Real Estate

  • April 23, 2018

    Pa. Judge Gives OK To Tear Down 19th-Century Buildings

    A state judge cleared the way Friday for the demolition of a series of Philadelphia properties with rich histories if not protected historic status, as the court shot down a local preservation group’s many arguments for why the properties’ owner should not have been granted permits to proceed with redevelopment.

  • April 23, 2018

    Review BofA Preemption Ruling, OCC Tells 9th Circ.

    The Office of the Comptroller of the Currency on Monday threw its weight behind Bank of America in urging the Ninth Circuit to review a panel decision that found the National Bank Act does not preempt a California state escrow interest law, arguing that it’s the “rare case that justifies rehearing.”

  • April 23, 2018

    Timber Co. Asks High Court To Reverse Frog Habitat Ruling

    Weyerhaeuser Co. and other forest land owners on Monday asked the U.S. Supreme Court to overturn a Fifth Circuit ruling upholding the U.S. Fish and Wildlife Service’s decision to declare 1,500 acres of private property in Louisiana as protected habitat for the endangered dusky gopher frog.

  • April 23, 2018

    Cadwalader, DLA Piper Steer $110M Deutsche NYC Loan

    Cadwalader Wickersham & Taft LLP represented Deutsche Bank AG in connection with its $110 million loan to DLA Piper-counseled Oxford Properties Group for the purchase of various commercial condo units at a luxury condo tower on East 57th Street in Manhattan, according to records made public in New York on Monday.

  • April 23, 2018

    New GM, Mich. Residents Dispute Provisions Of 2009 Sale

    General Motors told a New York bankruptcy court on Friday that a group of Michigan residents cannot pursue the carmaker for groundwater contamination, saying GM's 2009 bankruptcy sale agreement did not assign the so-called New GM liabilities related to common law environmental claims.

  • April 23, 2018

    Real Estate Rumors: Beacon, Chetrit, MMG Equity

    Beacon Capital has reportedly bought a San Jose, California, office tower for $101.5 million, Chetrit Group is said to have landed an $82.5 million loan backed in part by a Brooklyn hotel and MMG Equity has reportedly picked up a Florida shopping center for $6.2 million.

  • April 23, 2018

    Cushman Beats Insurers' Bid To Bar Appraisal Suit Coverage

    Cushman & Wakefield Inc.'s insurers cannot lean on a pair of policy exclusions to deny coverage for multiple lawsuits against the company over pre-2008 real estate appraisals, a New York federal judge held Friday, while also finding that all the underlying actions are related and fall under the same policy period.

  • April 23, 2018

    Pair Of London Mixed-Use Properties Trade Hands For $69M

    U.K. developer Great Portland Estates PLC has sold a pair of London mixed-use properties that include retail space to M&G Real Estate for £49.6 million ($69.1 million), according to an announcement Monday from Great Portland Estates.

  • April 23, 2018

    Shell Unit Can't Duck Class Action Over Pa. Lease Bonuses

    A Pennsylvania federal judge on Friday sided with landowners in a class action alleging a Royal Dutch Shell unit failed to pay them contractually obligated bonuses on oil and gas leases, saying the documents exchanged between the company and landowners in brokering the leases constituted an enforceable contract.

  • April 23, 2018

    Feds Want Prison For 5 Calif. Foreclosure Auction Riggers

    The U.S. Department of Justice wants up to three years' prison for five real estate investors who admitted to conspiring to rig bids in Bay Area foreclosure auctions, according to sentencing memorandums recently filed in California federal court.

  • April 20, 2018

    Fla. Can Shield Insurance Program From Public Records Law

    A Florida appeals court sided with the state's financial services agency Friday in a dispute with two law firms, ruling that a public records exemption protecting certain personal information held by the agency for participants in two real estate insurance programs is constitutional.

  • April 20, 2018

    Toys R Us Fetches $235M Offer For Canadian Stores

    Toys R Us has entered into an agreement to sell its Canadian stores and assets for at least C$300 million (roughly $235 million), the bankrupt retail giant said in a court filing Thursday, stating that Toronto-based Fairfax Financial Holdings Ltd. has come in as a stalking horse bidder.

  • April 20, 2018

    New VAT Rates May Help China Retain Multinational Firms

    A seemingly small change to China’s value-added tax rates set to go into effect next month may not be enough to give China an edge over the U.S. in drawing new businesses, but it could encourage existing multinational businesses to stay put.

  • April 20, 2018

    Kelley Drye, Seyfarth Shaw Steer $92M NYC Hotel Loan

    Kelley Drye & Warren LLP represented Aareal Capital Corp. in connection with its $92 million loan to a Seyfarth Shaw LLP-counseled venture that includes Stonebridge Cos. for a Manhattan hotel, according to records made public Friday in New York.

  • April 20, 2018

    NY Beefs Up Energy Efficiency Targets To Drive GHG Cuts

    New York Gov. Andrew Cuomo on Friday unveiled a new energy efficiency target that aims to significantly slash buildings' energy use by 2025, saying the reductions will help the Empire State reach the goal of cutting its greenhouse gas emissions by 40 percent from 1990 levels by 2030.

  • April 20, 2018

    Real Estate Rumors: Brookfield, Acadia Realty Trust, Edens

    Brookfield is said to have leased Manhattan space to health care data firm IQVIA and nonprofit MDRC, Acadia Realty Trust has reportedly sold a New York development site for $26 million, and retail landlord Edens is said to have sold two Florida Publix-anchored shopping centers to a company owned by Miami Heat minority owner Raanan Katz.

  • April 20, 2018

    Health Hires: Goodwin, Shook Hardy, Michael Best, Orrick

    The latest firms to expand their life sciences and health care abilities are Goodwin Procter LLP, Shook Hardy & Bacon LLP, Michael Best & Friedrich LLP, Orrick Herrington & Sutcliffe LLP, Harter Secrest & Emery LLP, Eversheds Sutherland and Cole Schotz PC.

  • April 20, 2018

    Taxation With Representation: Freshfields, Thompson, Davis

    In this week’s Taxation With Representation, Procter and Gamble bought Merck KGaA’s consumer health business for $4.2 billion, Icahn’s Tropicana sold its real estate assets to Gaming and Leisure Properties Inc. and merged its gaming and hotel operation with Eldorado Resorts Inc. in a $1.85 million deal, and Shire sold its oncology business to Servier SAS for $2.4 billion.

  • April 20, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a contract dispute erupt between Russia's Sberbank and a fellow state-controlled bank in Azerbaijan, Greece's Alpha Bank sue more than a dozen Lloyd's syndicates, and underwriters and Lit Securities take on Morgan Stanley.

  • April 20, 2018

    Tribe Opposes Railroad's Appeal Bid In Right-Of-Way Suit

    The Swinomish Indian Tribal Community urged a Washington federal judge Thursday not to permit an appeal of his rulings in favor of the tribe in its suit alleging BNSF Railway Co. shipped crude oil across reservation land in violation of an agreement, saying the railroad is merely trying to prolong the case.

Expert Analysis

  • New Remedial Actions For Tax-Advantaged Bonds And P3s

    Travis Gibbs

    Under an IRS revenue procedure issued on April 11, 2018, issuers of tax-advantaged bonds have new remedial actions available to them to cure unqualified uses that previously would result in loss of tax-advantaged status. Attorneys at Nixon Peabody LLP explain the new procedures.

  • Investing In US Real Estate On A (Possibly) Tax-Free Basis

    Galia Antebi

    Under certain facts, some foreign investors can invest in a real estate investment trust on a completely tax-free basis, both with respect to distributions received from the REIT and with respect to the disposition of the REIT stock, say Galia Antebi and Neha Rastogi of Ruchelman PLLC.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • Trespass By Fracking: Pennsylvania Court Weighs In

    L. Poe Leggette

    Reversing a lower court's motion for summary judgment, the Superior Court of Pennsylvania recently held that trespass and conversion claims arising from a hydraulic fracturing operation are not precluded by the rule of capture. The case raises unsettling questions for oil and gas operators, say L. Poe Leggette and Jasper Mason of BakerHostetler.

  • Tax Reform Creates New Opportunities For REITs

    James Godman

    While many analysts expected that federal tax reform would dampen enthusiasm around real estate investment trusts, those concerns have proven to be unfounded. In fact, REITs and their investors should see a net gain overall from the recently adopted tax changes, say attorneys with Kramer Levin Naftalis & Frankel LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • Guest Feature

    Michael Rubinoff: From Commercial Real Estate To Broadway

    Randy Maniloff

    “Come From Away” sounds like the stuff of a documentary on the Discovery Channel, not singing and dancing on stage. How could a musical tied to the 9/11 terrorist attacks ever get made — and by a real estate lawyer? The show’s producer, Michael Rubinoff, was kind enough to find 30 minutes to tell me, says Randy Maniloff.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Road Map For Protecting Secured Lender Interests Post-Liu

    Andrew Narod

    After the D.C. Court of Appeals' recent decision in Andrea Liu v. U.S. Bank, secured lenders may find themselves fighting for the validity of their security interests as a result of condo association foreclosures. However, the court has provided some guidance that should give secured lenders some solace, say attorneys with Bradley Arant Boult Cummings LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.