The Macerich Co. CEO Thomas O’Hern will retire March 1, with former Spirit Realty Capital CEO and President Jackson Hsieh set to replace him, the company announced today.

O’Hern joined Santa Monica, California-based Macerich, a retail-focused real estate investment trust, in 1993 as its chief financial officer, becoming its CEO in 2019. He is credited with helping lead Macerich through an initial public offering in 1994, growing it from $650M in total market capitalization to over $10.5B today and steering the business through the pandemic, ultimately returning it to “pre-Covid levels of operating performance,” Macerich Board Chairman Steven Hash said in a news release.

O’Hern will stay on board as a company advisor through June 30 to ease the transition, the release states.

His successor, Hsieh, previously served as CEO and president of Spirit Realty Capital, a net-lease REIT focused on single-tenant real estate, according to The Wall Street Journal. In October, Realty Income Corp. agreed to acquire Spirit Realty Capital in a $9.3B deal.

“Jackson is a seasoned real estate executive, and he is an outstanding choice to succeed Tom,” Hash said in the release.

The board of directors selected Hsieh after an extensive search with help from recruitment firm Ferguson Partners.

“I am excited to be joining Macerich at this time in the robust retail leasing environment,” Hsieh said in the release. “I look forward to bringing my energy, enthusiasm and experience to Macerich’s outstanding real estate assets, people and board of directors.”

Hsieh joins the retail REIT at a booming time in the asset class. U.S. shopping center vacancy in the fourth quarter of 2023 was 5.3%, the lowest rate since Cushman & Wakefield began tracking the number in 2007.

Macerich President Edward Coppola will also retire from the company, the release states.