Seaport Entertainment Group Inc. 8-K

What Happened

• Seaport Entertainment Group Inc. filed a Form 8‑K on February 23, 2026 announcing that Balloon Museum will open at the Tin Building in Summer 2026. The Company, through a wholly owned indirect subsidiary, has entered into a lease with Balloon Museum.
• The filing also disclosed that the Tin Building by Jean‑Georges closed its operations effective February 23, 2026; the prior license agreement with Jean‑Georges Restaurants (JG) for Tin Building intellectual property has been terminated. Seaport continues to hold a 25% minority interest in JG and says the companies will continue their partnership.

Key Details

• Lease term with Balloon Museum: initial term of 5 years, plus two separate consecutive renewal options of 5 years each.
• Closure effective date: Tin Building by Jean‑Georges ceased operations on February 23, 2026.
• Intellectual property license with JG for the Tin Building was terminated in connection with the closure.
• Seaport retains a 25% minority ownership stake in Jean‑Georges Restaurants.

Why It Matters

• The new Balloon Museum lease represents a multi‑year tenant commitment for the Tin Building and may affect future occupancy, visitor traffic and rental income at that asset.
• The immediate closure of the Jean‑Georges operation and termination of the related license removes a high‑profile restaurant tenant but does not change Seaport’s minority ownership in JG (25%).
• Investors should note tenant and lease changes at flagship properties can have operational and revenue implications; the 8‑K provides the basic terms but does not disclose specific financial impacts. Exhibits attached to the filing include the company press release and media advisory.