Harris Blitzer Sports, CAA Back New Real Estate Developer Seregh
Bloomberg - Gillian Tan
Seregh plans to work with sports teams in US and abroad
Seregh advisory board includes Kroenke Sports executive
Harris Blitzer Sports & Entertainment and Creative Artists Agency invested in Sports and Entertainment Real Estate Global Holdings, a new firm that will focus on partnering with venue owners to develop real estate projects. The company, known as Seregh, will be led by Jonathan Fascitelli,who was most recently the chief executive officer of HBSE Real Estate. Seregh has kicked off talks about venue projects with more than two dozen US sports teams, as well as four teams located in the UK and Europe, Fascitelli said in an interview.
Over the next 15 years, Seregh is seeking to work on projects worth a combined $100 billion across the globe, he said. “Team owners and venue owners know there’s an opportunity to monetize real estate around venues but are often ill-equipped to do so,” Fascitelli said. In his recent roles, Fascitelli helped steer the 76 Devcorp proposal to build a new arena in Philadelphia for use by the NBA’s Philadelphia 76ers, a team owned by HBSE. He also worked on the restoration of the Loew’s Jersey Theatre in Jersey City and was involved in the management of Central Park’s Wollman Rink through a joint venture alongside Related Cos. and Equinox.
Seregh plans to work with men’s and women’s teams, with a focus on those competing in professional basketball, football, hockey, baseball and soccer leagues. By Fascitelli’s count, more than 30 US teams are currently weighing renovation, relocation or new-build options. That figure doesn’t include new practice facilities or purpose-built arenas that may be dedicated to women’s sports or collegiate sports, he said.
The firm sees an opportunity to develop $1 billion to $3 billion of mixed-use properties located near venues, with a focus on experiential retail, residential, office and hotel real estate. Seregh, which has capital from its strategic investors, plans to raise an additional $2 billion or more from institutions, according to a person with knowledge of the matter who asked not to be identified discussing private talks. Fascitelli declined to comment on any fundraising efforts.
Fascitelli’s work on planning an arena for the Philadelphia 76ers “has been critical,” said David Adelman, chairman of 76 Devcorp. New Jersey is separately trying to entice the team to build a stadium in Camden. Seregh’s advisory board includes CAA’s Michael Levine, real estate executive Mitchell Schear, Madison Square Garden Sports Corp. board member Joseph Cohen, and Kevin Demoff, president of team and media operations for Kroenke Sports and Entertainment, which owns the Los Angeles Rams, Denver Nuggets and Colorado Avalanche among other teams.
Delaware North Chief Operating Officer Amy Latimer is also joining the advisory board. She is the former president of TD Garden, the Boston venue that’s home to the Celtics and Bruins. That spot was expanded as part of a redevelopment known as The Hub on Causeway that opened in 2019. The area now has retail, hotel, office and residential space. “We understand how beneficial a partner like Seregh will be for teams and venue operators who embark on initiatives of this scale,” Latimer said.