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Real Estate

  • December 12, 2018

    Deals Rumor Mill: Uber, Warburg Pincus, Luckin Coffee

    Morgan Stanley will lead the IPO of Uber, which could value the ride-hailing giant at up to $120 billion, Warburg Pincus is launching a $1 billion joint venture that will invest in Chinese real estate, and China's Luckin Coffee has received a $200 million capital injection from private investors.

  • December 12, 2018

    DOJ Urges Prison For Convicted Wilmington Trust Execs

    Federal prosecutors in Delaware recommended prison terms between five and eight years for four convicted Wilmington Trust Corp. executives at the center of a more than $200 million years-long cover-up of bad commercial loans, saying the deception led to huge investor losses and tarnishing of trust in financial industry safeguards.

  • December 12, 2018

    Real Estate Rumors: Mill Creek, Deutsche Bank, WeWork

    Mill Creek Residential Trust has reportedly paid $27.1 million for a Seattle site where it plans a seven-story tower, Deutsche Bank and Societe Generale are said to have provided $265 million in securitized financing for a St. Louis mall, and WeWork is reportedly opening a second location in Coral Gables, Florida.

  • December 12, 2018

    Gaw-Goldman Venture Drops $1.5B On 12 Hong Kong Malls

    A venture led by Hong Kong private equity shop Gaw Capital Partners that includes Goldman Sachs Group Inc. is buying 12 Hong Kong shopping centers from Link REIT for HK$12.01 billion ($1.54 billion), according to announcements on Wednesday from Gaw Capital and Link REIT.

  • December 12, 2018

    Allen & Overy, Linklaters Lead €770M Sale Of Universities

    Laureate Education Inc., a network of higher education institutes, has agreed to sell its institutions in Spain and Portugal to an affiliate of European private equity firm Permira for €770 million ($875 million), the companies said Wednesday, in a deal guided by Allen & Overy LLP and Linklaters LLP.

  • December 11, 2018

    Ill. Appeals Court Revives Bank's Legal Malpractice Suit

    A bank that claimed its lawyers knowingly misled it down a path of fruitless litigation after voluntarily dismissing its last viable foreclosure action should have been given a chance to plead around its attorneys’ statute of limitations defense, an Illinois appeals court held Friday.

  • December 11, 2018

    2nd Circ. Gives Goldman 2nd Shot At Class Cert. Appeal

    The Second Circuit on Tuesday granted Goldman Sachs' petition — for a second time — to appeal a New York federal judge's decision to grant class certification to investors claiming the Wall Street giant lied about its ethical compliance efforts just before losing $1 billion in securities known as collateralized debt obligations.

  • December 11, 2018

    NJ, Jersey City Sued Over 'Unconstitutional' Payroll Tax

    The state of New Jersey and Jersey City officials have been slapped with a lawsuit by Mack-Cali Realty Corp. and others claiming the town’s new measure imposing a payroll tax on non-resident employees in order to help offset public education costs is illegal “special legislation” that violates the state constitution.

  • December 11, 2018

    Five Guys Blasts Architects' Move To 'Short-Circuit' IP Suit

    Burger chain Five Guys has urged an Illinois federal judge not to discard the company's argument that its restaurant design agreement with an architecture firm allowed the eatery to share design plans with others, saying a dismissal bid by the architect is untimely and "borderline frivolous."

  • December 11, 2018

    Airbnb Settles With Miami Apt. Complex Owners, Averts Trial

    Airbnb Inc. averted a trial Tuesday by settling a suit brought by the owner of several Miami-area apartment buildings that claimed the home-sharing platform supports and encourages unauthorized short-term rentals.

  • December 11, 2018

    Real Estate Rumors: 3650 REIT, Butters, Freshwater

    3650 REIT and Quadrant Capital have reportedly provided $36 million in financing, some of which is commercial-backed securities debt, for a Las Vegas grocery-anchored retail property; Butters Construction & Development is said to have paid $15 million for a Florida site; and Freshwater Group has reportedly bought various Miami apartment and condo units for $12.1 million.

  • December 11, 2018

    Ex-SUNY Prez Gets 3.5 Years For 'Buffalo Billion' Bid-Rigging

    Manhattan U.S. District Judge Valerie E. Caproni hit former State University of New York Polytechnic Institute President Alain Kaloyeros with three and a half years in prison Tuesday for rigging bids, but allowed the nuclear scientist credited with a revitalization of the upstate school to stay free while he appeals.

  • December 11, 2018

    NY Life Lends $97M For Mack-Cali REIT Boston Project

    New York Life Insurance Co.'s real estate lending arm said Tuesday it will provide $97 million to a subsidiary of real estate investment trust Mack-Cali Realty Corp. to fund a waterfront residential and retail property in the Boston metropolitan area.

  • December 11, 2018

    Consortium Makes Offer For Radisson Valued At $768M

    A consortium led by Chinese state-owned tourism and hospitality company Jin Jiang International Holdings Co. Ltd. has made an offer for Radisson Hospitality AB that values the company at approximately 7 billion Swedish kronor ($767.8 million), the hotelier said Tuesday.

  • December 11, 2018

    EPA, Army Corps Float Replacement Water Rule

    The Trump administration on Tuesday unveiled its replacement of a rule designed to clarify which waterways in the country are subject to Clean Water Act jurisdiction, taking a narrower approach than the Obama administration and delivering on one of the president’s key campaign promises.

  • December 10, 2018

    Architecture Firm To Arbitrate Dispute Over Hotel Plans

    A dispute between an architect and a property management company that allegedly tried to use its plans without paying for them is headed for arbitration after an Illinois federal court ruled Monday that an arbitration agreement in the contested contract is enforceable.

  • December 10, 2018

    Deutsche Bank, Investors Seek Quick Wins In RMBS Suits

    Residential mortgage-backed securities investors have asked a New York federal court for rulings they say will narrow the issues for potential trial in two lawsuits they’ve brought over Deutsche Bank’s alleged failures as trustee for dozens of pre-crisis RMBS trusts, even as the bank says the cases should not be allowed to get that far.

  • December 10, 2018

    Long Island Mortgage Co. Exec Gets 2 Years For $9M Fraud

    A former executive of Long Island mortgage lender Vanguard Funding LLC was sentenced to two years after pleading guilty to lying to banks in order to obtain $8.9 million in short-term loans, the U.S. Department of Justice said on Monday.

  • December 10, 2018

    NJ Autism Nonprofit Protected By Bias Law, Court Says

    A New Jersey appeals court ruled in a published decision Monday that the state’s discrimination law protections extend to buyers of homes in which members of a protected class will live, handing a victory to the operator of a planned group residence for autistic individuals.

  • December 10, 2018

    Xenia Drops $53.5M On Rebranded Waldorf Astoria In Atlanta

    Real estate investment trust Xenia Hotels & Resorts has acquired the former Mandarin Oriental Hotel in Atlanta for $53.5 million, rebranding it as the Waldorf Astoria Atlanta Buckhead, the company said Monday.

Expert Analysis

  • Stadium Development Can Breathe Life Into Urban Areas

    Maxine Hicks

    While stadiums have not been economically beneficial for local communities historically, new sports-oriented mixed-use projects built closer to urban areas — such as Atlanta's SunTrust Park — offer opportunities to revitalize underutilized properties and create true public-private partnerships, say Maxine Hicks and Andrew Much of DLA Piper.

  • Lame Ducks Could Fix TCJA's Bonus Depreciation Problem

    Dustin Stamper

    Earlier this year, the Treasury Department found it couldn't fix an error that excludes qualified improvement property from the Tax Cuts and Jobs Act's bonus depreciation provisions. Relief might come from Congress if it passes a limited technical corrections bill during the lame duck session, say Dustin Stamper and Omair Taher of Grant Thornton LLP.

  • FinCEN Tightens The Net On Illicit Real Estate Deals

    Thomas Delaney

    Geographic targeting orders released this month indicate that the Financial Crimes Enforcement Network remains concerned about money laundering risks in the real estate sector — and the anonymity of transactions that use virtual currency, say attorneys with Mayer Brown LLP.

  • High Court's Frog Decision May Limit ESA Determinations

    Paul Weiland

    Two holdings from the U.S. Supreme Court's opinion in Weyerhaeuser v. U.S. Fish and Wildlife Service Tuesday are likely to limit the service’s interpretation of its authorities and provide the regulated community with the ability to challenge critical habitat designations under the Endangered Species Act, say Paul Weiland and Svend Brandt-Erichsen of Nossaman LLP.

  • What To Watch Out For When Deconverting Illinois Condos

    Daniel Bronson

    In Illinois, purchasing all the units in a condo building requires understanding some uncommon real estate issues, including compliance with Section 15 of the Illinois Condominium Property Act, and the relationship between the unit owners and the existing condominium association, say Daniel Bronson and Courtney Mayster of Much Shelist PC.

  • Jurors Should Ask More Questions During Trials

    Matthew Wright

    Permitting jurors to submit written questions, or even to pose questions orally to witnesses on the stand, advances several important goals and promotes both fairness and efficiency, says Matthew Wright of McCarter & English LLP.

  • Calif. Ruling Dings Engagement Letter Arbitration Clauses

    Sharon Ben-Shahar Mayer

    The California Supreme Court's recent decision in Sheppard Mullin v. J-M Manufacturing has cast doubt on arbitration clauses in attorney engagement agreements, jeopardizing the efficient resolution of malpractice claims and fee disputes, say Sharon Ben-Shahar Mayer and Mark Drooks of Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC.

  • Prop 65 Compliance Gets More Complicated

    Anne Marie Ellis

    Recent amendments to California's Proposition 65 changed the nature and content of chemical exposure warnings required for many products, substances and locations. Meanwhile, the plaintiffs bar is stepping up its attempts to target Prop 65 violators, says Anne Marie Ellis of Buchalter PC.

  • 10 Things We Wish We Were Told When Going In-House

    Dana Lee

    Attorneys at Albert Einstein College of Medicine, Perkins Coie LLP and the Healthcare Association of New York State reflect on lessons they learned the hard way when transitioning to in-house counsel positions.

  • Opinion

    3 Ways To Disarm The Next Local Subsidy Arms Race

    Anne Philpot

    Amazon recently concluded a 14-month bidding war among 238 cities, each hoping to secure an economic boost. The vicious cycle of offering costly public subsidies to corporate giants can be broken by adopting specific cultural and legal reforms, say Ann Philpot and Michael Farren of the Mercatus Center at George Mason University.