Commercial
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July 05, 2024
Neb. Justices Decline To Rule On Property Value Appeal
The Nebraska Supreme Court said Friday it lacks jurisdiction to rule on a county board's appeal challenging decisions by the state's Tax Equalization and Review Commission that lowered valuations for a company's property, finding the board didn't meet a statutory requirement to institute judicial review proceedings.
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July 05, 2024
The Firms That Won Big At The Supreme Court
This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.
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July 05, 2024
Willkie Advising Saks Fifth Avenue On $2.65B Neiman Deal
Willkie Farr & Gallagher LLP is advising Saks Fifth Avenue's parent company on its freshly inked deal to buy the Neiman Marcus Group, advised by Sullivan & Cromwell LLP, at an enterprise value of $2.65 billion.
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July 05, 2024
FTC Wants Second Look At $1.6B CoStar, Matterport Deal
The Federal Trade Commission has requested more information from CoStar Group and Matterport on a planned $1.6 billion merger that would round out CoStar's real estate analytics offerings with the latter company's virtual property tour platform.
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July 05, 2024
Mich. Tax Panel Drops Vacant Store's Value By $500K Per Year
The highest and best use of a vacant commercial property at the time of its assessment was to demolish the improvements and hold it for future development, a Michigan panel ruled, lowering the property's valuation by nearly $500,000 for each of two years.
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July 03, 2024
Wash. Mall, Retail Center Seek $1.3M In Property Tax Refunds
A Seattle mall and shopping center are seeking property tax refunds topping $1.3 million, according to complaints in state court that claim the county assessor failed to use appropriate data and overvalued the properties.
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July 03, 2024
No 'Unfettered Discretion' For Zoning Boards: Mich. Justices
The Michigan Supreme Court has held that conditionally rezoning a property is only valid if the property's proposed use is already allowed under a town's ordinances, instructing a trial court to determine whether a racing dragway is a permitted use under a township's commercial zone.
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July 03, 2024
Hospitality REIT, Activist Investor To Drop Board Feud
Braemar Hotels & Resorts and hedge fund Blackwells Capital said they plan to resolve their litigation in a deal that calls for the activist investor to withdraw from a proxy fight and buy a bigger stake in the real estate investment trust.
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July 03, 2024
Enviro Group Claims Navy Bungled SF Superfund Cleanup
The U.S. Navy's efforts to remediate an 866-acre shipyard Superfund site in San Francisco have been flawed from the start, undermined by the Navy, which has gone so far as to obscure the results of its own contamination testing, per an environmental advocacy group's suit.
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July 03, 2024
Developer Owes $10M For Boston Project Delays, Suit Says
Massachusetts contractor Suffolk Construction Co. Inc. claims the developer of a significant mixed-use residential and commercial block in Boston's South End still owes it more than $10 million, saying delays due to the pandemic and a change in the type of cabinetry in the apartments contributed to higher costs.
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July 03, 2024
Coffey Modica Promotes 2 Partners, 1 Counsel In NY
New York litigation boutique Coffey Modica LLP announced the promotion of two attorneys to partner, including the firm's first hire in 2021, as well as the elevation of another lawyer to counsel.
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July 03, 2024
NY Extends Tax Breaks For Green Roofs On City Buildings
New York is extending for another three years a property tax abatement program that encourages residential and commercial buildings in New York City as part of a bill signed by Gov. Kathy Hochul.
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July 03, 2024
Insurance Litigation Week In Review
An insurer won a coverage dispute over a $3.2 million injury verdict stemming from a bar fight, Texas' largest nonprofit health system failed to differentiate its pandemic business loss claims from other cases, and a petroleum company was denied coverage for multidistrict litigation over gas additives.
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July 02, 2024
Real Estate Policy Areas To Watch In Chevron's Wake
Housing rules, permitting practices and climate goals stand to be challenged by an anticipated wave of litigation spurred by back-to-back U.S. Supreme Court opinions that alter how and when judges can interpret ambiguous legislation.
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July 02, 2024
Ga. City Comes Out On Top In T-Mobile Cell Tower Suit
The city of Columbus, Georgia, has come out on top in a legal battle with a wireless infrastructure builder who says that the city unfairly blocked its requests to build T-Mobile a cell tower, a conflict that also involved the local Shriners.
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July 02, 2024
Distress Darkens Conversion Plans At Brookfield Malls
Financial challenges have shaken some of Brookfield's plans to redevelop a batch of malls it acquired six years ago into mixed-use centers, and two of the real estate company's indoor shopping complexes slumped into loan distress last month, KBRA said on Tuesday.
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July 02, 2024
Gov. Says Ky. Tower's Sale Didn't Cancel Ties To Laundering
Prosecutors and a pair of Miami businessmen have traded briefs over preserving the government's case in Florida federal court to seize $9.1 million from the sale of a Louisville, Kentucky, tower over alleged ties to a Ukrainian money laundering operation.
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July 02, 2024
The Commercial Real Estate Q&A's You Can't Miss
Check out Law360 Real Estate Authority's most buzzed-about commercial real estate Q&As from the first half of 2024.
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July 02, 2024
Data Analysis Shows Swift Influx In EPA Brownfield Grants
A Law360 Real Estate Authority analysis of the U.S. Environmental Protection Agency's brownfield grant awards since the program's inception shows a steep increase in funding, particularly in funding of cleanups, since the Bipartisan Infrastructure Law was passed in 2021.
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July 02, 2024
Alaska Village Hits Army Corps With Gold Mine Permit Suit
The Native Village of Dot Lake is asking an Alaska federal judge to throw out a permit the U.S. Army Corps of Engineers issued for an open pit gold mine Kinross Gold Corp. and Peak Gold LLC are developing near the Yukon border.
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July 02, 2024
Mass. Panel Won't Cut Tax Value Over Denied Building Permits
The owner of commercial property in Massachusetts failed to show that local denials of building permits impacted the tax value of the property, a state panel said in a decision released Tuesday, rejecting the owner's appeal of a local assessment.
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July 02, 2024
Real Estate Lawyers On The Move
Haynes and Boone and McDonald Hopkins are among the law firms that have made recent real estate or construction hires.
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July 01, 2024
Ill. Tax Applies To Re-Renters Of Hotel Rooms, Dept. Says
Illinois will impose an occupation tax on people who re-rent hotel rooms in the state as part of recently enacted omnibus legislation, the state Department of Revenue said.
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July 01, 2024
NYC Real Estate Week In Review
Hirschen Singer and Kramer Levin are among the law firms that handled the largest New York City real estate deals that hit public records last week, a busy period that saw eight deals north of the $20 million mark become public.
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July 01, 2024
Orrick Renews Black Rock Tower Lease
Orrick Herrington & Sutcliffe LLP has agreed to a lease renewal for its six floors in Midtown Manhattan's Black Rock tower, CBRE announced Monday.
Expert Analysis
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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.
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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.