Prism Places takes over Santa Monica Place
CRE management firm is a veteran of SoCal Retail
Trigild engages Prism with mandate to revive
LOS ANGELES, April 3, 2025 /PRNewswire/ -- Prism Places, an innovative CRE management and investment firm with $2.8 billion AUM, today announces its engagement as property manager for Santa Monica Place. The 527,000-square-foot retail center in Santa Monica, Calif., is directed by Trigild, the court-appointed receiver that assumed control of the asset last month and engaged Prism Places as day-to-day operator.
Located steps away from the Pacific Ocean in downtown Santa Monica and adjacent to Third Street Promenade, the unique, tri-level, outdoor Santa Monica Place is home to a variety of stores, including many luxury retailers. Popular brands include Free People, Tesla, Nike, Rolex, and Uniqlo; shoppers can also visit an inspired collection of restaurants, like the newly opened Din Tai Fung, and service providers.
"After the devastating fires, the westside of Los Angeles is in need of community and places to gather," said Stenn Parton, Founder and CEO of Prism Places. "Santa Monica has had its challenges even before the fires and the neighborhood of Pacific Palisades has endured so much loss—my home included. We're motivated and inspired to restore Santa Monica Place to the heart and soul of this community."
Santa Monica Place, originally designed by Frank Gehry, underwent a $265 million renovation in 2010 to transform it into an open-air center. The long-time property owner, Macerich, defaulted on its $300M loan last year.
"Santa Monica remains one of the most desirable and affluent areas in the United States," Parton added. "While challenges have led to vacancy at both Santa Monica Place and its neighboring retail district, 3rd Street Promenade, the City and State have made crucial policy changes that will allow for Santa Monica's recovery. This resilient community deserves incredible places to gather, so we look forward to bringing great brands and restaurants back. When the Olympics are in Los Angeles in 2028, Santa Monica and Santa Monica Place will be on display as one of the most dynamic destinations in the world!"
Prism Places is a veteran of both repositioning distressed assets and SoCal real estate. The company revitalized RUNWAY Playa Vista in recent years and is working on similar properties across the country. In addition, they manage other SoCal shopping centers like Pasadena Commons, Paseo Nuevo in Santa Barbara and a portfolio on Rodeo Drive.
About Prism Places
Prism Places provides a new perspective on commercial real estate grounded in the insight that assets should generate value over their lifetime. This value creation results from an aligned vision, accountability, and active participation in the day-to-day operations of each property. Prism provides a fully integrated team with a dynamic understanding of the current market and consumer demands blended with the know-how to transform a property into a place that meets today's market and cultural demands and actively operate each investment with a diligent focus on creating value for generations, in short––places with purpose. The firm has operating partnerships with leading mixed-use projects, including RUNWAY Playa Vista in Los Angeles; Pasadena Commons in Los Angeles; and Legacy West in Dallas, Texas. All three management agreements are through a strategic partnership with Invesco to leverage the Prism operating platform for similar opportunities in the future.
Press Contact
Brenner Thomas
brenner@theleadpr.com
917.655.4003
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SOURCE Prism Places
