• November 13, 2018

Taubman Reveals $500 Million Reimagination of Iconic Beverly Center Reinventing Retail & Dining in LA; Announces Weekend of Special Events - Odessa American: Business

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Taubman Reveals $500 Million Reimagination of Iconic Beverly Center Reinventing Retail & Dining in LA; Announces Weekend of Special Events

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Posted: Friday, November 2, 2018 8:00 am

LOS ANGELES--(BUSINESS WIRE)--Nov 2, 2018--Taubman Centers, Inc. (NYSE: TCO) today reveals the $500 million reimagination of Beverly Center that transformed every aspect of the iconic shopping destination that has been located in the heart of Los Angeles for 36 years.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181102005292/en/

Beverly Center has added an enviable lineup of nine full-service and fast-casual restaurants at the street level as part of the center's complete, $500 million renovation. Photo Credit: Jeremy Samuelson

“Beverly Center has a special place in the history of this creative community, and our intention with this transformation was always to ensure the center best reflects and serves both its neighbors and those who visit Los Angeles each year,” said Chief Operating Officer William S. Taubman. “We sincerely thank our many partners who have joined us in creating this true homage to fashion and food in one of the most vibrant and exciting markets in the world.”

“The Beverly Center is so much more than a place to shop – it’s a landmark in our city, an anchor in its community, and a destination for Angelenos and people from everywhere,” said Los Angeles Mayor Eric Garcetti. “The reimagining of this landmark will bring a better experience for visitors, deliver new retail and dining to the neighborhood, and create good jobs for workers.”

Key focus areas for the project included creating a bright, contemporary exterior that connected the center to the neighborhood, bringing in plenty of natural light, further elevating the retail lineup, adding a variety of dining options and ensuring easy access and parking. Beverly Center was open during all three phases of construction.

“We thank the community for its ongoing patronage of Beverly Center during the reimagination, and for the three-and-a-half decades of support that have made the center one of the nation’s premier shopping and dining destinations,” said Taubman. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations.”

Architecture & Design

of Rome, Italy, was selected as the design architect for the reimagination of the 886,000 sq. ft. center. Visionaries Massimiliano and Doriana Fuksas, known globally for their distinctive designs, masterfully incorporated stunning new features, including:

A magnificent 25,000 sq. ft., gently curving, high-performance skylight ribbon of glass that triples the amount of skylight in the center and floods it with natural lightNew and expanded floor openings to allow sunlight to reach all floors and improve sight lines to other levelsSpecial lighting within the floor openings and valet entrances that provides a stunning visual environment day and nightA delicate, undulating white exterior featuring a modern metal mesh façade that allows natural light into the parking garage and is a glistening backdrop to a new, programmable exterior LED lighting systemA lush streetscape with drought-resistant greenery that enhances the new, pedestrian-friendly environmentA new Grand Court gathering space with plenty of comfortable furniture and places to charge devices or connect with others. Its new features include: An impressive 20’ w x 35’ h vertical digital LED screenThe ability to hold special events, including the upcoming “In the Present”, a brand new holiday experience at Beverly CenterA state-of-the-art, M4 camera-based smart parking system by Park Assist that dramatically improves the arrival and departure experience in the four-level, 3,000 space garage, including helping visitors find a parking space, and locate their vehicleAn additional valet off West 3 rd Street that provides quick access to the restaurants and stores

Perfectly-Curated Retail

Beverly Center’s newly-elevated retail offering crosses every price level and fashion profile, perfect for the cross-shopping practices of modern customers. New tenant additions, relocations and/or expansions include:

(new July 2018, 998 sq. ft., Level 6)

(expanded, relocated June 2018, 8,225 sq. ft., Level 7)

(relocated May 2018, 4,550 sq. ft., Level 6)

(new July 2018, 1,957 sq. ft., Level 7)

(relocating from Rodeo Dr., opening holiday 2018, 3,170 sq. ft., Level 6)

(relocated March 2017, 9,364 sq. ft., Level 6)

(new October 2018, 2,000 sq. ft., Level 6)

(new March 2018, 1,154 sq. ft., Level 6)

(new August 2018, 855 sq. ft., Level 6)

(new July 2017, 911 sq. ft., Level 6)

(new September 2018, 1,829 sq. ft., Level 7)

(new December 2017, 2,000 sq. ft., Level 7)

(expanded December 2017, 4,487 sq. ft., Level 7)

(new May 2018, 2,340 sq. ft., Level 7)

(unique-to-LA, opening 2019, 964 sq. ft., Level 6)

(new February 2018, 1,787 sq. ft., Level 7)

(expanded, relocated July 2018, 5,698 sq. ft., Level 6)

(relocated September 2018, 2,200 sq. ft., Level 7)

(relocated September 2018, 845 sq. ft., Level 7)

(LA’s largest location, 28,300 sq. ft., opened May 2018, Level 6)

Designer Flagship Boutique

Coming in 2020, an 11,000 sq. ft. high-end designer flagship boutique will prominently sit at the corner of Beverly and San Vicente Blvds. Owner Laure Hériard-Dubreuil will edit exquisite collections and partner with leading brands on exclusive product in this signature LA location.

These changes complement an already-impressive collection of brands that includes Burberry, Coach, COS, Dolce & Gabbana, Fendi, Gucci, Halston Heritage, H&M, Jimmy Choo, L.K. Bennett, Louis Vuitton, Maje, Omega, Politix, Prada, Saint Laurent, Salvatore Ferragamo, Sandro, Stuart Weitzman, Superdry, Tiffany & Co., Tumi, Uniqlo and XXI Forever.

Destination Dining

Beverly Center has opened to its surrounding neighborhood by bringing together an enviable lineup of nine full-service and fast-casual restaurants at the street level. Each can be accessed via entrances on La Cienega or the convenient new 3 rd Street Valet.

Sit-Down, Full-Service - Open

by Chef Adam Sobel in collaboration with Chef Michael Mina (new December 2017; 8,100 sq. ft.)

by Restaurateur Laurent Halasz and Executive Farmer Nathan Peitso (new March 2018; 7,000 sq. ft.)

by Restaurateur John Kunkel (new April 2018; 5,500 sq. ft.)

Sit-Down, Full-Service – Opening Soon

by Chef Akira Back (modern Korean steakhouse, opening in 2019, 3,000 sq. ft.)

concept (opening in early 2019, 6,500 sq. ft.)

Fast-Casual - Open

(new January 2018; 1,500 sq. ft.)

(new August 2018; 2,500 sq. ft.)

(new August 2018; 1,400 sq. ft.)

(new October 2018; 3,800 sq. ft.)

Inside of the center, four new fast-casual eateries take advantage of sweeping views of the city and the new skylight:

Fast-Casual

(opening 2019; 1,000 sq. ft., Level 6)

by Jeremy Fall (open October 2018; 2,000 sq. ft., Level 6)

(open September 2018; 1,800 sq. ft., Level 8)

by Chef Michael Mina (opening 2019; Level 8)

Art Installations

The 35 ft. tall Grand Court digital LED screen is showcasing the first-ever, solo and permanent LA installation of well-known media artist, designer and spatial thinker

. The first chapter of his installation, “Impossible Materials: Fashion,” features his interpretation of fashion through imagined fabric and subtle poetic motion. Chapter two, “Impossible Materials: Architecture” focuses on the symbiotic relationship of art, architecture and technology.In partnership with Anadol and

, Beverly Center is featuring selected works by undergraduate students. Each work, created by students in Anadol’s DMA 24 course, explores the fundamentals of motion and its application to design through timing, pace, repetition, composition, resolution and process.Curator Jenelle Porter, in association with the Hammer Museum, brings LA artist

to Beverly Center. Ross-Ho’s untitled timepiece installation, created specifically for the La Cienega escalator wall, recombines layered images from an ongoing series of large-scale paintings in which doodles, calculations, diagrams, lists, notes-to-self and other anxious scribblings aggregate on the surfaces of blank clock faces. Throughout the renovation, Porter has brought other prominent works, including those from Julian Hoeber, Karen Kimmel, Geoff McFetrdige, Dave Muller and Catherine Opie. The next phase of the art program will debut in January 2019.Known internationally for his murals,

“Lovewall,” a highly-grammable temporary installation, is located adjacent to the 3 rd Street Valet.Maker of joyful art

120” h x 167 w temporary art installation, “Angel’s Pulse,” is located in the LaCienega valet.

Lighting Program

Beverly Center’s new exterior lighting program will show its colors to acknowledge Awards Season, Breast Cancer Awareness Month, PRIDE and other events, anniversaries and milestones.

New “Room Service” Membership Program

A VIP Room Service member receives onsite and virtual concierge services powered by London-based luxury leader , a company known for creating bespoke experiences and offering lifestyle services around the globe. Quintessentially will arrange for specially curated experiences, restaurant reservations, concert tickets, car service scheduling, assistance with finding rare or sold-out products, book travel or gift purchases. Members will receive exclusive access to a calendar of carefully-crafted events, including trunk shows, intimate discussions with fashion designers and artists and special entertainment screenings. Other amenities include free valet parking and access to a private lounge with snacks and beverages.

Room Service is also offering a first-of-its-kind Studio Services membership program designed to elevate the shopping experience for costume designers and stylists working in the entertainment industry and with private clients. Studio Services members receive complimentary valet and self-parking, and access to the members’ lounge and onsite concierge assistance. Members also have proprietary access to private fitting rooms, wardrobe storage areas, conference rooms with free Wi-Fi, delivery services and restaurant discounts.

“Beverly Center has always been like a second home for me, so I was thrilled to be asked to provide my input on many of the aspects of Room Service that will cater to costume designers and stylists,” said Salvador Perez, president, Costume Designers Guild. “Having this type of support from Beverly Center, and this great retail to draw from, is very meaningful and helps us all do our jobs more efficiently.”

Concierge Desk

Beverly Center is extending its commitment to superior customer service with a newly- remodeled Concierge Desk in Grand Court. The center’s multi-lingual staff is on hand to help with everything from tourist programs and foreign currency exchange to directions, reservations and gift recommendations. Further, a Passport to Shopping program offers special discounts from participating retailers to guests living more than 50 miles away.

Grand Reveal Weekend (November 2-4)

Today, Taubman executives and Beverly Center General Manager Ralph Barnes will mark the renovation with a celebratory toast at 7 p.m. in the center’s Grand Court that will be followed by The Hollywood Reporter’s “Candidly Costumes,” an event celebrating award-winning costume designers.

The Grand Reveal Weekend also include a panel series of motivational influencer conversations in partnership with Create & Cultivate on Saturday, and a day of health and wellness with fitness classes by Lit Method, Playground LA and Aura Yoga on Sunday . All weekend long, there will be plenty of surprises, retailer activations, pop ups and free self-parking. For more information, please visit https://www.beverlycenter.com/grand—reveal.

“Beverly Center has not only been reinvigorated, our commitment to the City of Los Angeles continues to strengthen,” said Barnes. “From opening the center at the street and showcasing local artists to providing a place for people to gather and make memories, we look forward to being a great neighbor in this community for years to come.”

ABOUT BEVERLY CENTER

With LA’s largest collection of shops and restaurants under one magnificent skylight, the new Beverly Center reflects the diverse styles and tastes of Los Angeles and its many visitors. An unparalleled collection of luxury, contemporary and fast-fashion brands awaits shoppers, including Apple, Balenciaga, Coach, COS, Dolce & Gabbana, Fendi, G-Star Raw, Gucci, H&M, If & Co., Longchamp, Louis Vuitton, Maje, MCM, Michael Kors, Omega, Polo Ralph Lauren, Prada, Saint Laurent, Salvatore Ferragamo, Sandro, Superdry, The Celect, Tiffany & Co., Traffic Los Angeles, Uniqlo, Versace, Wolford, Zara and more. An unmatched restaurant collection includes fine-dining options Cal Mare, Farmhouse and Yardbird Southern Table & Bar, and fast-casual eateries Eggslut, Easy’s, Tocaya Organica, LAMILL Coffee, Maragume Udon and Pitchoun Bakery & Cafe. More great additions, including The Webster, are coming soon. For more information, visit beverlycenter.com or follow @beverlycenter in social media.

ABOUT TAUBMAN

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.

For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, the company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks, uncertainties and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; challenges with department stores; changes in consumer shopping behavior; the liquidity of real estate investments; the company’s ability to comply with debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties; competitors gaining economies of scale through M&A and consolidation activity; changes in value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact the company’s information technology, infrastructure or personal data; costs associated with response to technology breaches; the loss of key management personnel; shareholder activism costs and related diversion of management time; terrorist activities; maintaining the company’s status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on the company’s operations; and changes in global, national, regional and/or local economic and geopolitical climates. You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181102005292/en/

CONTACT: Media:

Jenn Deese, PMK*BNC

310-854-3212,jenn.deese@pmkbnc.com

Maria Mainville, Director of Strategic Communications, Taubman

248-258-7469,mmainville@taubman.com

Investors:

Ryan Hurren, Director of Investor Relations, Taubman

248-258-7232,rhurren@taubman.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MICHIGAN

INDUSTRY KEYWORD: ENTERTAINMENT ARTS/MUSEUMS DEPARTMENT STORES RESTAURANT/BAR ARCHITECTURE URBAN PLANNING RETAIL FASHION CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY OTHER RETAIL

SOURCE: Taubman Centers, Inc.

Copyright Business Wire 2018.

PUB: 11/02/2018 09:00 AM/DISC: 11/02/2018 09:00 AM

http://www.businesswire.com/news/home/20181102005292/en

© 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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