Real Estate

  • September 18, 2014

    Saudi Prince Wants Chance To Amend $25M Suit Over Mansion

    A company owned by a Saudi prince on Thursday urged a California appeals court to revive its $25 million lawsuit alleging the city of Los Angeles abused its power by halting construction of a 60,000-square-foot property after a billionaire neighbor complained, saying plaintiffs deserve a chance to amend the complaint.

  • September 18, 2014

    RSUI Should Pay $8M Post-Hurricane Award, Texas Court Told

    Apartment manager The Lynd Co. on Thursday defended in Texas Supreme Court an appellate win that awarded it $7.5 million in coverage from insurer RSUI Indemnity Co. for damage caused during Hurricane Rita in 2005, saying that under the four corners of its policy, the insurers couldn’t avoid paying up.

  • September 18, 2014

    ACE Sues American Dream Developer In $5.2M Premium Row

    ACE American Insurance Co. on Wednesday sued Triple Five Group Ltd. in New Jersey over an allegedly fraudulent transfer of a ground lease as part of the multibillion-dollar American Dream entertainment complex, which ACE contends was intended to stymie its collection of a $5.2 million arbitration award.

  • September 18, 2014

    Judge Wants Details On Alleged BakerHostetler Conflict

    A New York federal judge said Thursday he needed more information to decide whether a prominent BakerHostetler partner violated a former hedge fund client’s confidentiality by representing defendants in a supposedly related tax fraud case.

  • September 18, 2014

    Four Seasons Escapes Suit Brought By Condo Buyers

    Four Seasons Hotels Ltd. escaped the last breach of contract claim left in a suit related to its management responsibilities at a condo hotel in Miami when a Florida federal judge ruled on Thursday that investors in the condo units could not show evidence of liability or damages.

  • September 18, 2014

    Hyatt Sells Off $590M Portfolio To Lone Star Funds

    In the second major portfolio transaction to make waves in the hotel market Thursday, Hyatt Hotels Corp. announced it has struck a deal to sell off 38 properties for $590 million to a company organized by Texas-headquartered private equity firm Lone Star Funds.

  • September 18, 2014

    Morgan Lewis Beats Malpractice Suit Over $112M RE Deal

    A Pennsylvania appeals court on Thursday refused to revive a malpractice suit accusing Morgan Lewis & Bockius LLP of giving faulty financial advice that ultimately sank a $112.5 million real estate deal, ruling that a Philadelphia developer’s expert couldn’t use forward projections in his testimony.

  • September 18, 2014

    Hyundai Wins $10B Bid For Seoul Development Site

    Hyundai Motor Co. has reportedly won a 10.5 trillion won ($10 billion) bid to purchase an office property in Seoul, South Korea's coveted Gangnam district, beating out competing bidder Samsung Electronics Co. with an offer triple the value of the asset, according to reports on Thursday.

  • September 18, 2014

    RE Rumor Mill: Jay Z And Beyonce, Astoria, H&Q Asia Pacific

    Jay Z and Beyonce are said to be eyeing the purchase of an $85 million Los Angeles-area mansion, while the developer of Astoria Cove has reportedly picked up the final pieces of land it needs for the project and H&Q Asia Pacific is said to be in talks to purchase 17 acres near San Francisco International Airport.

  • September 18, 2014

    Developer's Hotel Price Raise Wasn't In Bad Faith: Judge

    A New Jersey federal judge on Tuesday granted West Palm Beach Hotel LLC's request to boot Atlanta Underground LLC's counterclaims for expectancy damages, finding that West Palm's request for a higher price in a hotel sale did not constitute bad faith.

  • September 18, 2014

    NYC Schools To Spend $10B On Construction Projects

    Over a five-year period that began in 2013, New York City's 105 colleges and universities are expected to spend almost $10 billion on new construction and renovation projects, according to a report released Wednesday by the New York Building Congress.

  • September 18, 2014

    Willkie Farr Again Escapes Suit Over $100M Loss

    A New York appeals court on Thursday affirmed tossing a legal malpractice suit that the founder of The Lightstone Group LLC and former head of Extended Stay Inc. lobbed against Willkie Farr & Gallagher LLP over $100 million in personal liability incurred from the hotel chain's bankruptcy.

  • September 18, 2014

    Maynard Cooper Nabs Veteran M&A, Media Pro In Ala.

    Alabama-based Maynard Cooper & Gale PC has nabbed a veteran mergers and acquisitions and real estate pro from Tanner & Guin LLC, who also has significant experience representing newspapers and publishers, to join its Birmingham office, the firm recently announced.

  • September 18, 2014

    Texas High Court Told Banks Can Recoup Foreclosure Costs

    PlainsCapital Bank on Thursday asked the Texas Supreme Court to reverse a ruling it says unfairly prevents banks from recovering the costs of marketing and reselling foreclosed properties under a statutory definition of fair market value.

  • September 18, 2014

    Sale-Leasebacks Thriving In Calif. Despite Complexities

    Red-hot California real estate prices and desire for quick liquidity are causing more companies, particularly in Silicon Valley, to sell and lease back their commercial property — deals that often require both sides to agree on a set of complex leasing terms, lawyers say.

  • September 18, 2014

    Port Authority Outlines $90M Upgrades To NYC Bus Terminal

    The Port Authority of New York and New Jersey on Thursday unveiled plans for $90 million in improvements to its out-of-date and overtaxed Manhattan bus terminal, featuring a new bus bypass lane and interior renovations to improve the experience for its more than 200,000 daily commuters.

  • September 18, 2014

    Bank Of Cyprus Nets $473M In Sale Of UK Loan Portfolio

    Bank of Cyprus said Thursday that it has agreed to sell a U.K. loan portfolio comprised mostly of residential and commercial real estate-backed facilities to two U.K. companies for a total of £289 million ($473.3 million).

  • September 18, 2014

    Shumaker Guides Health Care REIT In A $1.1B Public Offering

    The biggest landlord to the U.S. health care industry said on Wednesday it has locked down a $1.1 billion public offering advised by the law firm Shumaker Loop & Kendrick LLP, just a month after the real estate investment trust scooped up a Canadian rival in a near billion-dollar deal. 

  • September 18, 2014

    Dealmakers Q&A: Miller Morton's Peter Kline

    Today, parties involved in a real estate development are looking at a complex, multiyear process, often without strong assurances that the ball will ultimately make it across the goal line. Clearer guidelines and less room for arbitrary decisions from the governmental agencies would help, says Peter Kline of Miller Morton Caillat & Nevis LLP.

  • September 18, 2014

    NorthStar, Chatham Ink $1.1B Deal For Hotel Portfolio

    NorthStar Realty Finance will significantly grow its hotel holdings in a $1.1 billion joint venture deal with Chatham Lodging Trust that will see it pick up the majority interests in a portfolio of 52 hotels from Inland American Real Estate Trust, NorthStar announced Thursday.

Expert Analysis

  • Unraveling The Mysteries Of Mixed-Use Project Dynamics

    L. Andrew Wharton

    In today’s economic environment, with a lack of financing for ground-up construction, the opportunities for investment in mixed-use properties lie in acquisition and operational optimization of existing, substantially developed projects. Meanwhile, developers and owners need to avoid the pitfalls that have plagued so many mixed-use projects, say Andrew Wharton of REH Capital Partners LLC and Michelle Tanzer of GrayRobinson PA.

  • Resurgence Of 'Negligent Loan Servicing' Theory In Calif.

    Luke Sosnicki

    California’s First District Court of Appeal recently doubled-down on its 2013 ruling in Jolley v. Chase Home Finance LLC, again holding that a residential mortgage servicer owed a borrower a duty of care when reviewing a loan-modification application. In doing so, however, the court did not address other — and perhaps more basic — questions, say Luke Sosnicki and Stephanie Yu of Dykema Gossett PLLC.

  • Insurers, Be Ready To Pay Twice In Texas

    David B. Winter

    Recent decisions from the Texas Supreme Court and the Dallas Court of Appeals show that under Texas law, an insurer bears the risk of improper conduct by its insured in depositing a claim payment without obtaining the proper endorsement of all payees, says David Winter of Zelle Hofmann Voelbel & Mason LLP.

  • Minimize Bear Incident Liability In Residential Areas

    Gary M. Kaleita

    With bear sightings reported all over Florida for years, developers should include “bear-wise” community requirements in their subdivision restrictions, which gives the homeowners association a mechanism to enforce them, including the imposition of fines for violations, says Gary Kaleita of Lowndes Drosdick Doster Kantor & Reed PA.

  • OPINION: Pro Bono May Help Diversity Recruiting Efforts

    David A. Lash

    A recent Law360 article about the perennial BigLaw concern over how to recruit and retain female and ethnically diverse attorneys addressed a new approach being taken by some law firms — going beyond traditional mentoring programs by creating a sponsorship relationship. Pro bono can also play a part, say David Lash and Merle Vaughn of the Association of Pro Bono Counsel.

  • How Volcker Rule Affects Subscription Credit Facilities

    Michael C. Mascia

    It is highly unlikely that a subscription facility lender, absent unusual control or profit-sharing mechanics, could be deemed to hold an ownership interest in a private equity fund under the Volcker Rule solely as a result of the typical facility lending relationship, say attorneys with Mayer Brown LLP.

  • How Research Efficiency Impacts Law Firm Profitability

    David Houlihan

    For a law firm, excess time dedicated to legal research generates waste, either in the form of artificially reduced billable hours or, particularly in flat or contingency fee projects, as overhead eroding the profitability of legal work. By measuring five factors, firms will begin to understand their own opportunities for improving profits, says David Houlihan of Blue Hill Research Inc.

  • Caveat Debtor: A Lesson On Priority Of Avoided Liens

    Gabriel A. Morgan

    A recent decision in Skumpija v. Warren provides a good opportunity to understand the extent to which lien avoidance benefits a debtor’s bankruptcy estate, as opposed to other lien holders waiting for a boost up the secured ladder, says Gabriel Morgan of Weil Gotshal & Manges LLP.

  • Best Business Planning Practices For Lawyers

    Jenn Topper

    Each lawyer's practice is a self-run business, even within the platform of a firm, and yet the level of entrepreneurialism within the practice of law is oftentimes marginalized, says legal industry business development specialist Jenn Topper.

  • A Solution To Build-To-Suit Transaction Problems

    Wesley N. Becker

    While no single approach is right for all build-to-suit transactions, I encourage tenants to consider the rent constant approach because it gives them fair pricing, the ability to influence design and the best chance for on-time completion, says Wesley Becker of Foley & Lardner LLP.