Overview

• Seaport Entertainment Group reached a definitive agreement to transfer the full-block Seaport lot to Tavros for $150.5 million, below Howard Hughes’ 2018 $180 million purchase after an additional $40 million in air-rights spending.
• The contract carries a non-refundable $6 million deposit that could rise to $8.5 million, with a possible price increase to $152 million, and the parties expect to close before year-end 2025.
• The property is entitled for a 26-story mixed-use building with up to 399 apartments and about 200,000 square feet of commercial and community space, according to SEG.
• Tavros has not disclosed whether it will pursue Howard Hughes’ prior design, and SEG did not say whether previously acquired air rights are included in the transaction.
• SEG, spun out of Howard Hughes and largely owned by Bill Ackman, says the disposition strengthens its balance sheet following a May 2024 Court of Appeals decision that left the project’s approvals intact.