Commercial

  • June 11, 2024

    Insurer Given Early Exit From Contractor's Cost Overrun Suit

    An insurance company was axed Monday from a general contractor's $8.5 million lawsuit against a developer seeking payment for its work building an apartment complex, with a North Carolina state court judge ruling it was too soon to rope in the insurer.

  • June 11, 2024

    Vornado JV Inks $400M Refi For NYC Office, Retail Building

    A street retail joint venture led by Vornado Realty Trust secured a $400 million refinancing for a 315,000-square-foot office and retail property at 640 Fifth Avenue in Manhattan, according to a statement from Vornado on Monday.

  • June 11, 2024

    WeWork Announces CEO Switch As It Leaves Ch. 11

    WeWork, fresh from the confirmation of its Chapter 11 restructuring plan, said Tuesday it will be led by John Santora, who will take over as CEO as the company leaves bankruptcy behind.

  • June 11, 2024

    Cannabis REIT Will Invest $43M Into Purchased Fla. Land

    Cannabis-focused real estate investment trust Innovative Industrial Properties Inc. plans to invest $43 million into 16 acres of Ocala, Florida, land that it bought for $13 million.

  • June 11, 2024

    Net Lease REIT Sells 2 Office Properties For $60.7M

    Net Lease Office Properties said Tuesday that it has sold two Minnesota office properties leased to Blue Cross Blue Shield for a combined $60.7 million. 

  • June 10, 2024

    3 Firms Guide $125M ND Data Center Construction Loan

    CIM Group announced Monday that the investment firm closed on a $125 million loan to Applied Digital for the company's construction of a North Dakota data center campus, in a deal guided by Simpson Thacher & Bartlett LLP, Milbank LLP and Lowenstein Sandler LLP.

  • June 10, 2024

    NYC Tells 2nd Circ. No Sanctions In COVID Rent Law Suit

    New York City told the Second Circuit that its late-in-the-game jurisdictional arguments don't warrant sanctions amid litigation over pandemic protection for commercial real estate tenants, arguing that it raised the claims as soon as possible.

  • June 10, 2024

    Ex-Real Estate Business Partners Duel In Calif. Court

    Two former real estate business partners lodged dueling suits against each other in California state court with accusations of backstabbing, theft and lying.

  • June 10, 2024

    Conn. Hospital Broke $4.25M Property Sale Deal, Buyer Says

    A Connecticut hospital has been accused in state court of breaking its $4.25 million property sale contract after the sale was called off following the hospital's merger with Northwell Healthcare Inc.

  • June 10, 2024

    Manhattan Office Leasing Up Again From 2023, Per CBRE

    Leasing activity in Manhattan's office market remained elevated in May compared to a year prior, with a Covington & Burling LLP deal leading the way as the month's biggest transaction, CBRE said Monday.

  • June 10, 2024

    Co. Says 16 Intervenors Will Drag Out Alaska Mine Dispute

    A company seeking relief from a U.S. Environmental Protection Agency decision to block a mining proposal for a stretch of pristine salmon habitat on Alaska's Bristol Bay asked a federal judge to exclude more than a dozen environmental groups from joining the case.

  • June 07, 2024

    Federal Realty Exits Santa Monica Outdoor Mall For $103M

    Federal Realty Trust said it has exited Santa Monica, California's struggling Third Street Promenade by selling off a group of eight properties in the outdoor mall near the city's pier for $103 million.

  • June 07, 2024

    DOE Reveals National Definition Of Zero-Emissions Building

    The U.S. Department of Energy unveiled a federal definition for determining whether a residential or commercial building qualifies as a zero-emissions building as part of an ongoing effort to slash greenhouse gas emissions across the traditionally heavily emitting sector.

  • June 07, 2024

    NYC Hotel Land Sale Ends $275M Lease Dispute

    An investment group led by David Werner sold a Manhattan hotel property to an affiliate of Highgate Capital Investments LP for $275 million in a deal overseen by Latham & Watkins LLP, per county property records filed June 6.

  • June 07, 2024

    Real Estate Co. Will Begin $170M Houston Tower Project

    A Tennessee-based real estate company is set to begin construction on a $170 million, 37-story, mixed-use, Class A tower project in Houston, Texas, in October, according to a filing with Texas' Department of Licensing and Regulation.

  • June 07, 2024

    Texas Top Court Denies Roofer's Challenge To Adjuster Laws

    The Supreme Court of Texas tossed on Friday a roofing company's challenge to the state's public adjuster licensing laws, saying that requiring a license or preventing certain conduct didn't violate the roofer's free speech rights.

  • June 07, 2024

    Bank Says Alzheimer's Center Owes $17M On Defaulted Loan

    An Alzheimer's care center owes Bank of Oklahoma nearly $17 million after it became the last of four memory care facilities to default on a $27.5 million loan that was used to refinance their mortgage debt, according to a complaint filed in Georgia federal court.

  • June 07, 2024

    Miami Official Can't Shake Zoning Abuse Claims

    A Miami commissioner can't escape allegations that he and other city officials conspired to sabotage local businesses with zoning and safety laws after a pair of business owners backed the commissioner's opponent in a 2017 election, a Florida federal judge ruled.

  • June 07, 2024

    MoFo, Foley & Lardner Guide $695M Sale Of Construction Biz

    Middle-market private equity firm Palladium Equity Partners LLC has sold a construction company to an affiliate of electrical solutions company nVent Electric PLC for $695 million in a deal guided by Morrison Foerster and Foley & Lardner LLP, according to an official announcement.

  • June 07, 2024

    Zurich, Loan Co. Settle $15M Ex-3M Campus Repairs Suit

    The lender and current title owner for a now-foreclosed Austin property that was once the campus of 3M reached a settlement in principle with a Zurich unit over coverage for their $15.5 million winter storm damage claim, the parties told a Texas federal court.

  • June 07, 2024

    Willkie Farr Guides RFR's $560M Sale Of NYC Gallery Building

    In a deal guided by Willkie Farr & Gallagher LLP, Aby Rosen's RFR Holding offloaded a Manhattan art gallery, office and retail property for $560 million, per New York property records.

  • June 06, 2024

    La. Commercial Property Co. Settles Storm Insurance Dispute

    A Louisiana federal judge has dismissed a commercial property owner's coverage fight over windstorm damage after the company settled in arbitration with a group of 10 insurers.

  • June 06, 2024

    Investors Say Fund Preyed On Alums For RICO Scheme

    A group of Chinese and American investors alleged this week that they were ripped off to the tune of millions of dollars by a group of fraudsters who, through a series of fraudulent bank loans, bogus tax filings and false advertising, induced them into putting their money into a Los Angeles real estate project.

  • June 06, 2024

    NYC Passes Economic Opportunity Rezoning, With Tweaks

    The New York City Council voted June 6 to approve a slate of zoning reforms intended to promote small business growth and update decades-old regulations, after making several tweaks to the plan in response to community concerns.

  • June 06, 2024

    Colorado To Study Simplification Of Local Lodging Taxes

    Colorado will expand the scope of a task force responsible for simplifying the state's sales and use tax regime to improve the local lodging tax system as part of a bill signed into law by Democratic Gov. Jared Polis.

Expert Analysis

  • Being An Equestrian Makes Me A Better Lawyer

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    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • What To Consider When Buying RE Promissory Notes

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    In light of recent distress in the real estate market, note purchases — in which an investor buys a promissory note and mortgage rather than actual property — can be a worthwhile alternative to traditional investments, but require careful contemplation of unique risks and strategic considerations, say Douglas Praw and Katelyn DeMartini at Holland & Knight.

  • Consider 2 Alternative Exit Plans In RE Distress Scenarios

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    In the face of an impending wave of foreclosures, lenders and borrowers alike should consider two exit strategies — deed-in-lieu of foreclosure and consent foreclosure — that can mitigate potential costs and diminution in property value that could be incurred during a lengthy proceeding, say attorneys at BCLP.

  • Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • SEC Climate Rules Create Unique Challenges For CRE

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    The U.S. Securities and Exchange Commission's recently adopted final rules concerning climate-related disclosures for public companies are likely to affect even real estate companies that are not publicly traded, since they may be required to provide information to entities that are subject to the rules, says Laura Truesdale at Moore & Van Allen.

  • New Proposal Signals Sharper Enforcement Focus At CFIUS

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    Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.

  • How Retail Tenants Can Avoid Paying Rent Prematurely

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    When negotiating leases for spaces in shopping centers, retail tenants should ensure that the language specifies they only need to begin paying rent when the center is substantially occupied as a whole, as it can be difficult to modify leases that are executed without co-tenancy requirements or termination rights, say Joshua Bernstein and Benjamin Joelson at Akerman.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Climate Disclosure Mandates Demand A Big-Picture Approach

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    As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.

  • Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • $175M Bond Refiled By Trump Is Still Substantively Flawed

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    The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.

  • Calif. Ruling Shows Limits Of Exculpatory Lease Clauses

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    A California court's recent decision in Epochal Enterprises v. LF Encinitas Properties, finding a landlord liable for failing to disclose the presence of asbestos on the subject property, underscores the limits of exculpatory clauses' ability to safeguard landlords from liability where known hazards are present, say Fawaz Bham and Javier De Luna at Hunton.