The firm plans to attract new retailers and restaurants in anticipation of the 2028 Olympics
Commercial real estate firm Prism Places has taken over management of Santa Monica Place, a high-profile but financially troubled mall near the Pacific Ocean, amid ongoing efforts to revive the retail center’s fortunes.
The 527,000-square-foot outdoor shopping complex is now under the operational control of Prism following its appointment by Trigild, the court-appointed receiver that assumed oversight last month after longtime owner Macerich defaulted on a $300 million loan tied to the property.
Santa Monica Place, originally designed by architect Frank Gehry and renovated in 2010 at a cost of $265 million, has suffered a dramatic 59% decline in value—from $622 million to $255 million—over the past several years. Retail vacancies and declining foot traffic have plagued the property, once seen as a cornerstone of the city’s downtown shopping district.
Prism’s appointment comes as the Westside of Los Angeles continues to recover from a series of devastating fires and broader challenges facing Southern California’s commercial real estate market. In a statement, Prism founder and CEO Stenn Parton said the company aims to restore Santa Monica Place as “the heart and soul of this community,” citing both the area’s resilience and recent policy changes as grounds for cautious optimism.
“Santa Monica has had its challenges even before the fires,” Parton said. “The neighborhood of Pacific Palisades has endured so much loss—my home included.”
Though Parton pointed to Santa Monica’s continued desirability and affluence, the mall’s recent history paints a more complex picture. Once anchored by brands such as Bloomingdale’s and ArcLight Cinemas—both of which vacated a combined 150,000 square feet in 2021—the mall has struggled to retain tenants and shoppers. Pop-up events and short-term activations have had limited success reversing the downward trend.
Prism, which manages other Southern California assets like RUNWAY Playa Vista and Pasadena Commons, brings a track record of repositioning distressed properties. The firm says it plans to attract new retailers and restaurants in anticipation of increased regional visibility leading up to the 2028 Los Angeles Olympics.
Santa Monica Place remains adjacent to the popular Third Street Promenade, which has also been affected by shifting consumer habits and commercial vacancies. Parton said his firm sees potential for synergy between the two districts.
“Santa Monica and Santa Monica Place will be on display as one of the most dynamic destinations in the world,” he said.
