Commercial
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May 14, 2024
Data Center Co. Plans $283M Project For Texas City
Data center company Skybox is planning to build a $283 million data center project in Hutto, Texas, that will have a two-story office and a two-story data center shell, according to the company's registration notice with the Texas Department of Licensing and Regulation.
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May 14, 2024
Fed Finds Big Banks Lack Data To Model Climate Risk
A Federal Reserve analysis found that a group of the biggest banks in the U.S. mostly lacked the data to forecast the hypothetical effects of future climate-related disasters, even if such events are likely to drive up loan defaults.
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May 14, 2024
Cos. Ask NY Court To Invalidate 100s Of Pot Licenses
New York state's beleaguered cannabis oversight agency has been hit with another lawsuit, this one seeking to invalidate hundreds of retail licenses that regulators issued to those most directly affected by the enforcement of marijuana prohibition laws.
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May 14, 2024
Property Deals See More Scrutiny As Tip Sparks Forced Sale
The Committee on Foreign Investment in the United States is likely this year to look at additional real estate deals near government property, experts told Law360 Tuesday, a day after the White House ordered a real property divestment near a Wyoming Air Force base following national security concerns.
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May 14, 2024
Goldman Sachs Secures $7B For Real Estate Credit Investing
Goldman Sachs Alternatives pulled in more than $7 billion in its latest credit-focused fund and related investment vehicles, as the firm goes after financing opportunities in dislocated real estate markets across the world.
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May 14, 2024
Feds Dodge Salt Lake City's Suit Over $1B Gondola Plan
A Utah federal judge on Tuesday dismissed the federal government from a Salt Lake City lawsuit challenging federal approvals of a $1 billion plan to address traffic congestion by building the world's longest gondola.
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May 14, 2024
Tenn. Judge Wants Default Win For Bank But No Atty Fees
A Tennessee magistrate judge recommended partially granting a default judgment win to a bank suing a Florida-based developer accused of defaulting on about $15.3 million in loans, but also suggested denying the bank attorney fees.
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May 14, 2024
Polsinelli Grows With 2 CMBS Experts From Kilpatrick
Polsinelli PC has brought on two shareholders in Florida and North Carolina from Kilpatrick Townsend & Stockton LLP, bolstering the firm's real estate finance and financial services offerings, according to a Tuesday announcement.
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May 14, 2024
London-Based Legal Recruiter Opens 1st US Shop In Miami
London-based legal recruiting firm Buchanan Law announced Tuesday that it is opening its first U.S. location and second shop overall in Miami, touting the city's status as a principal hub for the country's East Coast legal industry.
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May 13, 2024
REIT Inks Deal To End Investors' Board Takeover Bid
Presidio Property Trust has agreed to nominate one new director to its board, ending a Zuma Capital Management-led investor group's bid to replace five of the real estate investment trust's six board members, in a deal guided by three law firms.
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May 13, 2024
Petersen Health Receivership Deal Draws US Trustee Concern
Senior living chain Petersen Health Care Monday told a Delaware bankruptcy judge it has struck a deal to resolve the status of a number of its facilities that are in receivership, but the U.S. Trustee's Office said the deal may bend the Bankruptcy Code too far.
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May 13, 2024
NJ Justices Hold Contract Supersedes Real Estate Wage Law
The contract a real estate agent signed deeming him an independent contractor is enough to resolve his claims of improper wage deductions, the New Jersey Supreme Court ruled Monday, saying that a state three-prong test doesn't need to apply.
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May 13, 2024
White House Bars Real Estate Deal Near Air Force Base
President Joe Biden is ordering a recent purchaser of real estate near an Air Force base in Wyoming to sell portions of the property, based on a public tip and a finding from the Committee on Foreign Investment in the United States that cryptocurrency mining there presents a national security risk.
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May 13, 2024
Nursing Home Says Buyer's Lease Silence Endangers Future
An Ohio-based nursing home operator claimed Monday that its Pickaway County nursing home is in "imminent danger" because the company's owners are threatening the licensing and management of the nursing home by refusing to acknowledge terminated leases and not making the transition to a new lessee and operator.
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May 13, 2024
NYC Real Estate Week In Review
Dylan Chan Law Firm, Norris McLaughlin and Morgan Lewis are among the law firms that grabbed work on the largest New York City real estate deals to hit public records last week, a slow period that saw only three deeds above the $15 million mark become public.
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May 13, 2024
Colliers Says Outer Boroughs Industrial Leases Jumped In Q1
Industrial leasing in New York City's outer boroughs picked up in the first quarter, with a film studio leasing in central Queens leading the way, according to an analysis from Colliers.
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May 10, 2024
Vegas Hotels, Software Cos. Escape Price-Algorithm Suit
A Nevada federal judge has permanently tossed a proposed class action that accused two software companies and multiple hotel operators of using an algorithm software in a price-fixing scheme for hotel room prices on the Las Vegas Strip.
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May 10, 2024
Boston's Industrial Market Seeing Vacancies Rise
The vacancy rate of metropolitan Boston's industrial sector rose to 9.8% in 2024's first quarter, which is four percentage points higher than the rate seen at the end of 2021, Colliers reported Friday.
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May 10, 2024
Disney World's Lone Independent Resort Gets $734M Refi
JLL's hotels and hospitality group said Friday that it had arranged a $735 million commercial mortgage-backed securities loan to refinance the Walt Disney Co.'s Swan & Dolphin resort, a 2,619-key property adjacent to theme parks in Lake Buena Vista, Florida.
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May 10, 2024
Activist Blasts REIT Buybacks, Hotel Sale During Proxy Fight
Activist investor Blackwells Capital LLC has sharply criticized a plan by Braemar Hotels & Resorts to sell a California hotel for $165 million and use part of the proceeds for share buybacks as Blackwells is pressuring shareholders to shake up the board of the real estate investment trust at an upcoming meeting.
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May 10, 2024
Ex-Wife's Deal With Dallas CRE Firm Ends Kickback Claims
The former wife of Dallas commercial real estate executive Clifford Fischer has agreed to drop a federal lawsuit accusing Fischer and members of an advisory board to his company of running a scheme to pay themselves unspecified millions in illegal kickbacks for business referrals.
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May 10, 2024
NY Judge Won't Toss Lender's Win In 3M Campus Suit
A New York federal judge refused to reconsider a lender's victory over a loan guarantor who allegedly owed payments for a $64 million loan related to 3M's now-foreclosed Austin, Texas, campus, but found the billing too high when determining attorney fees.
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May 10, 2024
3 Takeaways From The Real Deal's New York City Forum
Industry professionals at The Real Deal's New York City Real Estate Forum this year aired a lot of grievances about housing and development policies in the Big Apple and Empire State, though panels also touched on a major problem facing lenders.
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May 10, 2024
Simpson Thacher, Sheppard Mullin Guide $246M NYC Deal
Blackstone affiliates offloaded 21 properties surrounding New York City's John F. Kennedy International Airport to Terreno Realty Corp. in a $246 million deal guided by Simpson Thacher & Bartlett LLP and Sheppard Mullin Richter & Hampton LLP.
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May 10, 2024
3 Firms Advise On $250M Great Wolf Waterpark Financing
VICI Properties Inc. said Friday it has originated a $250 million mezzanine loan as part of $1.5 billion in financing to waterpark operator Great Wolf Resorts Inc., in a transaction advised by Hogan Lovells, Simpson Thacher & Bartlett LLP and Cadwalader Wickersham & Taft LLP.
Expert Analysis
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Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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What To Consider When Buying RE Promissory Notes
In light of recent distress in the real estate market, note purchases — in which an investor buys a promissory note and mortgage rather than actual property — can be a worthwhile alternative to traditional investments, but require careful contemplation of unique risks and strategic considerations, say Douglas Praw and Katelyn DeMartini at Holland & Knight.
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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.