Commercial
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May 09, 2024
DLA Piper CRE Survey Finds Optimism Despite High Rates
A DLA Piper survey of commercial real estate professionals found that more are optimistic about the market this year than they were last year, although more than half are still bearish on the industry amid persistently high interest rates.
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May 08, 2024
Water-Damaged Conn. Hotel Sues Insurer For More Coverage
A Connecticut hotel took Sompo America Insurance Co. to state court after the insurer only partially covered substantial water damage that forced the newly opened lodge's closure and purportedly offered "nonsensical" justifications for denying full coverage.
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May 08, 2024
Winstead Moves Austin Office To New Horizon Bank Site
Winstead PC has relocated to Horizon Bank's newly completed office building in downtown Austin, Texas, moving from the Frost Tower, which the firm had called home for more than two decades.
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May 08, 2024
SEC Fines Real Estate Developer Over Unregistered Offering
A real estate development company and its owner will pay $250,000 to settle the U.S. Securities and Exchange Commission's claims they sold investors $1.4 million in promissory notes in an unregistered offering.
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May 08, 2024
From Trophy To Dead Weight At San Francisco's 111 Sutter
Paramount Group Real Estate, a New York-based firm with an $8.4 billion portfolio of trophy assets in New York and San Francisco, isn't interested in hindsight at 111 Sutter St., the Hunter-Dulin Building.
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May 08, 2024
Brokers Lean On Other Business With Transactions Flat In Q1
Commercial real estate's big four brokers are still waiting for inflation to cool down so capital markets can rebound, despite signs in the first quarter that a recovery was underway.
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May 08, 2024
Norfolk Southern Class Counsel Talks Settlement, Legacy
With residents of East Palestine, Ohio, on the verge of a $600 million payout for the 2023 Norfolk Southern train derailment, plaintiffs' co-lead counsel Jayne Conroy shared some thoughts about the role property values played in the proposed settlement and what ripple effect their arguments might have in similar cases.
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May 08, 2024
Ballard Spahr Real Estate Pro Joins Hyland Levin In NJ
New Jersey regional firm Hyland Levin Shapiro LLP leveled up its real estate practice this week with the hire of a Ballard Spahr LLP attorney of more than five years, bringing significant experience in commercial real estate in and out of the law.
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May 08, 2024
Conn. Builder Drops $4.7M Stamford Pavilion Delay Suit
A Connecticut general contractor has dropped its lawsuit accusing the city of Stamford and an architecture practice of causing delays in a $4.7 million project and driving up the building company's costs as it tried to build a pavilion in a city park.
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May 08, 2024
Colo. Lawmakers OK Historic Structure Tax Credit Extension
Colorado's tax credit for rehabilitation of historic structures would be extended and apply to structures as young as 30 years old under legislation approved by the Senate and headed to the governor.
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May 08, 2024
Jones Day Hires Eversheds Construction Law Partner In NY
Jones Day has hired a former Eversheds Sutherland construction litigation partner, who is joining the firm in New York to continue his practice focused on major infrastructure projects and other construction-related work, the firm recently announced.
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May 07, 2024
Manhattan Office Leasing Grows, But Rents Don't
Though April activity in the Manhattan office sector drove year-to-date leasing up 42% compared to the prior year, average asking rents remained largely unchanged, per a report from CBRE.
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May 07, 2024
NYC Eatery Asks 2nd Circ. To Undo Revival Of Workers' Suit
A New York City restaurant operator urged the Second Circuit Tuesday to reject a lower court finding that its workers' federal wage claims may be cut from their class action but can also be reinstated if the appeals court were to vacate their state wage claims, insisting the decision is unfair.
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May 07, 2024
WeWork Wins Interim OK Of $50M New Money DIP In Ch. 11
A New Jersey bankruptcy judge said Tuesday he will approve $50 million of debtor-in-possession financing for WeWork, overruling objections from the office space provider's co-founder and ex-CEO Adam Neumann, whose lawyers alleged the financing agreement was actually an unfairly discounted asset sale in disguise.
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May 07, 2024
New Missouri Law Forces Landfills Further From Cities
A new Missouri law will increase the radius for approvals needed from nearby municipalities for several types of landfills to one mile from half a mile, in what the governor called a "win for property rights."
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May 07, 2024
PolyMet Land Swap Discovery Order Paused, For Now
PolyMet Mining doesn't have to produce information it had previously withheld in a Minnesota tribe's challenge to undo a land swap, a federal district court determined after the company asked for emergency relief to avoid any potential harm it said could come from wrongfully disclosing privileged documentation.
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May 07, 2024
Steward Health Gets Ch. 11 Loan, Says It Plans Hospital Sales
A Texas bankruptcy judge Tuesday allowed Steward Health Care to take out $75 million in Chapter 11 financing to meet its next-day payroll after being told the hospital chain plans to sell facilities to pay down its $9 billion in debt.
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May 07, 2024
Lender Shanks Bid To Halt Ga. Golf Course Auctions
A Georgia federal judge on Tuesday denied successive efforts from a lender to wrest control of the assets of an Atlanta-area golf club owner, whom attorneys for the lender describe as a "serial fraudster" likely to abscond with his assets while still owing millions on a 2023 loan.
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May 07, 2024
Title Insurer Gets Partial Win Against Lender In Lien Dispute
A lender seeking coverage from its title insurer for mechanic's lien claims after the owner of a senior living community defaulted on its $26 million construction loan can only potentially get coverage under a disbursement endorsement in its policy, a Colorado federal court ruled, finding an exclusion applicable.
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May 07, 2024
Colo. House OKs Conservation Easement Tax Break Extension
Colorado would extend its conservation easement tax credit through 2031 and raise its statewide annual cap on available credits under legislation approved Tuesday by the state House of Representatives.
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May 07, 2024
Judge Rips 2nd Circ.'s 'Erroneous' Ruling In Sears Lease Spat
A New York federal district judge ruled that Sears Holdings Corp.'s lease for the Mall of America in Minneapolis should be returned to the bankrupt retail chain's liquidating trustee, saying that the decision gives "scant comfort" as it removed from the books "an obviously outlier ruling" by the Second Circuit.
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May 07, 2024
Vornado Exec 'Couldn't Be More Optimistic' About NYC Retail
Retail property values and leasing activity are recovering in prime parts of Manhattan, particularly among storefronts along Fifth Avenue and in Times Square, a Vornado Realty Trust executive said on Tuesday.
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May 07, 2024
DLA Piper Pads Real Estate Group With New Chicago Partner
DLA Piper has added a partner to the firm's real estate practice group who will join from Katten Muchin Rosenman LLP, saying the new hire's expertise spans asset classes and deal types.
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May 06, 2024
US Industrial Market Facing High Vacancy Rate, Report Says
In 2024's first quarter, the U.S. industrial real estate market faced an imbalance of supply and demand for the eighth consecutive quarter, along with a high vacancy rate, even as leasing activity grew 2.2% compared to 2023's first quarter, according to a CBRE report released Monday.
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May 06, 2024
Colo. Lawmakers OK Land Cleanup Tax Credit Extension
Colorado would extend its income tax credit for certain costs of environmental remediation of contaminated property for five years under legislation approved unanimously Monday by the state Senate and sent to the governor.
Expert Analysis
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Consider 2 Alternative Exit Plans In RE Distress Scenarios
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.
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Whitewater Kayaking Makes Me A Better Lawyer
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.
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SEC Climate Rules Create Unique Challenges For CRE
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.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
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.
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How Retail Tenants Can Avoid Paying Rent Prematurely
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.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
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.
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Climate Disclosure Mandates Demand A Big-Picture Approach
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.
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Playing Hockey Makes Me A Better Lawyer
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.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
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.
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$175M Bond Refiled By Trump Is Still Substantively Flawed
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.
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Calif. Ruling Shows Limits Of Exculpatory Lease Clauses
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.
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Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Payment Provision Lessons From NJ Construction Ruling
A New Jersey appellate court's decision in Bil-Jim v. Wyncrest, holding that an American Institute of Architects contract was not an installment contract, highlights both the complexities of statute of limitations calculations and the significant consequences that can arise from minor differences in contract language, say Mitchell Taraschi and Zac Brower at Connell Foley.