300-million loan last year.
“After the devastating fires, the Westside of Los Angeles is in need of community and places to gather,” said Stenn Parton, founder and CEO of Prism Places. “Santa Monica has had its challenges even before the fires and the neighborhood of Pacific Palisades has endured so much loss—my home included. We’re motivated and inspired to restore Santa Monica Place to the heart and soul of this community.”
Santa Monica Place, originally designed by Frank Gehry, underwent a $265-million renovation in 2010 to transform it into an open-air center. It is home to a variety of stores, including many luxury retailers.
- ◦Lease
