Commercial
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August 15, 2024
Baha Mar Builder Blames Developer Debt As $1.5B Trial Wraps
Counsel for the Chinese state-owned construction firm that built the Bahamian luxury resort Baha Mar closed out a bench trial in New York state court on Thursday arguing that it was the resort developer's overleveraged debt, not delays in the building process, that led to $1.5 billion in losses.
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August 15, 2024
Tax Pros Navigate Chaos, Rewards In Climate Law's 2nd Year
Energy tax attorneys have been knee-deep in project finance deals for the past year since the Inflation Reduction Act of 2022 triggered a flurry of clean energy investments, but the work, they say, has been fulfilling as part of broader efforts to save the environment.
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August 14, 2024
Top Stories From Real Estate's Latest Quarterly Updates
Catch up on the headlines made by the largest public real estate companies during their latest quarterly earnings calls with investors, from data centers and lease deals to market forecasts and casinos.
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August 14, 2024
Biz Says Mich. Cities Ignore Taxpayers In Fee-Or-Tax Fight
A pipe fitting business has urged the Michigan Supreme Court to reject municipal organizations' "histrionic" arguments that cities' financial stability will be in jeopardy if the top court finds Detroit's fire inspection fee is a disguised tax, saying the groups are disregarding citizens' rights to be free from illegal taxes.
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August 14, 2024
BP Unit Can't Escape Truck Stop Suit, Developers Claim
Companies suing a BP subsidiary for terminating their truck stop franchise agreement and leaving them stuck with unrecoverable development costs hit back against its "shotgun approach" to have their suit seeking more than $300 million in damages thrown out, telling an Ohio federal judge that their complaint is grounded in compelling claims.
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August 14, 2024
NY Judge Tosses Noise Suit Against Queens Tennis Club
A New York state judge on Tuesday dismissed a Queens nonprofit's nuisance suit against The West Side Tennis Club, which was accused of being responsible for excessive noise coming from concerts held at its century-old outdoor stadium in the borough's Forest Hills neighborhood.
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August 14, 2024
Rising Star: Kirkland's Michael Shultz
Michael Shultz of Kirkland & Ellis LLP has advised investor Blue Owl on several major transactions, including its $15 billion acquisition of real estate investment trust STORE Capital Corp. with Singaporean sovereign wealth fund GIC, earning him a spot among the real estate law practitioners under age 40 honored by Law360 as Rising Stars.
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August 14, 2024
NYC Hotel License Bill Rattles Hospitality Industry
A bill that would introduce licenses for hotels in New York City has the hospitality industry up in arms, and attorneys shared concerns with Law360 that the public safety messaging behind the proposal is a shield for measures that would drive up labor costs.
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August 14, 2024
Rising Star: Latham's Dustin Paige
Latham & Watkins LLP counsel Dustin Paige's work on large, complex deals, including a $7 billion joint venture between Digital Realty Trust and Blackstone Inc. to develop four hyperscale data center campuses and Flynn Properties' $1.1 billion acquisition of an 89-hotel portfolio and its subsequent refinancing, has earned him a spot among the real estate attorneys under age 40 honored by Law360 as Rising Stars.
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August 14, 2024
Rising Star: Perkins Coie's Mica Klein
Mica Klein of Perkins Coie LLP has advised Microsoft on a series of data center and electrical substation construction projects across North, Central and South America and represents the Seattle Mariners in a major stadium renovation, earning her a spot among the construction law practitioners under age 40 honored by Law360 as Rising Stars.
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August 14, 2024
Holland & Knight Atty Previews DC Flood Construction Rules
With only weeks left in the public comment period of Washington, D.C.'s proposed flood hazard rule change — a regulation that significantly widens the area under strict climate-driven building guidelines — attorneys like Holland & Knight LLP partner Amy L. Edwards have been analyzing maps, base flood elevations and what constitutes a public use in client projects.
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August 14, 2024
DC Tax Relief Can Aid Office Projects, But It's No 'Silver Bullet'
While tax relief programs may help a handful of office conversion projects in Washington, D.C., and make financial sense, much more needs to happen to bring the city's struggling downtown back to life again, real estate experts say.
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August 14, 2024
Commercial Real Estate Cases To Watch In 2024's Second Half
A Jo-Ann Stores co-tenancy dispute in California, a New York EB-5 dispute and a continued Florida challenge to a 2023 law limiting foreign land ownership are among the matters real estate lawyers will be watching in the second half of 2024.
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August 14, 2024
DC To Put $61M Toward Upgrading Community Facilities
The District of Columbia received more than $61.3 million from the U.S. Department of the Treasury so that D.C. can improve community facilities such as public libraries and senior centers, the city's mayor, Muriel Bowser, announced.
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August 13, 2024
FDIC Looks To Dodge Suit Over First Republic Bank's Rent
The Federal Deposit Insurance Corp. urged a California federal court to toss a suit filed by a California landlord that once leased to First Republic Bank, arguing that federal law bars the suit because the FDIC is the bank's receiver.
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August 13, 2024
Anadarko Settles Wyo. Landowners' Antitrust Case For $12M
Occidental Petroleum Corp. unit Anadarko Petroleum Corp. will pay $12 million to resolve a federal class action from Wyoming landowners accusing the extraction company of anticompetitively hoarding permits to block and control local oil and gas development, resolving the suit Monday — very nearly on the courthouse steps.
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August 13, 2024
'Delusional' Ex-Atty Gets 25 Years For Bank Embezzlement
An Illinois federal judge blasted a former attorney and real estate developer Tuesday as she handed him 25 years in prison for misappropriating a bank's embezzled money, saying he was "delusional" to assert he's a victim in the case.
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August 13, 2024
Lender Wins $17M Judgment In Miami Property Row
An affiliate of Canadian real estate investment firm Romspen won a $17 million judgment in Florida state court and the right to foreclose on undeveloped land near the Miami International Airport.
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August 13, 2024
Partnerships' Easement Fight Ends As Gov't Drops IRS Notice
An Alabama federal judge dismissed a complaint by dozens of partnerships claiming they shouldn't have to comply with an IRS notice regarding conservation easement transactions, following an Eleventh Circuit ruling upholding the notice as invalid and the government's agreement not to enforce it.
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August 13, 2024
Goetz Fitzpatrick Adds New Partner To Roster Ahead Of Merger
As it prepares to merge with a Northeastern law firm at the start of next year, New York-based construction and real estate firm Goetz Fitzpatrick LLP announced the addition of a name partner from another Empire State firm Sahn Ward Braff Koblenz Coschignano PLLC.
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August 13, 2024
Starwood Property's Former GC Joins Its Parent As COO
The former general counsel for Starwood Property Trust Inc. is returning to its parent company Starwood Capital Group after a short stint with a private equity firm.
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August 13, 2024
Buchalter Adds Real Estate Trio From Nashville Boutique
Three attorneys from a Tennessee real estate boutique, including the firm's founder, have joined Buchalter PC's Nashville office.
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August 12, 2024
Cannabis Advocates Drop Lawsuit Against Mich. Town
A cannabis entrepreneur and local developers have agreed to end a lawsuit against a Michigan township that claimed the municipality's leaders blocked them from opening a marijuana dispensary.
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August 12, 2024
Claims Trimmed In Goldman Family's NYC Property Battle
A New York state judge has tossed several claims that inheritors of the late Sol Goldman's real estate empire filed in a dispute over control of the family business, while keeping mismanagement claims against the deceased billionaire's daughter alive.
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August 12, 2024
NYC Office Guarantors Fight 'Surrealistic' Recourse
The guarantors of financing on a Midtown Manhattan office building sued the lender Aug. 8, saying it tricked the borrower into an arrangement that could leave the guarantors liable for the full loan amount and attorney fees in a separate federal lawsuit.
Expert Analysis
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What Calif. Eviction Ruling Means For Defaulting Borrowers
A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.
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How 3D Printing And Prefab Are Changing Construction
The growing popularity of trends like 3D printing technology and prefabrication in the construction industry have positive ramifications ranging from reducing risks at project sites to streamlining construction schedules, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.
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A Deep Dive Into High Court's Permit Fee Ruling
David Robinson and Daniel Golub at Holland & Knight explore the U.S. Supreme Court's recent ruling that a local traffic impact fee charged to a California property owner may be a Fifth Amendment taking — and where it leaves localities and real estate developers.
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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.