Seregh, a recently launched developer of stadium-adjacent mixed-use real estate, has added former Brookfield Property Group CEO Ric Clark to its board of directors and investment committee, the company announced in an embargoed press release.
The move underlines Seregh’s focus on providing expertise and capital to develop mixed-use real estate near sports venues, a rising trend among pro franchises.
“We’re creating what I think will be a sports and entertainment real estate juggernaut that will partner with teams and do $1 billion to $3 billion to $5 billion of development per venue,” Seregh founder and chairman Jonathan Fascitelli said on a phone call. “Ric Clark is the former chairman and CEO of Brookfield, which he grew from $5 billion to $200 billion (assets under management).”
Seregh was launched last month by Fascitelli and is backed by Harris Blitzer Sports & Entertainment (HBSE), the owner of the Philadelphia 76ers and New Jersey Devils, as well as Creative Artists Agency. Fascitelli was the CEO of HBSE Real Estate, where he led the NBA franchise’s new $1.5 billion new arena development. The name Seregh is derived from sports and entertainment real estate global holdings.
“Our goal over the next 15 years is to get $100 billion in construction starts both domestically and abroad,” Fascitelli said. “If you look at the space, there are 30 projects in planning with another 40 coming online between 2030 and 2040 in the five major leagues that doesn’t count women [sports], collegiate or international.”
Clark was at Brookfield from 1984 to 2020 before forming WatermanClark, a real estate firm that partnered with Brookfield on a $100 million renovation of Lever House, an office tower on Manhattan’s Park Avenue. Clark joins Seregh’s newly created investment committee with Mitchell Schear, a long time real estate veteran who now runs 10Square, which advises starts-ups and venture capitalists looking at the real estate space.
Seregh also has participation from Amy Latimer, the chief operating officer of Delaware North, the concessions firm that owns the Boston Bruins and TD Garden; Kevin Demoff, president of team and media operations for the Kroenke Sports & Entertainment; Joseph Cohen, president of The Switch Sports Group and a former MSG executive; and Mike Levine, the co-head of CAA Sports.
