Commercial
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February 20, 2025
Luxury Hotel REIT Says Fire, Hurricane Recoveries Underway
Host Hotels & Resorts Inc. reported Thursday that it thinks a gradual recovery at its luxury resorts in Maui, Hawaii, may finally be underway after the 2023 fires, adding that the hurricane restoration at a key Florida property should soon be finished.
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February 20, 2025
Yellow Corp. Urges Ch. 11 Judge To OK $11.5M Terminal Sales
Defunct trucking company Yellow Corp. asked a Delaware bankruptcy judge to sign off on the $11.5 million private sale of two leased truck terminals to ABF Freight System Inc.
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February 19, 2025
Alaskan Village Says Its Immune From Residents' Casino Suit
An Alaskan Native village is asking a federal district court to dismiss a challenge by a group of Anchorage residents that seeks to block its plans for a 58,000-square-foot casino, arguing that it is a required party in the litigation that has not waived its sovereign immunity.
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February 19, 2025
SL Green Can't Escape Property Transfer Fraud Suit
A New York federal judge refused Wednesday to let SL Green and several of the real estate investment trust's entities escape a fraudulent property transfer suit, but he narrowed state law claims seeking to collect on a related judgment for nearly $13 million.
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February 19, 2025
Nixon Peabody Atty On Affordable Housing And Trump Tariffs
Affordable housing projects may be able to withstand expected price hikes from tariffs more easily than commercial ones, Nixon Peabody LLP's affordable housing leader told Law360 in a recent interview.
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February 19, 2025
Equinix Shareholder Claims Its Board Manipulated Financials
An Equinix Inc. shareholder lodged a derivative shareholder suit accusing the data center-focused real estate investment trust's executives of manipulating financials to dupe investors, marking the latest legal challenge to arise since an investment research firm first made the claim last year.
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February 19, 2025
Olshan-Led Investor Picks Proxy Fight With Healthcare REIT
Land & Buildings Investment Management LLC, guided by Olshan Frome Wolosky LLP, said it nominated two candidates to National Health Investors Inc.'s board of directors on Wednesday, arguing that conflicts of interest plague the real estate investment trust's leadership team.
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February 19, 2025
McDermott Commercial Real Estate Attorneys Join Cleary
Cleary Gottlieb Steen & Hamilton LLP announced Wednesday that the former co-head of McDermott Will & Emery's U.S. real estate practice group and two team members have joined Cleary's real estate group.
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February 19, 2025
Landlords, Judiciary Brace For Federal Leasing Slimdown
As the General Services Administration pores over the federal real estate portfolio, lenders, landlords and institutional investors are scrambling to understand their exposure to federal leases, while the potential canceling of judiciary office leases is setting up a showdown between branches of government.
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February 19, 2025
Adams, DOJ Quizzed On Dismissal Bid By Wary Judge
A Manhattan federal judge on Wednesday scrutinized the U.S. Department of Justice's motion to dismiss corruption charges against New York City Mayor Eric Adams, rankling attorneys on both sides as he declined to "shoot from the hip" and immediately rule.
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February 19, 2025
La. Court Orders New Trial In Museum's Hotel Tax Break Case
A Louisiana board that allowed a property tax exemption for a hotel operated by the nonprofit National World War II Museum should have held a new trial after evidence surfaced that the hotel was more profitable than previously disclosed, a state appeals court ruled.
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February 19, 2025
Newmark CLO To Lead Boards As Lutnick Takes Cabinet Post
Newmark Group Inc., a commercial real estate adviser, and BGC Group Inc., a brokerage and financial technology company, said Wednesday they had named Chief Legal Officer Stephen Merkel to replace his longtime friend and boss, Howard Lutnick, as chair of both companies' board of directors following Lutnick's confirmation as Secretary of Commerce.
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February 19, 2025
Real Estate Group Of The Year: Wachtell
Wachtell Lipton Rosen & Katz's real estate team guided major deals, representing Spirit Realty Capital Inc. in its $9.3 billion, all-stock acquisition by Realty Income Corp., and Public Storage's $2.2 billion acquisition of Simply Self Storage, earning it a spot as one of the 2024 Law360 Real Estate Groups of the Year.
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February 19, 2025
Construction Group Of The Year: Seyfarth
Seyfarth Shaw LLP's construction attorneys advised a massive transit project valued at nearly $2 billion that the firm said will be the centerpiece of the Miami skyline when completed. That and other recent work have earned the team a spot among the 2024 Law360 Construction Groups of the Year.
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February 19, 2025
Ill. Dept. OKs Quantum Computing Building Tax Credit Regs
Illinois individual and corporate taxpayers may claim income tax credits for a portion of wages paid to workers employed in the construction of quantum computing campus facilities, the state Department of Revenue said in adopted regulatory amendments.
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February 19, 2025
Power Transformer Manufacturer To Build $102.5M NC Facility
North Carolina Gov. Josh Stein announced Wednesday that, with assistance from a state grant, a manufacturer of power and distribution transformers will embark on a $102.5 million expansion of a manufacturing facility in the city of Raeford that will add 217 jobs.
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February 19, 2025
Prologis Founder To Step Down As CEO After 4 Decades
Industrial real estate investment trust Prologis announced Wednesday that CEO and co-founder Hamid Moghadam will step down from his position leading the company after more than 40 years.
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February 19, 2025
RSM Analyst Sees Growth For Family Offices In Real Estate
Law360 Real Estate Authority recently caught up with Gene Garcia, a Houston-based principal and real estate senior analyst with RSM US LLP, to discuss the relationship between family offices and real estate and what lies ahead.
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February 18, 2025
Trump Exec Order Expands Control Over Independent Agencies
President Donald Trump signed an executive order Tuesday to limit the autonomy of independent agencies such as the U.S. Securities and Exchange Commission and Federal Communications Commission by requiring them to submit draft regulations for presidential review.
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February 18, 2025
Airbnb, Owners Sue New Orleans Over Short-Term Ordinances
Airbnb and a group of New Orleans property owners have brought a new lawsuit against the city challenging 2023 restrictions on short-term rentals and a set of requirements passed in October mandating that platforms verify that rental hosts are following city rules.
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February 18, 2025
Construction Co. Awarded $75M In Colo. Casino Fight
A Colorado state judge has awarded a Denver construction company $74.6 million in a complicated fight over the quarter-billion-dollar expansion of a casino resort, finding the casino owner was "combative and adversarial" and caused the bulk of the project's delays.
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February 18, 2025
Calif. Insurance Chief Asks State Farm To Justify Rate Hikes
California's insurance commissioner asked State Farm General Insurance Co. to appear for an in-person "informal conference" later this month over its request for emergency rate hikes in the wake of the deadly Los Angeles wildfires in January, saying the insurer has not yet justified the move.
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February 18, 2025
NY Broadens Tax Break Guidelines For Development Projects
New York state broadened guidelines for determining whether some economic development projects may be eligible for property and sales tax exemptions based on the level of a project's on-site child care services under clarifying legislation signed by Democratic Gov. Kathy Hochul.
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February 18, 2025
Dechert Advises $1.1B Refi Of Its Own Manhattan HQ Tower
Dechert LLP guided a $1.1 billion refinancing for 3 Bryant Park, a midtown Manhattan, New York, office tower that the firm claims as its own headquarters, records show.
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February 18, 2025
NYC Real Estate Week In Review
Cole Schotz and Seyfarth Shaw are among the law firms that picked up work on the largest New York City real estate deals that hit public records last week, with commercial and residential transactions in Manhattan topping the list.
Expert Analysis
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Keys To Navigating The Post-Pandemic CRE Market
Excerpt from Practical Guidance
As the commercial real estate market continues to face repercussions from the COVID-19 pandemic, lawyers should use office occupancy and leasing volume numbers to anticipate future trends and help guide clients through an uncertain landscape, says Joseph Calvanico at J2C Valuations.
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How Rate Exportation Is Shifting Amid Regulatory Trends
All banks and their partners, including fintechs, that wish to lend to borrowers in multiple states and charge uniform interest rates should heed regulatory developments across the country and determine how best to mitigate risks in their efforts to offer credit to consumers on a nationwide basis, say attorneys at Ballard Spahr.
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How The Commercial Real Estate Slump May Weigh On Banks
The continuing underperformance of the U.S. commercial real estate market has significant implications for the financial performance and disclosure requirements for various banks, especially regional ones with large debt exposures, say Atanu Saha and Yong Xu at StoneTurn.
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Negotiating Material Escalation In Construction Contracts
As material price escalation clauses have remained popular in construction contracts despite an easing of recent supply chain issues, attorneys representing owners should understand key considerations for negotiating such clauses, and strategies to mitigate potential exploitation by contractors, says H. Arthur Black II at Brooks Pierce.
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Landlords Should Prep As WeWork Faces Potential Ch. 11
After years of financial trouble and the recent announcement that it has substantial doubt that it would be able to continue as a going concern, WeWork may have a bankruptcy filing in its future that would have a significant impact on landlords and other stakeholders who are owed money by the company, say attorneys at Cadwalader.
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Key Drivers Behind Widespread Adoption Of NAV Financing
While net asset value-based lending has existed for years, NAV lending has only started to move into the mainstream recently — likely due to difficult market conditions faced by sponsors including persistent inflation, high interest rates and a lack of exit opportunities, say Matthew Kerfoot and Jinyoung Joo at Proskauer.
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Conn. Ruling Highlights Keys To Certificate-Of-Need Appeals
The Connecticut Supreme Court's recent decision in High Watch Recovery Center v. Department of Public Health, rejecting rigid application of statutes concerning certificate-of-need procedure, provides important guidance on building an administrative record to support a finding that a case is contested, say attorneys at Robinson & Cole.
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Pickleball Makes Waves In Fla. Real Estate, With Risks In Play
Pickleball's burgeoning popularity in Florida is catalyzing a transformation in the state's commercial real estate market, but investors must take steps to navigate legal challenges related to noise, insurance and community dynamics, says Emmanuelle Litvinov at DarrowEverett.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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What Calif. Pot Permit Ruling Means For Enviro Compliance
While a California appeals court's recent decision in Lucas v. City of Pomona affirms the city's use of a statutory exemption for its commercial cannabis overlay permit program, the ruling does not mean that all applicants seeking similar approvals are exempted from state environmental compliance obligations, say Whitney Hodges and Barbara Machado at Sheppard Mullin.
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Rare Reg A+ Fines Reflect New Era Of SEC Enforcement
The U.S. Securities and Exchange Commission's recent announcement of civil penalties against 10 microcap companies for violations of Regulation A+ shows that as the SEC continues to expand its enforcement efforts, its focus remains on protecting investors of all sizes — including those investing in the historically less-scrutinized Reg A+ issuers, say attorneys at Crowell & Moring.
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Factors To Consider When Structuring Data Center Contracts
Data center leases and service agreements grant very similar rights and impose similar obligations, but they also hold notable differences and a range of factors that are important to consider when selecting which form of agreement to use, say attorneys at Mayer Brown.
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Rethinking Mich. Slip-And-Fall Defense After Top Court Ruling
The Michigan Supreme Court recently overturned three decades of premises liability jurisprudence by ruling that the open and obvious danger defense is no longer part of a traditional duty analysis, posing the question of whether landowners will ever again win on a motion for summary dismissal, say John Stiglich and Meriam Choulagh at Wilson Elser.