INDEPENDENT AUDITORS' CONSENT

The Board of Directors of The Macerich Company
and the Managing General Partner of JMB/CM
Village Associates:

We consent to the incorporation by reference in the registration
statement on Form S-8 of The Macerich Company, regarding The
Macerich Property Management Company Profit Sharing Plan, of our
report dated August 25, 1998, with respect to the statement of
revenue and certain expenses of The Village at Corte Madera for
the year ended December 31, 1997, which report appears in the
Form 8-K/A of The Macerich Company dated November 10, 1998.
Such report contains a paragraph that states that the statement
of revenue and certain expenses was prepared for the purpose of
complying with the rules and regulations of the Securities and
Exchange Commission as described in Note 1.  It is not intended
to be a complete presentation of The Village at Corte Madera's
revenue and expenses.

                                    KPMG Peat Marwick LLP
                                    /s/ KPMG Peat Marwick LLP

San Diego, California
December 30, 1998