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Innovative Transit-Oriented Project Proposed for Tysons Corner Center

09.19.06

The Macerich Company Unveils Vision for Future of Tysons Corner Center.

Imagine a place designed around the idea that everything you need to live, work, shop and play can be found right at your doorstep. This is the vision for Tysons Corner Center – energized public plazas, performance venues and recreational facilities intermingled with first-class shopping, dining and entertainment all interconnected with a comprehensive system of walkways, bicycle paths and public transit services and directly connected to a state-of-the-art Metrorail system.

Today, The Macerich Company (NYSE: MAC) unveiled its vision for a 3.5-million-square-foot transit-oriented urban development that will complement the company’s highly successful Tysons Corner Center, a 2.2-million-square-foot (gross leasable area) regional shopping destination.

“We envision Tysons Corner Center as a model for urban development,” said Melanie Balfour Heywood, senior vice president of development for The Macerich Company. “With this project as a catalyst, we believe that this project will redefine Tysons Corner as a destination for both working and living.”

Tysons Corner Center is anticipated to become a model for smart growth – a sustainable metropolitan community emphasizing connectivity, alternative transportation and quality of life. The proposed plans respond to development guidelines and standards recommended by some of the country’s leading urban planning institutions while meeting the guidelines and objectives of the Fairfax County Comprehensive Plan.

A fundamental element of the project is its emphasis on connectivity, and its connection with the surrounding community. This transit-oriented development is designed on a pedestrian scale and promotes the ability to move easily between various elements of the project and surrounding properties.

Tysons Corner Center as its foundation, this visionary development will transform this spectacular retail mecca into a walkable mixed-use community that encourages the use of public transit while creating a dynamic social and cultural setting. Beautifully landscaped plazas, parks and walkways will attract residents, workers and visitors, and recreational amenities will encourage an active, outdoor lifestyle. Special lifestyle features, such as interactive play areas for children, performance venues, an ice rink, water fountains and tasteful sculpture and art will be strategically located throughout the community.

Consistent with Fairfax County’s vision for the future, the proposed project will be a walkable community for people who live, work and visit Tysons Corner. Residential living designed for various lifestyles, a variety of office space for large and small businesses, and a convenient hotel will be carefully integrated and easily accessible from the new Tysons Central 123 Metro Station.

Plans for the future of Tysons Corner Center are currently in the planning and entitlement stages, and the project is expected to be built in phases over the next 10-15 years.

Tysons Corner Center, the largest mall in the Washington, D.C. area (2.2 million gross leasable area), features five anchors – Nordstrom, Bloomingdale’s, Lord & Taylor, Macy’s, L.L. Bean – and more than 300 stores and restaurants. The mall’s expansion that opened in fall 2005 features a 16-screen AMC megaplex theatre with stadium seating, five fine-dining and family-style restaurants, a 10-unit food court, Barnes & Noble, and 20 additional specialty retailers. Tysons Corner Center is a Macerich Company property, located at 1961 Chain Bridge Road in McLean, Virginia, just off the Capital Beltway (I-495) near the intersection of Routes 7 and 123. For more information, visit www.ShopTysons.com.

The Macerich Company 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 84% ownership interest in The Macerich Partnership, L.P. Macerich owns approximately 79 million square feet of gross leaseable area consisting primarily of interests in 73 regional malls. Additional information about The Macerich Company can be obtained from the Company's Website at www.macerich.com.

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