Mace Siegel was a pivotal figure in the world of real estate and horse racing, best known for co-founding the Macerich Company, a major real estate investment trust (REIT) specializing in shopping centers. Born on September 1, 1925, in Jersey City, New Jersey, Siegel built a legacy through his business acumen, philanthropy, and passion for thoroughbred racing. Here’s a comprehensive look at his life and contributions, particularly tied to the Macerich Company.
Siegel’s early life saw him studying at the Columbia School of Business, laying the groundwork for his future in real estate. In October 1964, he partnered with Richard Cohen, an experienced builder and developer, to establish the MaceRich Real Estate Company in New York City. The company’s name was a clever blend of their first names—Mace and Richard. Their initial venture was modest: they acquired an athletic field in Ames, Iowa, and developed it into a strip mall anchored by a discount store. This project became a blueprint for their early expansion, leading to the development of 18 strip centers across the Midwest, each tied to the success of prominent anchor tenants that drew customers.
The company’s trajectory shifted as Siegel and Cohen recognized the potential in larger retail properties. By the early 1970s, they began acquiring shopping malls, with a significant milestone in September 1972 when Macerich purchased the White Lakes Mall in Topeka, Kansas, in partnership with Provident Life Accident and Assurance Company. This move marked their transition from strip center developers to mall operators. Success in the Midwest and Southeast fueled ambitions to expand westward, particularly to Southern California. In 1975, they set their sights on the Lakewood Center in Lakewood, California—a large but outdated open-air mall. Partnering again with Provident Life, they bought the property and embarked on a major redevelopment, transforming it into a premier regional mall. This project was so significant that it prompted Macerich to relocate its headquarters from Ames, Iowa, to Santa Monica, California, around 1976.
Under Siegel’s leadership, Macerich honed a strategy of acquiring underperforming retail properties, revitalizing them, and turning them into profitable assets—earning the nickname “Mall Doctor.” The company went public in 1994 via an initial public offering, solidifying its status as a national player. A major expansion came in 2002 when Macerich acquired Westcor, a Phoenix-based firm, for $1.475 billion, adding nine properties and making it the largest mall owner in the Phoenix metropolitan area. By the time Siegel retired as chairman in 2008, Macerich controlled over 50 regional shopping centers and 20 community centers, with nearly a third of its 60 million square feet of leasable space in California. Notable projects included the redevelopment of Santa Monica Place, acquired in 1999 and overhauled by 2010.
Beyond real estate, Siegel’s personal life and passions deeply influenced his legacy. He met Jan, a former big-band singer, on a blind date at Aqueduct racetrack in 1962, and they married shortly after. Their shared love of horse racing led them to purchase their first thoroughbred, Najecam (a backward spelling of “Mace” and “Jan”), in 1964 at Timonium, Maryland. After moving to Beverly Hills in 1976, the couple, along with their daughter Samantha, built Jay Em Ess Stable into a powerhouse in California racing. They achieved success with horses like Declan’s Moon (2004 Eclipse Award winner), Rail Trip (2009 Hollywood Gold Cup), and Urbane, amassing numerous stakes victories. Siegel was a founding member of the Thoroughbred Owners of California in the early 1990s and started Thoroughbred Owners Against Drugs in the 1980s to advocate for fair racing practices. His philanthropy extended to supporting retired racehorses through the California Retirement Management Account (CARMA) and the Edwin Gregson Foundation.
Siegel’s later years were marked by his continued influence, even after stepping back from Macerich. He remained a respected voice in racing, notably defending the Oak Tree Racing Association in 2010. He passed away on October 26, 2011, at his Beverly Hills home at age 86, due to complications from old age, shortly after a bout with pneumonia. Survived by his daughter Samantha, son Evan, and granddaughter Riley, Siegel left behind a dual legacy: a real estate empire that reshaped retail landscapes and a racing heritage that elevated California’s thoroughbred scene. His knack for wordplay—seen in horse names like Eighty Below Zero and Hedonist—mirrored his creative approach to both business and life. Today, Macerich remains a testament to his vision, operating as a leading REIT with a strong presence in key U.S. markets.
