Transwestern Launches Sports & Entertainment Advisory Group
Transwestern says that sports is a huge growth area for commercial real estate.
Basketball arenas. Mixed-use development around stadium anchors. Pickleball courts. They all are real estate related with sports as the common denominator and Transwestern is seeking to capitalize on this slice of the economy with the launch of its Sports & Entertainment Advisory Group.
The group opened its doors at the beginning of the year, run by Tim Katt, a venture capital and private equity expert with experience across sports, entertainment and technology. He has joined Transwestern as managing director, Sports & Entertainment, in the firm’s New York City office. Katt is also the president and managing director of TACK Ventures and Advising, which he will continue to manage as well.
Transwestern hasn’t sized the market but is firm in its belief that it is a huge growth area for commercial real estate. Post pandemic, consumers are flocking to shared experiences such as concerts, entertainment and recreation, says Bruce Ford, Transwestern’s East Region president to whom Katt reports. “That is the connective tissue of sports and entertainment to real estate and why Transwestern is placing a bet on it and building this new vertical,” he tells GlobeSt.com.
The group will be focusing on a few key areas, Katt tells GlobeSt.com. One is the acquisition of property and land that fits the unique sports requirements. Pickleball courts, for example, need large unobstructed spaces with 30 foot tall ceilings. The group will also serve as a tenant advisory to sports teams, leagues and related media groups. It will also provide deal sourcing to high-net worth athletes and team owners interested in investing in CRE, although Katt says that is a longer-term play for the group.
The immediate focus is new concepts around experiential events, such as mini-golf or pickleball, and on professional sports. Katt is the only dedicated employee in the group but other producers will be spending a percentage of their time on sports as well, Ford says. “We are already getting proactive opportunities from Transwestern’s network,” Katt says.