Real Estate

  • November 21, 2017

    Pa. Justices Snub Appeal Over Revived Gas Lease Fight

    The Pennsylvania Supreme Court said Monday that it would not hear an appeal following a decision that revived a class action accusing Rex Energy Corp. of failing to pay bonuses that landowners say they’re owed over properties leased for gas drilling.

  • November 21, 2017

    PE-Backed Cos. Unveil Secondary Offerings Totaling $470M

    Private equity-backed food distribution giant Performance Food Group Co. and software provider Black Knight Inc. priced secondary stock offerings raising a combined $470 million on Tuesday, enabling their private equity shareholders to unload sizable stakes in the companies.

  • November 20, 2017

    Real Estate Rumors: Mizuho Americas, MMG Equity, PNC Bank

    Mizuho Americas has reportedly leased another 270,000 square feet on Sixth Avenue in New York, MMG Equity Partners has reportedly bought a Florida grocery-anchored shopping center for $17 million and PNC Bank is said to have loaned $27.3 million for a Florida hotel project.

  • November 20, 2017

    RMBS Trustees Open Court Fight For $11.4B Lehman Claim

    Bankruptcy court scrutiny of Lehman Brothers’ sale of residential mortgage-backed securities in the years preceding the 2008 financial crisis got underway Monday as counsel for several RMBS trusts argued that the shuttered investment bank is responsible for $11.4 billion in damages for securitizing misrepresented loans.

  • November 20, 2017

    4th Circ. Affirms SunTrust Bankers' Fraud Convictions

    The Fourth Circuit affirmed on Monday convictions against a SunTrust Mortgage branch head and his three relatives for their role in a multimillion-dollar scheme to falsify loan documents and get borrowers mortgages for homes they couldn’t afford, rejecting arguments that the lower court gave a jury erroneous instructions.

  • November 20, 2017

    Tritax Big Box REIT Acquires 3 UK Properties For $116M

    Tritax Big Box REIT PLC has picked up three U.K. logistics properties through two separate transactions for more than £88 million ($116.4 million) combined, according to a pair of announcements on Monday from the real estate investment trust.

  • November 20, 2017

    Law Firm Shakes Foreclosure Fee Suit In Pa. Appeals Court

    A Pennsylvania appeals court said Monday that it would not revive class claims accusing Udren Law Offices PC of illegally collecting excessive fees in connection with mortgage foreclosure actions against homeowners.

  • November 20, 2017

    Pest Control Co. To Pay $10M For Illegal Fumigant Use

    A pest control company and its U.S. Virgin Islands subsidiary were ordered in Virgin Islands federal court to pay $10 million in criminal fines, community service and restitution for applying illegal fumigants in residential locations, the U.S. Department of Justice and the U.S. Environmental Protection Agency said in a statement on Monday.

  • November 20, 2017

    LaSalle Investment Management Closes $1B Real Estate Fund

    LaSalle Investment Management has closed a real estate debt fund with £804 million ($1.06 billion) in aggregate commitments, surpassing the firm's target by more than £50 million, according to a Monday announcement from the company.

  • November 20, 2017

    DOI Still Seeking Cobell Claimants As Deal Deadline Looms

    With a looming deadline for Native American tribal members to make a claim for a bite of the landmark Cobell settlement over the alleged mismanagement of tribal trust funds, the federal government said on Friday it is still looking to identify thousands of possible claimants.

  • November 20, 2017

    NJ Lawyers, Others Exempt From Proposed Freelancer Law

    Attorneys are among the professionals exempted from a proposal advanced by New Jersey lawmakers Monday that establishes protections for freelancers, such as timely payment assurance and oversight by the state’s Department of Labor and Workforce Development.

  • November 17, 2017

    Tax Bill’s Ambiguity Increases Investors’ Litigation Risk

    The tax bill that recently passed the U.S. House of Representatives is missing key definitions and contains ambiguous terms relating to the use of so-called carried interest in the asset management business, which could result in investors taking risky positions on their tax returns to seek clarification from the courts.

  • November 17, 2017

    LA Jury Awards $5M In Fees In Katy Perry Convent Trial

    A Los Angeles jury on Friday awarded nearly $3.5 million in legal fees to the Roman Catholic Archbishop of Los Angeles and about $1.57 million to pop star Katy Perry after a trial over whether a developer intentionally interfered with Perry's $14.5 million bid to buy a sprawling former convent by entering her own deal to buy the property from two nuns.

  • November 17, 2017

    ND Tribe Member Urges Rethink Of Co.'s Win In Royalty Row

    A Three Affiliated Tribes member and his attorney urged a North Dakota federal judge Thursday to reconsider his decision to cut off their tribal court litigation against Enerplus Resources Corp. in a $3 million royalty overpayment dispute, saying the judge failed to take into account the oil and gas company’s alleged violations of tribal law.

  • November 17, 2017

    Alaska Tribal Health Org Sues For Land Cleanup, Transfer

    A tribe-run health care nonprofit in Alaska filed a complaint in federal court Thursday seeking to force the U.S. Department of the Interior and the Air Force to clean up and transfer oil-contaminated land the nonprofit says should have been in its hands more than two decades ago.

  • November 17, 2017

    VC-Backed Stitch Fix Ekes Gain After $120M IPO Prices Low

    Shares of venture-backed e-commerce startup Stitch Fix Inc. barely gained on Friday after pricing a downsized $120 million initial public offering, making it one of five issuers spanning the technology, real estate, banking and life science sectors to debut on public markets.

  • November 17, 2017

    Duane Morris Adds Ex-Drinker Biddle Enviro Partner In NJ

    Duane Morris LLP has welcomed a former Drinker Biddle & Reath LLP attorney as an environmental partner in the firm’s Cherry Hill, New Jersey, office, where she’ll tackle complex litigation and advise clients with respect to the environmental considerations in real estate and corporate transactions.

  • November 17, 2017

    Mainstreet Inks $425M Deal For 42 Health Care Centers

    Mainstreet Health Investments said Friday that it will snap up fellow real estate investment company Care Investment Trust LLC and its 42 health care facilities from diversified holding company Tiptree Inc. for $425 million, amid a bid to rebrand itself as Invesque Inc.

  • November 17, 2017

    Real Estate Rumors: Lloyds, Ross Stores, Hines

    Lloyds Banking Group is reportedly in talks to sell its London headquarters for nearly $200 million, Ross Stores is said to have sold a Florida property for more than $16 million, and Hines has reportedly paid more than $200 million for a stake in a Los Angeles project being developed by the Martin family of Martin Automotive Group fame.

  • November 17, 2017

    Philly Wants Suits Against Property Revaluation Plan Tossed

    The city of Philadelphia asked a state court judge on Thursday to toss two lawsuits challenging its effort to raise $118 million in new tax revenue through targeted property revaluations, saying the petitioners were first obligated to appeal their new assessments.

Expert Analysis

  • Rain, Rain, Go Away, Don’t Flood Again In Texas Any Day

    Michael Upshaw

    While there will likely be insurance disputes as to whether claimed damage from Hurricane Harvey is excluded by an insurance policy’s water exclusion, “flood water” and “surface water” have established definitions in Texas courts and the anti-current causation clause has clear precedent to help decide whether these exclusions apply, say Michael Upshaw and Shannon O'Malley of Zelle LLP.

  • Focusing On Climate Resiliency And Adaptation In Mass.

    Ruth Silman

    If Superstorm Sandy had coincided with Boston’s high tide by a mere five hours, many neighborhoods in Boston and Cambridge would have flooded. As we approach the fifth anniversary of Superstorm Sandy and reflect on the devastating impacts of recent hurricanes, it is critical to understand what would have happened if one of those storms had taken a slightly different route, says Ruth Silman, managing partner of Nixon Peabody LLP's Boston office.

  • Minimize Marijuana Risks With Special Lease Clauses

    William Moorman

    The recent enactment of laws permitting the cultivation and sale of recreational marijuana in Massachusetts commencing in July 2018 have created great opportunities for real estate owners and developers, and also great risks. By including certain provisions in their leases, landlords can at least mitigate many of those risks, says William Moorman Jr. of Patridge Snow & Hahn LLP.

  • Lessons Learned: Storm-Proofing Community Associations

    Donna DiMaggio Berger

    The very active 2017 hurricane season has underscored the need for community associations in states like Florida to have the right plans, to continually refine those plans and to learn from their mistakes, says Donna DiMaggio Berger of Becker & Poliakoff PA.

  • Real Estate Industry Must Ride The Technology Wave

    Louis Archambault

    The real estate industry may be skeptical of technological innovations as unnecessarily risky or unstable until they can be properly analyzed. However, there is now also a present risk for business obsolescence, where fear of the unknown is trumped by the fear of being left behind, says Louis Archambault of Saul Ewing Arnstein & Lehr LLP.

  • Is An Assault On The Flood Exclusion Coming?

    Randy Maniloff

    There will be plenty of similarities between Katrina insurance claims and those arising from Harvey and Irma. This time around, however, expect to see arguments made that the Insurance Services Office’s 2011 amendments to the flood exclusion, contained in the organization’s homeowner’s policies, affect certain claims, says Randy Maniloff of White and Williams LLP.

  • Toys R Us Faces Chapter 11 Challenges

    Stephen Selbst

    Toys R Us recently filed for Chapter 11 bankruptcy, citing the impact of e-commerce as a major factor. Other recent retail bankruptcies underscore how difficult it is for retailers to recover from a bankruptcy filing, and creditors must be prepared, says Stephen Selbst of Herrick Feinstein LLP.

  • Opinion

    When Antitrust Becomes Anti-Competitive

    Glenn Manishin

    Xceligent is attempting to morph a sordid case about industrial espionage into a counterclaim for unlawful monopolization. Yet the idea that CoStar is obligated as an antitrust matter to help Xceligent develop a competing product totally lacks legal validity, says attorney Glenn Manishin.

  • Opinion

    Digital Realty Trust V. Somers May Kill Corporate Compliance

    Stephen Kohn

    During its upcoming term, in Digital Realty Trust v. Somers, the U.S. Supreme Court will decide whether employees who report violations internally are protected under Dodd-Frank. If the court requires whistleblowers to report violations directly to the U.S. Securities and Exchange Commission, internal corporate compliance programs will be crippled, says Stephen Kohn of Kohn Kohn & Colapinto LLP.

  • Storm-Damaged Businesses Need Environmental 'Baselines'

    Kevin Daehnke

    What if, after a storm like Hurricane Harvey or Irma, a small business finds itself liable for hundreds of thousands (or even millions) of dollars of environmental contamination that spilled out during the storm? This is a very real concern for businesses that store and use chemicals, but there are ways to establish protections, says Kevin Daehnke of Daehnke Cruz Law Group LLC.