So far this year Macerich has signed 1.96 million sf of leases.Though the mall owner is on a record-breaking pace, the thirdquarter's total was behind the same period in 2003, when 228 leaseswere signed totaling 572,356 sf.

The largest tenant signed over the most recent quarter was OldNavy, which took on 16,429 sf in Empire Mall, in Sioux Falls, SD.That was followed by Basset Furniture Direct's occupation of a15,000-sf space in Scottsdale (AZ) 101 and Anthropologie's signingof 10,430 sf in La Encantada, a lifestyle center the company isdeveloping in Tucson, AZ.

Meanwhile, Macerich's Westcor subsidiary in the Southwest isrenovating its high-end Biltmore Fashion Park in Phoenix. Westcoris redesigning the exterior of the 610,477-sf center, which hassales per sf of $490. The company will also renovate to theproperty's pedestrian walkways to improve traffic flow.