Macerich achieves BREEAM certification for 11 retail assets covering nearly 14 million square feet

Macerich, a leader in the ownership, operation and development of retail and mixed-use destinations throughout major U.S. cities, announced today that 11 retail assets had been successfully certified under BREEAM In-Use Certification Standard. Macerich is committed to improving sustainable performance across its portfolio. This achievement shows Macerich’s commitment by integrating asset benchmarking into a forward-looking sustainable approach and a broader set of ESG objectives centered on thoughtful redevelopment.

The Macerich properties with BREEAM certification cover seven states, including Danbury Fair, Deptford Mall, Kings Plaza, Queens Center, Green Acres Mall and Scottsdale Fashion Square, in Arizona, Kierland Commons, and Scottsdale Fashion Square, in California, The Oaks, and Twenty Ninth Street, in Colorado, and Tysons Corner Center, in Virginia.

Macerich, Macerich’s Executive Vice President of Portfolio Operations and People said: “Macerich and BREEAM have been working together for many years to promote innovative ways to measure sustainability progress in our industry. This includes monitoring the progress towards carbon neutrality of existing properties. We are delighted to receive this certification. It reflects Macerich’s philosophy of engaging in sustainability throughout all our activities. This is a great recognition for us.

BREEAM, a global leader in sustainable building assessment standards delivered by BRE Group (“BRE”), was chosen as the sustainability certification for Macerich based upon several points of alignment to Macerich’s broader strategy. Macerich’s focus is on the concept double materiality, which is largely supported through the BREEAM assessment and certification approach. The platform has always emphasized stakeholder education and financial wellbeing as two important elements of an impactful strategic plan.

Double materiality is already ingrained into EU ESG regulations. It looks at how ESG can be viewed in a manner that promotes both economic and sustainable gain. In order to implement this approach, a company must evaluate both the internal and external impact of its sustainable decision-making. Macerich wanted to certify these assets BREEAM in order to complete a multi-level assessment.

Breana Wheeler is the US Director of Operations for BRE. She said that assessing sustainability performance in retail assets can be difficult and nuanced, especially when the sector works with existing infrastructure instead of new construction. Macerich understands that these properties are important community cornerstones. The firm is at the forefront of sustainability, transforming properties using new technologies and innovative practices. In 2016, the firm was the first in the US organization to certify a property under BREEAM. It has been a shining example of how REITs can reduce their environmental impact and address climate change concerns, while still choosing a path that is financially sound and provides a high return on investment to stakeholders.