Seritage Growth Properties Appoints Andrea Olshan as CEO


Andrea Olshan

NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) announced today that Andrea Olshan has been appointed Chief Executive Officer and President of the Company and will join the Company’s Board of Trustees, each effective as of a mutually agreeable date on or before March 16, 2021.

Ms. Olshan is currently the Chief Executive Officer of Olshan Properties, a private real estate company that specializes in developing and managing a 23 million square foot portfolio of retail and mixed-use properties throughout the United States. Ms. Olshan will move to Chairman of the Olshan Properties Board of Directors.

Commenting on Andrea’s appointment, Edward S. Lampert, Chairman of the Board of Trustees of Seritage stated, “Andrea is an exceptional executive who has all of the skills and experience that make her an ideal choice as the next leader of Seritage. Building on her successful tenure as CEO of Olshan Properties, Andrea has a proven track record of successfully leading an organization with over 1,000 employees across the country. As Seritage expands its development activities across asset classes, we will benefit tremendously from Andrea’s vast expertise developing retail, office, hospitality and mixed-use projects for Olshan Properties.”

Mr. Lampert added: “The Board’s appointment of Andrea followed a thorough search process assisted by Korn Ferry which included internal and external candidates. On behalf of the Board, we welcome Andrea to Seritage and we could not be more enthusiastic to begin the next chapter of Seritage’s evolution with Andrea as our CEO.”

“I am grateful to the Board for this incredible role that leverages my extensive experience repositioning a diverse collection of retail and mixed-use real estate assets across the country,” said Ms. Olshan. “It is a privilege to have the opportunity to lead and work alongside a team of talented and passionate professionals and to build on the Seritage platform.”

Ms. Olshan continued, “Seritage was established to reimagine a high quality, national portfolio, and to develop places that are deeply relevant to, integral with, and truly embraced by their surrounding communities. I am eager to utilize not only my own expertise and that of the team, but also the broad relationships with tenants, developers and capital partners I have built in the industry to help create value for our shareholders.”

Andrea Olshan has served as Chief Executive Officer of Olshan Properties since 2012 and has been responsible for the strategic direction of the company, its operations, investment activity and capital partnerships. She also served on the Board of Morgans Hotel Group from 2013 to 2016. Ms. Olshan is a Trustee of the Horace Mann School and a Vice Chair of the Board of Directors of 92Y. She graduated magna cum laude from Harvard and received her MBA from Columbia Business School.

The Company filed an 8-K on February 9, 2021 with Ms. Olshan’s employment agreement.

About Seritage Growth Properties

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 158 wholly-owned properties and 25 unconsolidated properties totaling approximately 28.5 million square feet of space across 44 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities, and create long-term value for our shareholders.

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