Commercial
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May 31, 2024
Texas Justices To Take On Parking Garage Easement Suit
The Texas Supreme Court agreed Friday to review a Texas appellate court's decision granting judgment to a garage owner who refused to allow the tenants and employees of a downtown office building continue parking in the garage despite a written parking easement.
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May 31, 2024
9th Circ. Says LA's COVID-19 Eviction Ban Was No Taking
The Ninth Circuit on Friday declined to reinstate a Los Angeles landlord's $100 million suit challenging the city's pandemic-era eviction ban, finding it didn't constitute a physical taking since the landlord "voluntarily opened" his property to tenants, and that loss of rental income itself doesn't establish a governmental taking.
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May 31, 2024
Healthcare REIT Closes $120M Loan For 8-Property Portfolio
Diversified Healthcare Trust has finalized a deal for a 10-year, interest-only $120 million mortgage loan that's secured by eight of its properties located in seven states, the healthcare-focused real estate investment trust announced.
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May 31, 2024
IRS Can Seek Tax Beyond Bankruptcy Deal, 11th Circ. Affirms
A deal between the IRS and an Alabama real estate developer to settle his tax debt for $2 million during Chapter 11 bankruptcy proceedings wasn't final, and the agency can demand additional taxes from him, the Eleventh Circuit affirmed Friday.
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May 31, 2024
Kirkland Guides Town Lane To $1.25B Debut Real Estate Fund
Kirkland & Ellis LLP advised the close of an inaugural, $1.25 billion fund for Town Lane, a real estate firm founded by a brother-sister duo with decades of combined experience at Blackstone and Sycamore Partners, according to a Friday news release.
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May 31, 2024
Contractor, Insurers Settle NYC Four Seasons Coverage Row
A New York federal judge dismissed a general contractor's suit seeking coverage from two insurers for an underlying $1 million action over damage to a Four Seasons hotel in midtown Manhattan, saying the parties have reached a proposed settlement.
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May 31, 2024
Atty Gets 2nd Suspension Over Sale Of $1.6M Painting
The Florida Supreme Court approved a one-year suspension for a New Jersey-based attorney and real estate developer this week who pled guilty to smuggling a $1.6 million painting out of his house in 2013 to avoid an asset sale.
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May 31, 2024
Phoenix Office Activity Down Annually In Q1, CBRE Says
The Phoenix area's office market notched negative absorption again in the first quarter of 2024, with vacancy rates remaining high and total leasing activity down on an annual basis, according to a CBRE report.
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May 31, 2024
WeWork's Winding Road Through Bankruptcy Court
Office space provider WeWork won approval for its $4 billion Chapter 11 reorganization plan Thursday, overcoming opposition from landlords, unsecured creditors and its own founder to emerge debt-free under new equity ownership.
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May 30, 2024
Only One Landlord Allowed To Duck DC RealPage Suit
One of several landlords that stands accused by the District of Columbia of using property management platform RealPage to fix the price of rentals has managed to convince a D.C. Superior Court judge to kibosh the claims against the real estate investment trust permanently.
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May 30, 2024
Defendant Dropped From Calif. Broker Commissions Case
A California federal judge has dismissed a multiple listing service from a proposed antitrust class action that accused the service and several real estate brokerages of engaging in a conspiracy to artificially inflate buyer broker commissions on home sales.
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May 30, 2024
Curaçao Expropriation Suit Tossed Over Sovereign Immunity
A D.C. federal judge on Thursday tossed an Iranian American women's rights activist's $110 million suit accusing Curaçao's banking regulator of unlawfully seizing her stake in a $700 million investment company, saying the regulator has sovereign immunity and that, in any case, no expropriation had taken place.
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May 30, 2024
Only $100K Owed For NJ Theater's Virus Losses, Judge Says
A Zurich unit owed a theater only $100,000 for its COVID-19-related losses under its policy's communicable disease coverage provision, a New Jersey federal court ruled, rejecting the theater's arguments that each public health order constituted a separate occurrence and that a "blanket" $1.9 million limit was applicable.
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May 30, 2024
Judge Finds US Owns Fla. Island In Long-Running Dispute
A federal judge ruled that the government owns a vacant island off the harbor of Key West, Florida, in rejecting a developer's long-running claim to title, finding that the U.S. Navy has used the site as a buffer from forces such as hurricanes and private development.
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May 30, 2024
AECOM Joins Team For NBA Arena, Resort On Vegas Strip
Developer LVXP said it has tapped AECOM to assist in a planned NBA-ready arena anchoring a 27-acre site with a luxury resort and casino on the Las Vegas Strip.
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May 30, 2024
RFR Execs Face $16M Manhattan Office Loan Suit
The lender behind the senior and junior mezzanine loans tied to a New York City office property filed suit in state court against the two principals of real estate investment firm RFR, saying the pair are on the hook for a combined $16.6 million after the borrower defaulted.
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May 30, 2024
Jersey Shore Motel Loses Condemnation Fight With Town
A New Jersey borough properly used eminent domain to take over a local 50-room motel where it plans to provide parking and electric vehicle charging, a New Jersey appellate panel ruled.
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May 30, 2024
WeWork Gets OK For $4B Chapter 11 Plan
A New Jersey bankruptcy judge on Thursday approved office space provider WeWork's plan to wipe out $4 billion in debt and end its Chapter 11 case after hearing there were no remaining creditor objections.
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May 29, 2024
NC State Is Blocking Probe Of PCBs In Building, Court Told
North Carolina State University is trying to exploit the judicial process in order to destroy evidence of building contamination, a cancer-stricken professor told a state appeals court Tuesday in a bid to advance plans for a carcinogen inspection.
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May 29, 2024
CBRE Wants Would-Be Property Buyer's Suit Trimmed
CBRE Inc. urged an Iowa federal court to toss a professional negligence claim in a real estate investment firm's $10.3 million suit over a failed Iowa property deal, arguing that, as a real estate brokerage, it wasn't obligated to tell the firm about a competing buyer.
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May 29, 2024
Tremont Chicago Hotel Reaches Agreement With Lender
A defunct hotel near Chicago's commercial center has reached an agreement with its senior secured creditor, resolving its request to dismiss the case or lift the Chapter 11 automatic stay while reserving the right to revisit the stay under some circumstances.
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May 29, 2024
2nd Circ. Judge Weighs Sanctioning NYC In Rent Law Case
A Second Circuit judge on Wednesday pressed an attorney for New York City on why the city should not be sanctioned for bringing up a jurisdictional challenge to a landlord's suit over a pandemic-era guaranty law at the "11th hour" of proceedings, after the city had lost in previous rulings.
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May 29, 2024
Gibson Dunn, Cleary Advise $120M Luxury Retail Buy
A Florida real estate investment firm has closed on $120 million in financing for its discount acquisition of a luxury retail building at 680 Madison Ave. in New York, in a transaction advised by Gibson Dunn & Crutcher LLP and Cleary Gottlieb Steen & Hamilton LLP.
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May 29, 2024
3 Firms Guide Blackstone's $768M Hawaii Resort Deal
Simpson Thacher & Bartlett LLP, Arnold & Porter Kaye Scholer LLP and Cades Schutte LLP guided Blackstone Real Estate's $725 million sale of a Hawaii resort and the simultaneous $43 million sale of an adjacent 65-acre parcel, according to a statement from the seller Wednesday.
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May 29, 2024
Law Firm Says Atty Can't Elude Malpractice Claims In RE Case
Chaitman LLP has urged a New Jersey state court to preserve its malpractice claims against a suspended solo attorney, arguing that discovery so far has shown that the attorney was deeply involved in guiding a case that ended in failure for its clients and exposed Chaitman to its own malpractice suit.
7 Courthouse Facelifts Funded By The $1.2T Spending Bill
Seven federal courthouses across the U.S. and Puerto Rico are receiving funds for upgrades or construction as part of Congress' latest $1.2 trillion spending package, and security and seismic concerns are top of mind at many of the buildings selected.
Iconic NYC Building, Ideal Location. So What's The Problem?
In the fifth and final story in a series on distressed office properties in various U.S. markets, Law360 Real Estate Authority examines a historic office building that fell into loan distress despite being in one of Manhattan's strongest markets.
Healthcare REIT Nabs $800M Despite Tenant Turbulence
Medical Properties Trust Inc. announced Friday that the real estate investment trust has secured a £631 million ($804 million) financing from a group of investors led by real estate investment firm Song Capital, in a deal led by Goodwin Procter LLP and Slaughter and May.
Expert Analysis
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Tips For Advising CRE Owners Affected By Houston Storms
As Houston residents begin the arduous process of recovery after this month's devastating storms, attorneys should guide commercial real estate owners and managers toward immediate action under their insurance coverage to facilitate restoration and a return to normalcy, says Justin Ratley at Munsch Hardt.
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Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Real Estate Cos. Can Protect Their IP In The Metaverse
The rise of virtual and augmented reality creates new intellectual property challenges and opportunities for real estate owners, but certain steps, including conducting a diligence investigation to develop an understanding of current obligations, can help companies mitigate IP issues in the metaverse, says George Pavlik at Levenfeld Pearlstein.
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Ga. Law Creates Challenges For Foreign Ownership Of Land
Under Georgia's new law limiting certain foreign possessory interests in agricultural land and land near military properties, affected foreign persons and entities will need to do significantly more work in order to ensure that their ownership remains legal, say Nellie Sullivan and Lindsey Grubbs at Holland & Knight.
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Questions Remain After Mass. Adverse Possession Case
A recent Massachusetts Land Court decision, concerning an adverse possession claim on a family company-owned property, leaves open questions about potential applicability to closely held corporations and other ownership types going forward, says Brad Hickey at DarrowEverett.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Insurer Quota-Sharing Lessons From $112M Bad Faith Verdict
In Indiana GRQ v. American Guarantee and Liability Insurance, an Indiana federal jury recently issued a landmark $112 million bad faith verdict, illustrating why insurers must understand the interplay between bad faith law and quota-sharing before entering into these relatively new arrangements, say Jason Reichlyn and Christopher Sakauye at Dykema.
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Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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2nd Circ. Eminent Domain Ruling Empowers Municipalities
The Second Circuit's recent decision in Brinkmann v. Town of Southold, finding that a pretextual taking does not violate the Fifth Amendment's takings clause, gives municipalities a powerful tool with which to block unwanted development projects, even in bad faith, say James O'Connor and Benjamin Sugarman at Phillips Lytle.
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SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.