SEG News & Events

Seaport Entertainment Group files $150M mixed securities shelf

Seaport Entertainment Group announced its Board of Directors has appointed Lenah Elaiwat as Executive Vice President, Chief Financial Officer and Treasurer, following her successful tenure as the company's Interim CFO, effective immediately. "We are thrilled to officially appoint Lenah as the Company's Chief Financial Officer," said Matt Partridge, President and Chief Executive Officer of Seaport Entertainment Group. "Having worked with Lenah to develop the Company's financial infrastructure, I've witnessed her depth of financial expertise, steady leadership, and the positive impact she has made throughout the organization, and I'm confident Lenah will be instrumental to SEG as we continue to position the Company for long-term success."

Seaport Entertainment Group (SEG) announced the appointment of Matt Partridge as president and CEO. Partridge will succeed Anton Nikodemus, who will remain with the company as a special advisor until November 3. Additionally, the company's chief accounting officer, Lenah Elaiwat, was named interim CFO and treasurer, and Michael Crawford, currently lead independent director of the company's board of directors, will become chairman of the board. Nikodemus led Seaport Entertainment Group through its spinoff from Howard Hughes Holdings (HHH) and its transition to a hospitality and entertainment-focused company.

Seaport Entertainment Group announced it has entered into an agreement to sell the mixed-use development project located at 250 Water Street for a sale price of $150.5M to Tavros, a privately owned real estate investment management and development firm based in New York City. 250 Water Street was originally acquired by Howard Hughes Holdings, the Company's former parent in June 2018. The one-acre site spans a full city block, bordered by Peck Slip, Pearl Street, Water Street, and Beekman Street, and is currently entitled for the construction of a 26-story, mixed-use building with up to 399 market-rate and affordable residential units and approximately 200,000 square feet of commercial, retail and community space. The agreement includes a $6.0M deposit due at signing, with certain provisions to potentially increase the deposit up to $8.5M and the sale price up to $152.0M before closing. The deposit is non-refundable, subject to satisfaction of certain closing conditions. Closing on the sale of the property is expected before the end of 2025. A JLL team led by Andrew Scandalios, Ethan Stanton and Nicco Lupo represented the Company.