Commercial
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May 02, 2024
New DC Stadium A Step Closer With RFK Demolition Approved
RFK Stadium in Washington, D.C., has been cleared for demolition by the National Park Service, another step forward in the city's attempt to build a new stadium to lure back the NFL's Washington Commanders.
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May 01, 2024
Ex-State Dept. Adviser To Co-Lead Klasko's Investor Visa Team
A former U.S. Department of State attorney-adviser has left government service to co-lead Klasko Immigration Law Partners' EB-5 regional center and developer practice, the firm recently announced.
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May 01, 2024
Gibson Dunn, Greenberg Guide Blackstone's Fla. Hotel Buy
A Blackstone entity has purchased a 346-room Fort Lauderdale, Florida, hotel from an affiliate of The Related Cos. LP, in a deal advised by Gibson Dunn & Crutcher LLP and Greenberg Traurig LLP, according to public records.
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May 01, 2024
99 Cents Pursues $2.5M Store Leases Sale To Dollar Tree
Discount retail chain 99 Cents Only urged a Delaware bankruptcy court Wednesday to let it accept a $2.5 million offer from Dollar Tree to potentially take over the debtor's leases at 58 recently closed stores, as it works to quickly wind down in Chapter 11.
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May 01, 2024
Clean Energy Manufacturer Plans $400M Va. Factory
Global clean energy manufacturer Topsoe will invest over $400 million to build a factory in Virginia's Chesterfield County, the state's Gov. Glenn Youngkin announced May 1.
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May 01, 2024
Construction Spending Down In March, Census Bureau Says
National construction spending was down slightly between February and March, falling 0.2% to just more than $2.083 billion, which is still nearly 9.6% higher than this time last year, the U.S. Census Bureau reported Wednesday.
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May 01, 2024
Venues Ask 2nd Circ. For Cover From NYC XXX Rules
A group of adult entertainment companies told the Second Circuit that a New York judge overlooked free speech harms and procedural hurdles in upholding a set of 2001 rules limiting where they can do business.
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May 01, 2024
NJ Atty Fights 'Hare-Brained' Malpractice Claims In RE Dispute
A suspended New Jersey attorney is seeking summary judgment and sanctions for a "hare-brained" attempt by Chaitman LLP to mount a third-party complaint holding him liable for allegedly providing bad legal advice that prompted a malpractice case between Chaitman and former clients.
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May 01, 2024
DLA Piper Adds Ex-Sidley Atty To New Funds Team
DLA Piper on Tuesday announced another addition to its newly formed stand-alone investment funds group, this time a former Sidley Austin LLP partner focused on advising private funds sponsors.
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May 01, 2024
Public Storage Sees Signs Of Growth Amid Slowdown
Public Storage executives said Wednesday that they are seeing some revenue growth in certain markets and expressed optimism about the second half of the year, while the company continues facing a comedown from its record-high performance during the pandemic.
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May 01, 2024
Tax Credit Transfer Regs Show IRS Caution In Rulemaking
The IRS and Treasury's final rules on the sale and transfer of green energy credits maintained a strict reading of the statute while making few changes, a sign of caution by regulators amid judicial scrutiny of the government's rulemaking authority.
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May 01, 2024
Blackstone's Chicago Bet Backfires Post-Pandemic
In the first in a series of stories on distressed office properties in various U.S. markets, Law360 Real Estate Authority looks at the rise and fall of one Blackstone property in Chicago.
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May 01, 2024
What Attys Are Saying About The PFAS CERCLA Designation
In the days since the Environmental Protection Agency classified two "forever chemicals" as hazardous, real estate and environmental attorneys have been analyzing how the move applies to their work.
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May 01, 2024
Real Estate Authority Is Moving To Thursday
Beginning May 9, Law360 Real Estate Authority's two weekly newsletters — Commercial and Residential — will be distributed Thursday morning.
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May 01, 2024
Virginia Still Pursuing New Rules For Key Data Center Market
None of the bills proposing oversight and restrictions on data center development in Virginia passed this year, but tighter regulations may still be in store for the world's largest market for digital infrastructure facilities after lawmakers see the results of a study that could inform new rules.
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April 30, 2024
Ohio Panel Won't Yank Receiver For Foreclosed Hotels
An Ohio appeals court has backed a lower court's ruling that appointed a receiver to oversee five foreclosed Ohio hotels that were owned by the borrower of a multimillion-dollar loan.
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April 30, 2024
Real Estate Leaders Ask Congress For Less Stick, More Carrot
The federal government should incentivize home construction and office-to-residential conversions, avoid imposing more capital requirement rules on banks and refrain from treating commercial real estate monolithically, industry leaders testified to members of Congress on Tuesday.
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April 30, 2024
Ex-Enforcers Back CoStar At 9th Circ. Against Antitrust Claims
Several former antitrust enforcers told the Ninth Circuit that a lower court was right to toss a rival's claims that CoStar monopolizes commercial real estate information markets despite concerns from the Federal Trade Commission about the allegations.
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April 30, 2024
GSA To Dump WWI-Era Liberty Loan Building, Citing Costs
The U.S. General Services Administration has announced it will be dropping the historic Liberty Loan Building in Washington, D.C., from the government's real estate portfolio, a decision that will save $15 million in reinvestment costs, the agency said.
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April 30, 2024
NY Bank Investors Spar Over Bid To Merge, Pause Suits
New York Community Bancorp Inc. shareholders traded barbs in filings this week over whether a New York federal judge should allow an individual shareholder to intervene in the larger group's attempt to consolidate and stay their derivative shareholder suits against the bank.
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April 30, 2024
Goodwin Private Funds Partner Joins Fried Frank In NY
Fried Frank has announced it hired a New York-based asset management attorney who spent more than a decade at Simpson Thacher & Bartlett LLP and was most recently a partner at Goodwin Procter LLP.
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April 30, 2024
Wash. Panel Reverses Hartford Unit Fire Coverage Ruling
A Washington state appeals court reversed a trial court's ruling that a Hartford unit's policy included coverage for an electrical panel that caused a restaurant fire, instead finding that whether the electrical panel was in the care of the restaurant or its landlord remains disputed.
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April 30, 2024
Judge Says $4.5M Davis Wright Deal Should Be Approved
An Oregon federal magistrate judge has recommended approval of a $4.5 million deal resolving investor claims against Davis Wright Tremaine LLP for its role in endorsing an alleged real estate securities scheme.
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April 30, 2024
GRSM50 Moves Oakland Office To Walnut Creek In California
Gordon Rees Scully Mansukhani LLP has moved its office in Oakland to a new space in Walnut Creek that will accommodate a growing roster and better serve clients across Northern California.
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April 29, 2024
Kazakh Businessman Accused Of Stealing Coal Mine
A Kazakh businessman schemed with the country's government to steal a coal mine, its proceeds, and its assets and laundered the proceeds to buy luxury U.S. real estate worth more than $100 million, according to a suit filed in New York state court.
Expert Analysis
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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White Collar Plea Deals Are Rarely 'Knowing' And 'Voluntary'
Because prosecutors are not required to disclose exculpatory evidence during plea negotiations, white collar defendants often enter into plea deals that don’t meet the U.S. Supreme Court’s “knowing” and “voluntary” standard for trials — but individual courts and solutions judges could rectify the issue, says Sara Kropf at Kropf Moseley.
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ESG Around The World: Canada
In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.
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How Lease Obligations Can Affect Subchapter V Debt Cap
Two recent bankruptcy rulings in the Eastern District of Virginia and the Southern District of New York take opposite positions on whether unmatured lease obligations are considered noncontingent debt for the purposes of calculating debtors' Subchapter V eligibility, say Joseph Orbach and Henry Thomas at Thompson Coburn.
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Trends That Will Shape The Construction Industry In 2024
Though the outlook for the construction industry is mixed, it is clear that 2024 will bring evolving changes aimed at building projects more safely and efficiently under difficult circumstances, and stakeholders would be wise to prepare for the challenges and opportunities these trends will bring, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.
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NY CRE Lenders Need Clarity On Foreclosure Standing
Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Adjusting Deals To Reflect Shifts In The CRE Market
As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.
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4 International Arbitration Trends To Monitor In 2024
Global growth slowed substantially in 2023, and may continue into 2024 due to geopolitical instability, which could fuel four key trends in international arbitration in the coming year, including investor-state and commercial arbitration, an increase in arbitration out of China, and more, say Gregory Litt and Sharmistha Chakrabarti at Skadden.
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How DOI Aims To Modernize Resource Damage Assessments
The U.S. Department of the Interior's recent proposal to redesign its Type A rule for conducting natural resource damage assessment and restoration activities could lead to a more streamlined, flexible assessment process that would benefit both natural resource trustees and potentially responsible parties, says Brian Ferrasci-O'Malley at Nossaman.
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Key Issues When Navigating A Tenant's Bankruptcy
In light of recent Chapter 11 filings by Rite Aid and WeWork — companies with thousands of commercial leases — practitioners should review issues that can arise when bankruptcy is used to exit a lease, including the consequences of lease rejection and the statutory cap on landlord damage claims for a rejected lease, say attorneys at Proskauer.
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The Year Ahead In Foreign Investment And National Security
In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.
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Sale-Leasebacks May Provide A Safe Financing Alternative
Amid rising interest rates and unpredictable market conditions, sale-leasebacks can be a useful investment option for both buyers and sellers, though their potential drawbacks demand careful consideration, says Chanel Di Blasi at Crosbie Gliner.