Real Estate

  • July 28, 2015

    Dismissal Bid Fails In $19M Philly Gym Lease Spat

    A Pennsylvania state judge on Monday refused to dismiss claims that the backers of an upscale gym targeted for a historic building in Center City Philadelphia reneged on a $19.6 million lease agreement after a financier backed away from his commitment to pay for a build-out of the location.

  • July 28, 2015

    China Exim Bank Wants $3.5B Baha Mar Resort's Ch.11 Nixed

    The Export-Import Bank of China asked the Delaware bankruptcy court Monday to toss the unfinished $3.5 billion Baha Mar resort’s Chapter 11 case, saying U.S. law doesn’t apply, intensifying the legal drama between the project’s chief lender, its developers and Chinese state-owned contractor.

  • July 28, 2015

    REIT Pays $121M For Maryland's Tallest Building

    Corporate Office Properties Trust Inc. is buying Maryland’s tallest building, a 37-story Baltimore office property, for $121 million, the Columbia, Maryland-based real estate investment trust announced on Tuesday.

  • July 28, 2015

    CFPB Must Boost Database Security, IG Says

    The Inspector General of the U.S. Federal Reserve last week announced results of an audit into the security of the Consumer Financial Protection Bureau’s consumer complaint database, and recommended several additional safeguards.

  • July 28, 2015

    Kirkland Reps Capella In $900M Sale To Medical Properties

    Medical Properties Trust Inc. said Monday it's paying $900 million to acquire private equity-owned acute care hospital operator Capella Healthcare Inc., a deal Kirkland & Ellis LLP worked on as counsel to the seller.

  • July 27, 2015

    Lord & Taylor Hits Setbacks On Eve Of Md. Mall Lease Trial

    A Maryland federal judge handed Lord & Taylor a string of defeats Monday in its contract breach row with the proprietor of a D.C.-area mall, rejecting several theories of damage calculations he said would "take six pieces out of a four-piece pie."

  • July 27, 2015

    Landowner Flubbed Exxon Royalty Suit, Texas High Court Told

    An Exxon Mobil Corp. subsidiary sued over mineral royalties told the Texas Supreme Court on Friday that the lower courts correctly dismissed the case because the plaintiff failed to join neighboring landowners who currently collect the disputed compensation.

  • July 27, 2015

    Officials Unveil $4B LaGuardia Airport Redevelopment Plan

    Vice President Joe Biden and New York Gov. Andrew Cuomo announced on Monday plans for a $4 billion construction project that will create a unified terminal at LaGuardia Airport through a public-private partnership, calls for a new AirTrain link and leaves open the possibility of building a boutique hotel at the property.

  • July 27, 2015

    USOC Ends Boston Bid For 2024 Summer Olympics

    The United States Olympic Committee on Monday pulled the plug on Boston’s bid to host the 2024 Olympics after Democratic Mayor Martin Walsh said he could not sign a host city agreement he believed was too risky for Boston taxpayers.

  • July 27, 2015

    GAO Calls For More Study Of Mortgage Rules' Impact

    The U.S. Government Accountability Office has called on U.S. financial regulators to do an in-depth study of the effects that new mortgage rules, such as the Consumer Financial Protection Bureau's qualified mortgage standard, are having on the U.S. mortgage market.

  • July 27, 2015

    Tribal Descendants Urge 8th Circ. To Hear Land Row Appeal

    Descendants of the Mdewakanton band on Friday urged the Eighth Circuit to deny attempts to dismiss their appeal in a land dispute aimed at ejecting the Lower Sioux Indian Community and 75 landowners from a 12-acre tract in Minnesota, rejecting arguments that the court lacks jurisdiction.

  • July 27, 2015

    1st Circ. Rejects Protests Over $70M State Street Settlement

    The First Circuit on Friday dismissed objections to a $70 million settlement that asset manager State Street Corp. struck with shareholders last summer, saying any setbacks the objectors experienced in the settlement process were eventually fixed.

  • July 27, 2015

    Real Estate Rumor Mill: LuLu, Kuafu, ScanlanKemperBard

    Abu Dhabi's LuLu Group has reportedly dropped $170 million on a London property it plans to convert to a hotel, while Kuafu Properties is said to be paying $300 million for a New York property once home to a dive bar, and private equity shop ScanlanKemperBard is reportedly paying $85 million for a portion of a former U.S. Air Force base in California.

  • July 27, 2015

    NJ High Court To Mull Judge's Role In Atty Malpractice Case

    The New Jersey Supreme Court has taken up a legal malpractice case to consider whether a retired jurist who had been an appellate panelist in the underlying real estate dispute should not have presided over the malpractice claims.

  • July 27, 2015

    Kilpatrick Nabs 3-Atty M&A, Real Estate Team In Atlanta

    Kilpatrick Townsend & Stockton LLP has beefed up its corporate practice in Atlanta by picking up a three-attorney team from Locke Lord LLP experienced in mergers and acquisitions, private equity and venture capital deals, real estate and securities matters, the frim announced.

  • July 27, 2015

    Baha Mar Contractor Blasts 'Counterproductive' Demand

    As the legal drama surrounding the bankrupt and unfinished $3.5 billion Baha Mar resort unfolds, Baha Mar Ltd. slammed its construction partner Monday over allegedly being unwilling to negotiate, following the contractor's contention that the developer “counterproductively demanded” the construction firm reduce the value of its equity stake.

  • July 27, 2015

    Ex-EQT Landmen Can't Use Side Deal Money, Pa. Court Says

    The Pennsylvania Superior Court ruled Friday that two former landmen with an EQT Corp. unit who formed their own mineral rights venture should be barred from spending proceeds they earned through a deal they put together with EQT-generated information.

  • July 27, 2015

    Terrafina Inks $108M Deal For Industrial Portfolio

    Mexican real estate investment trust Terrafina announced Friday that it has inked a $108 million deal to pick up a portfolio of industrial and land assets, as it continues to bolster its portfolio with high-occupancy properties.

  • July 27, 2015

    Texas REIT Drops $56.8M On 2 Mariott Residence Inn Hotels

    Austin, Texas-based REIT Summit Hotel Properties Inc. on Monday said it has bought two Residence Inn by Marriott hotels in Baltimore and New Jersey for $56.8 million, entering into a management agreement with Interstate Hotels & Resorts.

  • July 27, 2015

    McGraw Hill Drops $2.2B To Buy SNL Financial

    Standard & Poor ratings agency parent McGraw Hill Financial said Monday it has agreed to buy private equity-owned data and information provider SNL Financial for $2.225 billion cash, adding SNL’s robust real estate and media coverage to its financial intelligence portfolio.

Expert Analysis

  • Mass. Has New Requirements For Foreclosing Mortgagees

    Darian Butcher

    Massachusetts law regarding which terms of a mortgage require strict compliance in order for a mortgagee to validly exercise its power of sale continues to develop. In a recent decision, the state high court acknowledged that its jurisprudence on this point has “taken a more flexible approach,” say attorneys with Day Pitney LLP.

  • Texas Property Insurers Consider Changes To Hail Policies

    Todd M. Tippett

    Texas is in the midst of a hail lawsuit crisis. Tens of thousands of lawsuits have been filed across the state and abuse and outright fraud are commonplace. Despite a strong push by the insurance industry, the 2015 Texas Legislature failed to pass any significant reform measures and absent a legislative or policy form solution the end result is predictable — an outright insurance exclusion for hail damage, says Todd Tippett at Zell... (continued)

  • New Energy Efficiency Requirement In The UK Rented Sector

    Alibhai, Elizabeth, Dechert.jpg

    The U.K. government has set a target to reduce greenhouse gas emissions by at least 80 percent by 2050, but incentives for making energy-efficiency investments in the rental sector have been lacking and voluntary initiatives have had disappointing results. The U.K. Department of Energy and Climate Change's new regulations show the carrot has been replaced with the stick, says Elizabeth Alibhai at Dechert LLP.

  • REBUTTAL: The Problem With 3rd-Party Litigation Financing

    Lisa Rickard

    Manipulating gender disparity in the service of hawking a flawed investment product does nothing but trivialize a serious and important issue. The tortured logic in Burford Capital LLC’s recent plug for third-party litigation financing is nothing more than a marketing ploy to boost revenues, says Lisa Rickard, president of the U.S. Chamber Institute for Legal Reform.

  • Stage Is Set For NY High Court Review Of Standing Waiver

    Christopher A. Gorman

    There is a clear split in authority among the departments of New York's Appellate Division on whether a standing defense is waived upon a borrower defaulting in a foreclosure action. The potential impact of how the split is ultimately resolved by the New York Court of Appeals cannot be understated, says Christopher Gorman of Westerman Ball Ederer Miller Zucker & Sharfstein LLP.

  • Drought In Calif. Is Changing The Real Estate Landscape

    Ian T. O’Banion

    With California farmers and at least one celebrity fined for stealing water, water suppliers and users alike are in the process of developing strategies for compliance amid dwindling supplies. For the real estate industry, these challenges serve as an opportunity to develop creative cross-disciplinary efficiency measures that could serve as a model for responding to severe droughts in other parts of the world, say Ian O’Banion and ... (continued)

  • The Precedential Value Of Sagamore Partners

    Steven Wilamowsky

    The Eleventh Circuit, in the case of hotel owner Sagamore Partners, expressly rejected the notion that under Florida and federal bankruptcy law, late fees and default interest are somehow inconsistent remedies. The case also reflects an increasing reluctance on the part of appellate courts to dismiss appeals of consummated, confirmed plans, say Steven Wilamowsky and Laura Appleby of Chapman and Cutler LLP.

  • Forbearance Arrangements Can Have Value For Debtors

    Ann Ustad Smith

    The Seventh Circuit’s recent decision in 1756 W. Lake Street LLC v. American Charted Bank is notable for holding that forbearance arrangements can constitute value in the fraudulent transfer context and for measuring such value from the perspective of what the debtor transferor received, rather than what the transferee gave up, says Ann Smith of Michael Best & Friedrich LLP.

  • Understanding The Hot Multifamily Lending Market

    Gordon L. Gerson

    A year ago, industry leaders forecasted that multifamily financing in 2015 for acquisition and refinance would reach $180 billion. As we pass the halfway mark for the calendar year, the total financings may top $240 billion. With multifamily financings booming, knowing the players in doing the deals is important to all lawyers and their clients alike, says Gordon Gerson at Gerson Law Firm APC.

  • HUD’s New Regulation Affirmatively Furthers Fair Housing

    Harry J. Kelly

    The U.S. Department of Housing and Urban Development recently announced its long-awaited final rule implementing the Fair Housing Act’s “affirmatively furthering fair housing” provisions. However, it is questionable whether forcing local agencies to incorporate more vigorous fair housing policies is likely to make a significant dent in segregation patterns that have endured for decades, says Harry Kelly of Nixon Peabody LLP.