Real Estate

  • October 5, 2015

    Prudential Hit With Contract Suit Over New $444M NJ Tower

    Skanska USA Building Inc. has sued Prudential Financial Inc. for allegedly breaching construction management and price contracts surrounding the insurance giant's new $444-million, 20-story office tower in Newark, N.J., contending that it hasn't been properly paid.

  • October 5, 2015

    11th Circ. Defect Notice Case May Curb Out-Of-Court Deals

    The Eleventh Circuit is grappling with a building contractor's appeal of a Florida federal judge's ruling that a construction defect claim notice isn't a covered suit under a commercial general liability policy, and attorneys say that an affirmance could lead policyholders to abandon presuit proceedings for fear of incurring steep out-of-pocket costs.

  • October 5, 2015

    Feds Get $2.5M Rails-To-Trails Award Nixed At Fed. Circ.

    The Federal Circuit on Monday scrapped a $2.5 million award for Iowa landowners over federal easements turning railroad corridors into trails, finding that a lower court’s methodology for determining the sum overvalued the land.

  • October 5, 2015

    New MetLife Debt Fund Lends $86M To Cypress For Minn. Mall

    Texas private equity firm Cypress Equities has scored $86 million in financing from a new MetLife Inc. debt fund for a 1.14-million-square-foot Minneapolis-area mall, according to an announcement on Monday from Holliday Fenoglio Fowler LP, which brokered the deal for the borrower.

  • October 5, 2015

    Jury Clears 4 Out Of 5 In NJ Tax Lien Bid-Rigging Case

    A federal jury on Friday returned verdicts of “not guilty” for four out of five defendants accused of violating the Sherman Act by rigging the bid process for tax lien auctions in New Jersey between 1998 and 2009, finding one New Jersey-based independent contractor guilty of conspiracy.

  • October 5, 2015

    Pierce Atwood Snags Ex-Rackemann Real Estate Pros

    Bolstering its real estate, environmental and land use practices, New England law firm Pierce Atwood LLP has recruited two former Rackemann Sawyer & Brewster attorneys with 42 years of experience combined.

  • October 5, 2015

    Challenge To Miami's SkyRise Tower Survives Dismissal Bid

    A Florida state judge Monday rejected an attempt by Miami's Bayside Marketplace and the developer of the planned 1,000-foot SkyRise entertainment tower to topple claims that an August 2014 ballot question supporting the project misled voters, saying the parties raised points she previously rejected from the city and county.

  • October 5, 2015

    High Court Splits On Whether Loan Guarantors Are Applicants

    A split appeared to develop on the U.S. Supreme Court during oral arguments Monday on whether the Federal Reserve properly extended the Equal Credit Opportunity Act to include “spousal guarantors” on loan applications.

  • October 5, 2015

    BNY Mellon Can't Dodge RMBS Suit Over Loan Docs

    A New York judge on Friday refused a bid by The Bank of New York Mellon Corp. to quash a lawsuit brought by banks, insurers and other investors against BNY Mellon as the trustee of pools of poor-performing residential mortgage-backed securities, saying dismissal would be premature.

  • October 5, 2015

    Related Gets $126M From JPMorgan For Hudson Yards Tower

    The Related Cos. has scored roughly $125.8 million in financing from JPMorgan Chase Bank NA for the company’s rental tower project on West 30th Street in New York City, part of Related’s massive Hudson Yards project, according to public records filed in New York on Friday.

  • October 5, 2015

    SL Green Sells Stake In $115M NYC Building

    Real estate investment trust SL Green Realty Corp.announced Monday that it has sold a stake in a $115 million New York office building that recently signed on WeWork LLC as an anchor tenant.

  • October 5, 2015

    2nd Circ. Wary Of Do-Over In Dispute Over $57M Building

    The Second Circuit appeared hesitant Monday to reopen claims that a former co-owner of a $57 million Manhattan apartment building double-dipped during a buyout, saying that moving one lever of a trial judge's decision could require moving others and needlessly complicate a done deal.

  • October 5, 2015

    Haggen Gets $92M In Bids For Calif. Grocery Stores

    Smart & Final and Gelson’s Markets have floated stalking-horse bids totaling $92 million for the purchase of 36 Haggen Holdings store locations as the Washington-based grocery chain restructures under Chapter 11.

  • October 5, 2015

    Supreme Court Rejects NJ Atty's $200M Meadowlands Appeal

    The U.S. Supreme Court has declined to hear the case of an attorney seeking to recoup millions for his role in developing a $2 billion New Jersey mall project in which he claims he was mistakenly labeled as a broker instead of a principal.

  • October 5, 2015

    How Gemini's Internal Battle Combusted Into Ch. 11s

    In the past year, internal turmoil among the leaders of Gemini Real Estate Advisors has exploded into the courtroom. As a New York bankruptcy court readies to weigh whether four Manhattan hotel properties can be sold in Chapter 11 auctions, Law360 looks back at the strife that led to the controversial legal play and the issues that will be front and center at the hearing.

  • October 5, 2015

    Law Trio Guides REIT’s $325M Financing For NYC Tower

    New York REIT Inc. announced on Monday that it had landed a $325 million financing package for a Manhattan office tower — in a deal that was guided by a trio of law firms — as it looks to kickstart various new strategic initiatives.

  • October 5, 2015

    DLA Piper Guides Brookfield Logistics In Warehouses Buy

    DLA Piper represented Brookfield Logistics Properties subsidiary IDI Gazeley in its purchase of more than 2 million square feet of 13 logistics warehouses in the Netherlands, it was announced on Monday.

  • October 5, 2015

    Real Estate Rumors: Twitter, Ohio STRS, Alcon

    Twitter has reportedly axed plans to expand its offices in San Francisco due to a growth slowdown, while the State Teachers Retirement System of Ohio is buzzed to have struck a $650 million refinancing on a Manhattan tower and Alcon Laboratories is said to be injecting $275 million into an Atlanta expansion.

  • October 5, 2015

    High Court Denies Schwab Appeal In Crisis-Era Class Action

    The U.S. Supreme Court on Monday denied a petition from a unit of Charles Schwab Corp. seeking a review of a Ninth Circuit decision to revive a suit brought over the firm's risky bets on complex mortgage securities that the firm made in 2007.

  • October 2, 2015

    Sens. Float EB-5 Bills Following Short-Term Extension

    Sens. Jeff Flake, R-Ariz., and Rand Paul, R-Ky., introduced two bills on Thursday related to the EB-5 immigrant investor program, with Flake focusing on targeted employment areas, and Paul’s bill aiming to make the regional center program permanent.

Expert Analysis

  • Name Game: Designating Lenders For A Loss Payee Clause

    Thomas B. Alleman

    Loan documents generally require a borrower to provide insurance on collateral in favor of the lender, often known as an open mortgage or loss payee clause. But a loss payee clause may not be enough to actually protect a lender, says Thomas Alleman at Dykema Cox Smith.

  • In Congress: Energy, Budget, Boehner's Replacement

    Richard A. Hertling

    Budget negotiations and a House leadership election will consume much of the attention on Capitol Hill this week, following successful enactment of a continuing resolution to fund the government into December. Meanwhile, Speaker Boehner's recent announcement has set off a scramble in the Republican caucus of members eager to assume leadership posts for the remainder of the 114th Congress and beyond, say members of Covington & Burling LLP.

  • The Effect Of An Unusual IRS Memo On Tax-Exempt Bonds

    Alexios Hadji

    The recent IRS Chief Counsel Office memo on whether a real estate developer can include amounts advanced to a special district to fund common improvements in the tax basis of the developer’s lots has some unique characteristics of special interest to holders of tax-exempt bonds, says Alexios Hadji at Squire Patton Boggs LLP.

  • The CFPB Is Still Coming For Law Firms

    Richard B. Benenson

    Last year, we wrote that foreclosure law firms and their lawyers might be the Consumer Finance Protection Bureau's next regulatory targets — we were right. Since 2014, the CFPB has filed legal actions against nearly two dozen lawyers, law firms and their affiliated entities and we believe such cases are likely to continue, say Richard Benenson and Emily Garnett of Brownstein Hyatt Farber Schreck LLP.

  • UCC And The Importance Of A Paper Clip

    Christopher A. Gorman

    Never has the margin between victory and defeat been so thin as in HSBC Bank USA v. Roumiantseva, where a paper clip — yes, a paper clip — was the determining factor in a New York state court awarding summary judgment to the defendant-borrowers in a foreclosure action. The significance of the paper clip was rooted in provisions of the Uniform Commercial Code, says Christopher Gorman of Westerman Ball Ederer Miller Zucker & Sharfstein LLP.

  • Pope Francis And Pro Bono Publico


    Listening to Pope Francis last week as he made his way from Washington to New York to Philadelphia, one could be forgiven for imagining he was a poverty lawyer in robes. Again and again, he shone light on challenges that pro bono lawyers have wrestled with for years, including the death penalty, housing and homelessness, immigration and even climate change, say Kevin Curnin and Jennifer Colyer of the Association of Pro Bono Counsel.

  • Questions Remain Over Chapter 11 Application Of Bullard

    Derek L. Wright

    Since the U.S. Supreme Court’s opinion in Bullard v. Blue Hills Bank came down in May, lower courts have cited it with, at best, mixed results. While such courts have begun relying on Bullard in Chapter 11 cases, they’ve done little to uniformly answer the question of what effect, if any, Bullard has on the finality of Chapter 11 bankruptcy orders, says Derek Wright of Foley & Lardner LLP.

  • Open Questions About New Calif. Redevelopment Bill

    Bernadette M. Duran-Brown

    California Gov. Jerry Brown recently signed Assembly Bill 2, which will allow local governments to create Community Revitalization and Investment Authorities — a step some say is the rebirth of redevelopment — but it is unclear how the new law will actually impact disadvantaged communities, says Bernadette Brown at Nossaman LLP.

  • 10 Marketing Tips From A Young Partner Perspective

    Richard Segal.jpg

    No one ever told you in law school that once you received the highly coveted associate job in a big firm, that to really succeed at that job and climb the ranks quickly you need to take on a second job — marketing, says Richard Segal of Kluger Kaplan Silverman Katzen & Levine PL.

  • The Deception In Balance Sheet And Liquidation Analysis

    Kenneth A. Rosen

    As a bankruptcy attorney, I have learned that balance sheets and liquidation analyses can be very deceptive and that value is much more of an art than a science. Certain liabilities, such as contract rejection claims, do not show up on a balance sheet, says Kenneth Rosen, chairman of the bankruptcy and creditors' rights practice at Lowenstein Sandler LLP.