Macerich to Bring Neiman Marcus to Broadway Plaza

Legendary Luxury Retailer to Join Anchors Nordstrom and Macy's at one of
Northern California's Premier Regional Shopping Centers

SANTA MONICA, Calif., March 13 /PRNewswire-FirstCall/ -- Macerich(R)
(NYSE: MAC), one of the nation's largest owners, operators and developers of
regional shopping centers, today announced it will bring Neiman Marcus to
Broadway Plaza, a premier retail property in Northern California's
sought-after East Bay area.
Neiman Marcus, slated to open at Broadway Plaza in late 2010 or 2011, will
join popular anchors Nordstrom, which is about to embark on an expansion of
its store; Macy's; and a wide range of specialty shops and restaurants.
"We're very pleased to welcome the legendary Neiman Marcus to Broadway
Plaza," said Randy Brant, executive vice president, real estate, for Macerich.
"This property is the dominant luxury retail center in this part of Northern
California, and the addition of Neiman Marcus will further enhance the
shopping experience for our discerning East Bay clientele."
Neiman Marcus, the renowned Dallas-based retailer, will occupy
approximately 100,000 square feet on two levels at the high-visibility corner
of South Main Street and Mount Diablo Boulevard in Walnut Creek. Macerich is
currently working with the City of Walnut Creek to secure all necessary
approvals for pre-construction to begin as early as fall 2008.
With its unparalleled location in charming downtown Walnut Creek, the
open-air Broadway Plaza, which currently features 697,981 square feet of GLA,
is an established favorite shopping destination among the region's upscale
shoppers. Average sales per square foot at this perennially high-performing
shopping center exceed $760.
"Broadway Plaza offers a perfect setting for Neiman Marcus," said Wayne
Hussey, senior vice president of properties for Neiman Marcus. "This has long
been the premier luxury shopping center in the East Bay and we look forward to
joining the strong retail lineup."
The new store at Broadway Plaza will be the fourth Neiman Marcus at
Macerich properties, in addition to locations at NorthPark Center in Dallas;
Ridgmar Mall in Fort Worth, Texas; and Scottsdale Fashion Square in
Scottsdale, Ariz.
The Neiman Marcus Group operations include the Specialty Retail Stores
division and the Direct Marketing division. The Specialty Retail Stores
division consists primarily of Neiman Marcus and Bergdorf Goodman stores.
These renowned retailers offer upscale assortments of apparel, accessories,
jewelry, beauty and decorative home products to the affluent consumer.
Broadway Plaza is owned in partnership with Northwestern Mutual Life. The
Northwestern Mutual Life Insurance Company, Milwaukee, WI, a FORTUNE 500
company with over $1 trillion of life insurance protection in force, has been
helping its policyowners and clients achieve financial security for more than
150 years. The company maintains the highest available ratings for insurance
financial strength from all four major rating agencies: Standard & Poor's,
Fitch Ratings, A. M. Best and Moody's.
Macerich is a fully integrated self-managed and self-administered real
estate investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls throughout the
United States. The company is the sole general partner and owns an 85%
ownership interest in The Macerich Partnership, L.P. Macerich now owns
approximately 76 million square feet of gross leaseable area consisting
primarily of interests in 71 regional malls. Additional information about
Macerich can be obtained from the Company's Web site at
www.macerich.com.
Note: This release contains statements that constitute forward-looking
statements. Stockholders are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks,
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to vary materially from those anticipated,
expected or projected. Such factors include, among others, general industry,
economic and business conditions, which will, among other things, affect
demand for retail space or retail goods, availability and creditworthiness of
current and prospective tenants, anchor or tenant bankruptcies, closures,
mergers or consolidations, lease rates and terms, interest rate fluctuations,
availability and cost of financing and operating expenses; adverse changes in
the real estate markets including, among other things, competition from other
companies, retail formats and technology, risks of real estate development and
redevelopment, acquisitions and dispositions; governmental actions and
initiatives (including legislative and regulatory changes); environmental and
safety requirements; and terrorist activities which could adversely affect all
of the above factors. The reader is directed to the Company's various filings
with the Securities and Exchange Commission, including the Annual Report on
Form 10-K for the year ended December 31, 2006, for a discussion of such risks
and uncertainties which discussion is incorporated by reference.
SOURCE Macerich

Rebecca Stenholm of Macerich, +1-602-953-6550; or Ginger Reeder of Neiman
Marcus, +1-972-969-3213, ginger_reeder@neimanmarcus.com