CHICAGO, Feb. 4 /PRNewswire-FirstCall/ --
General Growth Properties, Inc. (NYSE: GGP), the country's second largest
owner, developer and manager of regional shopping centers announced today it
has been awarded the management, leasing and marketing contract for the Dallas
Galleria. The Dallas Galleria is considered to be one of the world's premier
mixed-use real estate assets.
Built in 1982 and expanded four times since, the Galleria is located on a
42-acre tract at the intersection of LBJ Freeway and the Dallas North Tollway.
The 1.8-million square foot shopping center is anchored by Nordstrom, Macy's,
Saks Fifth Avenue and the world's only three-story Gap store that houses all
three concepts -- Old Navy, Gap and Banana Republic--under one roof. In
addition, a signature ice-skating rink and more than 200 leading retailers
such as Tiffany, Gucci, Cartier, MaxMara, Gianni Versace and Louis Vuitton are
part of the Galleria. Connected to the retail complex is a four-star luxury,
full-service Westin Galleria hotel, as well as four office towers that benefit
the center with over 7,000 professional office workers on-site each day.
General Growth Properties is the largest retail landlord in the state of
Texas and owns and manages four other regional malls in the Dallas/Fort Worth
Metroplex - Stonebriar Centre (Frisco), Vista Ridge Mall (Lewisville), Town
East Mall (Mesquite) and The Parks at Arlington (Arlington). In addition,
Circle T, a new development in Westlake, Texas, is projected to open in 2005.
"The Galleria is an exciting property with a history of success in one of
the best retail markets in the country. Our team based in the Dallas
regional office has extensive knowledge of the market and is uniquely
qualified to enhance the shopping and entertainment experience customers have
come to expect," stated Bob Michaels, President and Chief Operating Officer of
General Growth Properties, Inc.
The shopping center was recently purchased by an investment fund managed
by UBS Realty Investors LLC, a subsidiary of UBS AG, a leading integrated
global financial services firm.
General Growth Properties is the country's second largest shopping center
owner, developer and manager of regional shopping malls. General Growth
currently has ownership interest in, or management responsibility for, a
portfolio of 169 regional shopping malls in 41 states. The company portfolio
totals approximately 146 million square feet of retail space and includes over
15,000 retailers nationwide. A publicly traded Real Estate Investment Trust
(REIT), General Growth Properties is listed on the New York Stock Exchange
under the symbol of GGP. For more information on General Growth Properties
and its portfolio of malls, please visit the company web site at
http://www.generalgrowth.com .
SOURCE General Growth Properties, Inc.
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Related links:
http://www.generalgrowth.com
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PR Newswire Photo Desk, +1-888-776-6555 or +1-212-782-2840
Company News On-Call:
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CONTACT:
David Keating, Manager, Media and Consumer
Relations of General Growth Properties, +1-312-960-6325, or FAX
+1-312-960-5484
NOTE TO EDITORS: Digital photos upon request.
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