Sports and entertainment real estate developer backed by owner of pro teams expands board

By Andria Cheng 

CoStar News  | October 21, 2024 | 1:36 P.M. 

Ric Clark, former chairman and chief executive of Brookfield Property  Group, has joined the board of a new sports and entertainment real estate development company. Clark, who built Brookfield’s assets under management to $200 billion from $5 billion, also will join a newly formed investment committee at Seregh, the development firm backed by HBSE, which owns professional sports teams including the Philadelphia 76ers basketball team, and talent agency 

Creative Artists Agency, Seregh said in a statement. Clark, a Brookfield veteran for more than 30 years, left Brookfield in 2020 before co-founding New York real estate investment firm WatermanClark. While at Brookfield, Clark also expanded Brookfield investments beyond the office sector into the multifamily, industrial, hotel and retail sectors, and extended its geographic footprint beyond North America and Brazil to Europe, Australia, India and China, Seregh said. 

The new development’s board also includes former Vornado Realty Trust and JBG Smith executive Mitchell Schear. “Sports and entertainment are a fundamental part of our history and culture,” Clark said. “The opportunity to add to the excitement and enhance the experience around sports and entertainment venues is tremendous. … These developments have the power to truly transform communities, creating vibrant places that drive long-term economic and social impact, which is what makes this partnership with Seregh so compelling for me.” 

Former Brookfield Property CEO joins board of sports and entertainment real estate developer With more than 30 arena and stadium renovations and new projects in the planning stages nationally, each of which is projected to support $1 billion to $3 billion in surrounding development, Seregh said.