MCLEAN, VA-The Macerich Co. could add three million sf of high-rise office and residential space to Tysons Corner Center, a two-million sf mall that the company is acquiring in its $2.3 billion purchase of Wilmorite Properties. The transaction is expected to close this month.

Arthur Coppola, Macerich’s president and CEO, revealed the plans yesterday at a Lehman Brothers conference in New York City. “We are currently working on an entitlement that we believe we will have at the end of this year,” he said. Tysons, one of the country’s largest malls, is 97% occupied and anchored by Bloomingdale’s, Hecht’s, L.L. Bean, Lord & Taylor and Nordstrom.

The Lehman Brothers panel Coppola spoke at was on different aspects of developing and redeveloping properties. He also touched on his company’s plans for Phoenix, where Santa Monica, CA-based Macerich plans to build five major retail projects by 2016. The developer, which owns 64 malls across the country, is currently constructing SanTan Village, a 1.2 million-sf power center, in Gilbert, AZ.

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