A company associated with Goldman Sachs Realty Management LP has sold the Wells Fargo Center in downtown Tampa, Florida, for $78 million, according to a deed filed in Hillsborough County on Wednesday.
New York renters alleging overcharges may bring class action claims against landlords, New York's top court held Monday in a blow to landlords seeking to prevent tenants from banding together in court.
Two New York investors bought a majority interest in San Francisco’s Parkmerced from its private equity owners, valuing the project at $1.35 billion, after a plan to expand the apartment complex cleared legal hurdles, an Olshan Frome Wolosky LLP partner involved in the deal told Law360 Wednesday.
A Florida federal judge Tuesday denied law firm Moore & Van Allen PLLC’s bid to dismiss a malpractice suit that alleges a delay in pursuing a $1 million judgment in a suit over a ski resort investment scheme led to the judgment’s reversal in the Eleventh Circuit.
The U.S. Department of Justice’s $5.7 billion False Claims Act haul in fiscal year 2014 will further incentivize whistleblowers who share proceeds in successful suits, and the mix of companies that coughed up cash points to an expanded anti-fraud playing field, experts say. Here are five lessons from the record-smashing recoveries.
November saw a number of high-profile brokerage buys, with Avison Young Inc. adding 81 members after a pair of Florida acquisitions, Jones Lang LaSalle bolstering its West Coast reach with a new Portland business and Urban Compass entering the Washington, D.C., market with a residential brokerage buy.
The majority of Manhattan’s retail markets have seen marked rental gains this year, with the average asking rents in the upper Madison Avenue area in particular climbing to about $1,700 per square foot — more than double the area’s 2009 rates, CBRE said in a Wednesday report.
York Downs golf course in Ontario has reportedly received a $366 purchase offer, while BCB Property is said to have paid nearly $81 million for a six-building mixed-use portfolio in New York and Wharton Realty has reportedly paid $52.5 million for a Philadelphia shopping mall.
A joint venture between TRT Holdings Inc. and JMI Realty has scored $140 million in refinancing from American International Group Inc. for a 511-room hotel in San Diego, California, Holliday Fenoglio Fowler LP, which brokered the deal for the borrowers, announced Monday.
Investment activity in the multifamily real estate sector has been hot this year and is expected to top out at a record $105.2 billion, which would make it the first property sector to return to 2007 sales levels, commercial real estate services firm CBRE said in a report released Tuesday.
Two D.C. Council committees voted Tuesday to push forward a complex public-private partnership plan for a proposed $300 million soccer stadium, but only after nixing a promised land swap deal with developer Akridge.
U.K. drugmaker GlaxoSmithKline is preparing to sell €2.5 billion in notes, its first euro bonds since 2009, while Keppel DC REIT is gearing up to launch the largest IPO in Singapore in a year.
California-based Griffin Capital Essential Asset REIT Inc. will merge with Signature Office REIT Inc. in a stock-for-stock deal that creates an approximately $3 billion real estate investment trust with a combined 15.2 million square feet of office and industrial assets, the REITs announced Monday.
A Texas appeals court on Tuesday rebuffed Morgan Stanley's attempt at exiting a lawsuit brought by the Federal Deposit Insurance Corp. alleging the financial giant made false statements and misled investors when it underwrote bad mortgage-backed securities, finding that the appellate court had no jurisdiction.
Ivanhoe Cambridge and real estate-focused private equity firm Callahan Capital Properties have purchased a pair of downtown Seattle office properties for $280 million, the companies announced Monday.
The city of Margate, New Jersey, on Monday sued the state's environmental regulator and the U.S. Army Corps of Engineers to block construction on a sand dune system designed to mitigate severe weather, one Margate said is too expensive and doesn't fit its unique needs.
Separate tenants of a Rochester, New York, apartment who claimed injuries from exposure to lead paint must divide a single $500,000 Allstate Insurance Co. liability policy limit, New York's high court ruled Monday, finding that the exposures constituted a single occurrence despite efforts by the landlord to fix the condition.
Vornado Realty Trust said Monday that it has agreed to buy an 8-story office building in Long Island City for roughly $142 million, the real estate investment trust's second deal topping $100 million this month.
A Manhattan judge on Tuesday gave Deutsche Bank National Trust Co. time to address evidence that Quicken Loans Inc. says proves the trust sued too late in its bid to win repayment for allegedly defective Quicken loans that went into investment securities.
A Pennsylvania woman sued a Philadelphia private equity boutique where she was briefly employed and its counsel in state court, alleging the business and its principals duped her into lending them money for a set of real estate bills by falsely claiming that Cozen O’Connor was co-counsel on the deals.
Exemption from the state’s corporate income tax, coupled with greater flexibility, has led to explosive growth in Florida limited liability companies, especially among venture capitalists, private equity groups and the broader investment community. As of Jan. 1, 2015, all of Florida's nearly 800,000 LLCs will live by new rules — some of which create potential personal liability, says Stefan Rubin, a partner with Shutts & Bowen LLP ... (continued)
Recoveries by unsecured creditors have reportedly fallen in recent years, and it has been argued that this is because creditors are demanding more security now than in the past. These secured creditors are recovering money that otherwise would have gone to unsecured creditors and equity holders, says James Behrens of Greenberg Glusker Fields Claman & Machtinger LLP.
It is interesting to observe that on the eve of confirmation of Detroit’s Chapter 9 plan, the city settled its disputes with certain bond insurers by giving them rights to certain real estate that, prior to the settlement, had not been part of the proposed plan. This begs the question as to how much additional property the city may have had available, and whether this property could have been used to increase unsecured creditors' r... (continued)
John Doar ran the U.S. Justice Department's Civil Rights Division at perhaps the most chaotic and pivotal time in its history. His passing earlier this month is an occasion for lawyers everywhere to marvel at just how impactful one attorney can be. He didn’t just preside at a historic time, he calmly and coolly shaped it, says Kevin Curnin of the Association of Pro Bono Counsel.
A range of new and varied companies are emerging as developers, sponsors, entrepreneurs and investors explore the forms of online real estate investing opportunities through crowdfunding. At the same time, this innovation raises questions regarding risks to market integrity, the need for investor education and the importance of sound regulation, say Mark Schonberger and David Perechocky of Goodwin Procter LLP.
Despite the significant tilt toward technology in how litigation is now conducted, many senior lawyers still delegate tech-related issues to e-discovery specialists or associates at their firms. This is a missed opportunity not just for client development, but also for shaping the way the firm and lawyer are seen in the eyes of corporate counsel, says legal industry business development specialist Jenn Topper.
Landlords and tenants often forego a detailed letter of intent and go “straight to the lease” in an effort to streamline and expedite their office leasing transactions. However, in today’s tenant-favorable leasing market, a comprehensive letter of intent enhances the tenant’s ability to achieve key economic and other material terms, say Pamela Rothenberg and Christopher Iavarone of Womble Carlyle Sandridge & Rice LLP.
While credit card cases produced by far the largest recoveries for the Consumer Financial Protection Bureau, mortgages produced the most cases, which is not surprising since the CFPB receives roughly three times as many complaints about mortgages as it does about any other product, says Jon Eisenberg of K&L Gates LLP.
Our estimates indicate that some law firms spend up to $8,000 per attorney each year on print-related costs. Although we live in a digital world, hard copy printing will remain an important part of business for years to come. Changing technology, however, offers opportunities to improve efficiencies and save money, say Senthil Rajakrishnan and Ryan Mittman of HBR Consulting LLC.
In addition to establishing limits on the equitable mootness doctrine in bankruptcy, the Ninth Circuit’s Mortgages Ltd. decision last week confirms that the tightened federal pleading standards ushered in by Twombly and Iqbal do not give courts license to summarily disregard a party’s factual allegations at the pleading stage simply because they choose not to believe those allegations, say Steven Wilamowsky and Alix Brozman of Bing... (continued)