Commercial
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August 28, 2024
Hopkins Carley Life Sciences Expert Seeing Smaller SF Deals
New lease deals for life sciences space in the San Francisco Bay Area are now often for smaller footprints and shorter terms than they were several years ago as companies seek greater flexibility, a Hopkins & Carley real estate leader recently told Law360 Real Estate Authority.
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August 27, 2024
Colo. House Advances Further Cuts To Property Tax Rates
The Colorado House advanced legislation Tuesday to limit property tax growth, a move supporters hope will also stave off a pair of ballot initiatives that critics say would devastate schools and other local services.
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August 27, 2024
Polluted Conn. Property Owner's Fraud Suit Deemed Too Late
The former owner of a contaminated Connecticut industrial property waited too long to sue the company that bought the site in 1999 on claims that the buyer fraudulently transferred funds to avoid paying for environmental cleanup, a state court judge has ruled.
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August 27, 2024
SL Green Tries To Sink Fraudulent Property Transfer Suit
SL Green Realty Corp. wants out of an investment firm's claims that the real estate investment trust transferred ownership of a New York conference center to avoid a $12.9 million judgment, arguing it did nothing wrong.
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August 27, 2024
Reports On 76ers Arena Proposal Don't Allay Chinatown's Fears
A series of studies released by the office of Philadelphia Mayor Cherelle Parker underscored unanswered questions and uneasiness coming from the neighboring Chinatown community about the potential effects of building a new arena in Center City, even if it brings new tax revenue.
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August 27, 2024
4 Firms Build Sixth Street's $250M Industrial REIT Investment
Sixth Street Partners plans to invest $250 million into Plymouth Industrial REIT through a joint venture and preferred equity deal packaged by four law firms, seeing more opportunities with the real estate investment trust on the horizon, according to an announcement Aug. 27.
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August 27, 2024
Citadel's Griffin Unveils Plans For Bayfront HQ Tower In Miami
Billionaire Ken Griffin has revealed his highly anticipated plans to develop a waterfront supertall tower in Miami's Brickell Financial District to house the future headquarters of his hedge fund Citadel LLC, which he moved to the city in 2022.
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August 26, 2024
Businessmen Say Feds' Ky. Tower Seizure Suit Can't Proceed
Two Miami businessmen have objected to a federal magistrate judge's recommendation opposing their attempt to toss litigation by the U.S. government as it looks to seize about $9.1 million from the sale of a Kentucky office tower, saying the United States can't prove its case.
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August 26, 2024
Ex-Braves Tell 11th Circ. Easement Appeal Not Premature
A partnership created by former Atlanta Braves players urged the Eleventh Circuit to review its $47 million conservation easement lawsuit, saying the IRS' motion to dismiss the appeal for premature filing was a mere attempt to sow confusion in the proceedings.
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August 26, 2024
Judge Won't Eject Trustee From Irish Developer's $942M Ch. 7
A Connecticut bankruptcy judge has denied a nearly two-and-a-half-year-old motion to remove a Chapter 7 trustee from an Irish developer's $942 million bankruptcy, saying the developer's appellate losses and a recent U.S. Supreme Court certiorari denial, ultimately favoring the trustee, left the motion finally ripe for a decision.
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August 26, 2024
US Office Vacancies Up 20% In Q2, Colliers Says
The office vacancy rate in the top 15 U.S. markets increased by 19.9% in the second quarter this year, but the office vacancy rate in four U.S. markets also decreased compared to the prior quarter, according to a Colliers report.
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August 26, 2024
Pa. Goodwill Qualifies For Charitable Exemption, Court Says
A Goodwill store in Pennsylvania qualifies for a charitable exemption from property tax, the state's Commonwealth Court ruled Monday, finding the store satisfies constitutional requirements for the exemption by providing employee training and driver's training.
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August 26, 2024
Las Vegas Hotel Lands $190M Clean Energy Financing
Nuveen Green Capital wrapped up a $190 million financing deal on behalf of a Las Vegas-area resort and casino, the environmentally minded real estate financier announced Monday.
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August 26, 2024
Fox Rothschild Lands Condo Team From Armstrong Teasdale
A team of 10 real estate attorneys from Armstrong Teasdale LLP have jumped to Fox Rothschild LLP, where they'll form the core of a new practice, the firm said Monday.
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August 26, 2024
Mo. Lowe's 'Dark Store' Comparables Get Rejected
A Missouri Lowe's property was properly valued at $9 million, the state tax commission ruled, rejecting the property owner's attempt to use vacant storefronts as comparable properties.
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August 26, 2024
Haber Law Continues Growth With Team From Beloff Law
Miami's Haber Law is continuing its growth spurt with the addition of a team from Beloff Law PA, including its founder, with 50 years of experience in real estate law.
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August 26, 2024
NYC Real Estate Week In Review
Neal Gerber, Fried Frank and DLA Piper are among the law firms that handled the largest New York City real estate deals that hit public records last week, a busy period that saw two transactions above the $300 million mark become public.
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August 26, 2024
Mo. Circle K Station's $1.2M Value Upheld
A Circle K gas station in Missouri was correctly assessed, despite the property owner's protest, because the owner failed to provide comparable properties to prove the value should be reduced, the state's tax commission ruled.
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August 26, 2024
Cleary Marks 75 Years In City Of Love With New Paris Office
Cleary Gottlieb Steen & Hamilton LLP is celebrating its 75th anniversary in the City of Love by moving its Paris office to a new location in the Opera district, the firm announced Monday.
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August 23, 2024
Property Plays: KKR, NYC, GSA
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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August 23, 2024
Cypriot Cos. Say Serbia Must Face $32M Real Estate Claim
A group of Cypriot companies claiming that the Republic of Serbia owes them about $32 million for allegedly expropriated real estate are urging an international tribunal not to toss their claims, saying the country asserts wrongly that the arbitral body doesn't have jurisdiction in the dispute.
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August 23, 2024
Insurer Must Cover Flooded Basements, Mich. Panel Says
An insurer must pay a property owner over $150,000 in damages stemming from drain backups and water damage, a Michigan state appeals court ruled, finding that the property owner inquired about increased coverage before the discovery of the loss.
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August 23, 2024
JV Secures $73.3M Loan To Build Fla. Student Housing
Four real estate companies formed a joint venture that secured a $73.3 million senior construction loan for the venture's development of a Class A student housing project that will be located on the Florida State University campus, they announced.
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August 23, 2024
Colo. Board Wrong In Nixing Fees From Valuation, Court Rules
The Colorado Board of Assessment Appeals improperly applied a state Supreme Court decision that erroneously revived a dispute over whether fees should be included in a resort's property valuation, a state appeals court ruled.
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August 23, 2024
Wachtell Reps As MLB's Braves Announce Executive Shakeup
The parent company of the Atlanta Braves on Friday announced that Chairman and CEO Terry McGuirk will have increased voting power, representing a major shift in control after Liberty Media Corp. split off from the MLB team and its associated real estate development company in November 2022 to become a separate publicly traded entity.
Expert Analysis
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RICO Ruling Makes US More Attractive Foreign Creditor Forum
The U.S. Supreme Court's decision in Yegiazaryan v. Smagin, allowing a foreign plaintiff to use the Racketeer Influenced and Corrupt Organizations Act to enforce a foreign arbitral award, will make judgment creditors more likely to seek out U.S. courts to remedy efforts to frustrate the enforcement of international arbitration awards, say attorneys at Paul Hastings.
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5 Strategies For Restructuring Underperforming CRE Loans
With commercial real estate industry conditions expected to deteriorate further in the coming months, market participants should consider a number of strategies to help resolve challenged investments, ranging from financial restructurings to project phasing, say attorneys at Ballard Spahr.
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Ghosting In BigLaw: How To Come Back From Lack Of Feedback
Junior associates can feel powerless when senior colleagues cut off contact instead of providing useful feedback, but young attorneys can get back on track by focusing on practical professional development and reexamining their career priorities, says Rachel Patterson at Orrick.
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Post-Ciminelli Predictions On Right-To-Control Convictions
The recent Second Circuit filings in Binday suggest that the government will fight to preserve its right-to-control convictions in the wake of the U.S. Supreme Court's Ciminelli decision, and offer clues about key issues that will drive post-Ciminelli litigation, say attorneys at Debevoise.
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Steps To Success For Senior Associates
Excerpt from Practical Guidance
Adriana Paris at Rissman Barrett discusses the increased responsibilities and opportunities that becoming a senior associate brings and what attorneys in this role should prioritize to flourish in this stressful but rewarding next level in their careers.
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How To Avoid A Zombie Office Building Apocalypse
With national office vacancy rates approaching 20%, policymakers, investors and developers will need to come together in order to prevent this troubling trend from sucking the life out of business districts or contaminating the broader real estate market, say Ryan Sommers and Robyn Minter Smyers at Thompson Hine.
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Legal Profession Must Do More For Lawyers With Disabilities
At the start of Disability Pride month, Rosalyn Richter at Arnold & Porter looks at why lawyers with disabilities are significantly underrepresented in private practice, asserting that law firms and other employers must do more to conquer the implicit bias that deters attorneys from seeking accommodations.
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Appellate Funding Disclosure: No Mandate Is Right Choice
The Advisory Committee on Appellate Rules' recent decision, forgoing a mandatory disclosure rule for litigation funding in federal appeals, is prudent, as third-party funding is only involved in a minuscule number of federal cases, and courts have ample authority to obtain funding information if necessary, says Stewart Ackerly at Statera Capital.
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A Clearer Path To Speedy Guaranty Litigation In NY Courts
Recent cases indicate that New York's Appellate Division, First Department, is shifting its stance regarding when agreements with both monetary and nonmonetary obligations qualify for expedited litigation, and highlight best practices for drafting guarantees and notes, say Joshua Kopelowitz and Bansari Sheth at Fox Rothschild.
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LA's High-Value Real Estate Transfer Tax Should Be Scrapped
Los Angeles’ recently implemented high-value property transfer tax has chilled the real estate market, is failing to meet revenue expectations and raises significant constitutional concerns, making it a flawed piece of legislation that should be invalidated, says attorney Paul Weinberg.
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High Court Ruling Provides New Avenue For Foreign Plaintiffs
The U.S. Supreme Court’s recent ruling in Yegiazaryan v. Smagin offers a new path for foreign plaintiffs attempting to enforce arbitral awards in the U.S., but it also leaves the standard for such attempts under the Racketeer Influenced and Corrupt Organizations Act unsettled, say attorneys at Wiley.
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Justices' Corruption Ruling May Shift DOJ Bank Fraud Tactics
After the U.S. Supreme Court’s decision last month in Ciminelli v. U.S., curtailing a government theory of wire fraud liability, prosecutors may need to reconsider their approach to the bank fraud statute, particularly when it comes to foreign bank enforcement, says Brian Kearney at Ballard Spahr.
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Avoiding Negative Tax Consequences In Loan Modifications
Borrowers who may be caught in the dramatic uptick in nonperforming commercial real estate loans should consider strategies to avoid income and capital gains tax that may be triggered by loan modifications, says Aman Badyal at Glaser Weil.