Commercial
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July 17, 2024
Top Florida Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of Florida so far this year, from alleged zoning abuse and bankruptcy to a brewing condo crisis and a seven-figure highway expansion.
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July 17, 2024
Pa. Justices OK Zoning Decision To Allow Suburban Hospital
A zoning officer for a Pittsburgh suburb was within state law to issue a "use permit" that would allow the University of Pittsburgh Medical Center to build near a rival network's existing hospital, even if that permit punted on making sure the plan conformed with other zoning rules, the state Supreme Court ruled Wednesday.
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July 17, 2024
Gallagher & Kennedy Welcomes CRE, Telecom Expert
Gallagher & Kennedy PA announced that the company has added a commercial real estate and telecommunications expert from Goehring Rutter & Boehm to the firm's real estate practice group.
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July 17, 2024
Mo. Tax Commission Affirms Hotels' Combined $37.6M Value
A Missouri county correctly valued three hotels at a combined $37.6 million, the state tax commission said, affirming a hearing officer's finding that an appraiser for the hotels included pandemic-related deductions that undermined the credibility of the appraisals.
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July 17, 2024
SL Green, Wharton Buy $101M Former Signature Loan
SL Green Realty Corp. and billionaire Jeff Sutton's Wharton Properties have bought a $101 million note secured by a Wharton retail building from Blackstone Group — debt a receiver for Signature Bank sold off in December.
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July 17, 2024
Fried Frank Guides Blackstone HQ Expansion In Manhattan
Blackstone will expand its Midtown Manhattan office headquarters and extend its lease in an agreement guided by Fried Frank, the building's property manager announced Wednesday.
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July 17, 2024
Tech Hub Looks To Capitalize On S. Fla.'s Climate Expertise
When the U.S. Economic Development Administration launched its Tech Hubs program across the country in October, South Florida's climate- and resilience-focused entry was one of 31 selected from more than 200 applications, and it made the cut again earlier this month, receiving $19.5 million when an initial funding round of $504 million was awarded to 12 of those hubs.
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July 17, 2024
U. Miami Climate Leader Sees Chance For Innovation
With Miami often called the "ground zero" of the climate change crisis, the University of Miami in 2022 launched a Climate Resilience Academy to coordinate an interdisciplinary response. Nearly a year into his tenure, its leader reflects on the opportunity for midsize city innovation in infrastructure in the face of climate challenges.
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July 17, 2024
Md. Justices Say Amazon Insurer Can Pursue Subrogation
An insurer for Amazon can continue to pursue subrogation against subcontractors for a Baltimore warehouse construction project, the Maryland Supreme Court unanimously ruled, after the insurer said it covered Amazon for over $50 million worth of damage caused by severe weather.
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July 17, 2024
Fried Frank Advises Host's $265M Buy Of NYC Starwood Hotel
Starwood Capital Group has sold a Midtown Manhattan hotel to an affiliate of real estate investment trust Host Hotels for $265 million, in a transaction advised by Fried Frank Harris Shriver & Jacobson LLP.
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July 17, 2024
Barings Lends $244M To Refinance Kansas Logistics Park
Real estate investment manager Barings said Wednesday that it has provided a $244 million loan to refinance a portfolio of 10 warehouse and distribution facilities owned by a joint venture of Ares Management Real Estate and Kansas City, Missouri-based NorthPoint Development.
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July 17, 2024
Ohio Board Lowers Value Of Kohl's Property By $800K
The Ohio Board of Tax Appeals lowered the appraised value of a Kohl's property Wednesday by roughly $822,000, saying a county appraiser wrongly concluded that the property's highest and best use would be for use by a national company.
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July 17, 2024
NYC Real Estate Week In Review
Fried Frank and Tarter Krinsky are among the law firms that guided the largest New York City real estate deals that hit public records last week, a period that saw three transactions north of the $100 million mark become public.
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July 16, 2024
EB-5 Investors Seek Sanctions Over 'Flight Risk' Defendant Info
Two dozen Chinese investors who alleged that $13.2 million worth of their investments in a Hawaii resort went missing has urged an Illinois federal judge to sanction developers for not giving them important case information, including contact information for one defendant who they said is an "obvious flight risk."
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July 16, 2024
$4.5M Davis Wright Deal In Ore. Fraud Suit Gets Final OK
An Oregon federal judge has fully adopted a magistrate judge's recommendation to sign off on a $4.5 million deal resolving investor claims against law firm Davis Wright Tremaine LLP for its work representing entities involved in an alleged real estate securities fraud scheme, while two banks were dismissed from the case.
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July 16, 2024
NC Panel Affirms Property Tax Valuation For Ashley Furniture
About 300 acres of property belonging to Ashley Furniture in North Carolina were properly valued at about $60 million for tax years 2018 and 2019, a state appeals court panel ruled Tuesday in favor of the state property tax commission.
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July 16, 2024
V&E Guides Tishman Speyer's $140M Sale Of DC Office Tower
Tishman Speyer sold a recently redeveloped office building in Washington, D.C., for $140.2 million, which is over $50 million more than what the company paid when it bought the property a decade ago, in a deal advised by Vinson & Elkins LLP, according to deed records filed Tuesday.
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July 16, 2024
Chancery OKs $42.5M Brookfield-GGP Settlement, $11.4M Fee
Shareholders of mall operator GGP Inc. who sued in 2018 to stop its $9.25 billion acquisition by Brookfield Property Partners LP got the Chancery Court's nod Tuesday to settle the litigation for $42.5 million, including an $11.4 million fee for the plaintiffs' counsel and incentive awards for three shareholder plaintiffs.
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July 16, 2024
Pa. Court Upholds $23M Value Of Vacant Hospital's Parking
A vacant hospital's parking area in Pennsylvania was properly valued at $23.2 million, the state Commonwealth Court ruled, finding that a trial court had the discretion to apply the sales comparison approach to the valuation.
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July 16, 2024
County Says Pittsburgh Schools Can't Force Reassessment
As one taxing body out of many in Allegheny County, Pennsylvania, the School District of Pittsburgh lacks standing in its lawsuit seeking to force a countywide reassessment of property values, the county said in its preliminary objections to the suit.
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July 16, 2024
Data Center Co. Nets $681M Loan, $7.9B Credit Facility
CyrusOne borrowed a $681.7 million loan for its Dallas, Texas, data center Monday, after lining up $7.9 billion in a warehouse credit facility deal.
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July 16, 2024
Manhattan Property Co. Seeks Ch. 11 Protection
A company tied to a four-story mixed-use building in Lower Manhattan's trendy NoHo neighborhood filed for Chapter 11 bankruptcy, listing as much as $50 million in liabilities and up to $500,000 in assets.
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July 16, 2024
Miami-Dade Tries To Nix Seaquarium Operator's Eviction Suit
Miami-Dade County has asked a federal judge to toss a lawsuit from the operator of the Miami Seaquarium, which claimed the county is evicting it after its CEO responded to a "disrespectful" email from an official concerned about manatees held at the aging facility.
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July 16, 2024
Silicon Valley CRE Faces Rising Vacancies, Per Q2 Report
Silicon Valley's office market saw rising vacancies and negative net absorption in the second quarter, even though the region notched an annual increase in venture capital funding, Colliers said in a report.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
Wars, Interest Rates, Election Prompt Caution For Prologis
Prologis executives expressed caution Wednesday about "highly volatile" conditions affecting the current market, including uncertainties over the presidential election, while highlighting tight supply as a boon for the industrial giant.
Do Real Estate Attorneys Ever Take Vacations?
Real estate attorneys looking to take a vacation must do a lot of legwork to ensure that their deals or cases sail smoothly in their absence. But things don't always go as planned.
Property Plays: Brookfield, Bally's, Kushner Cos.
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
Expert Analysis
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How NJ Worker Status Ruling Benefits Real Estate Industry
In Kennedy v. Weichert, the New Jersey Supreme Court recently said a real estate agent’s employment contract would supersede the usual ABC test analysis to determine his classification as an independent contractor, preserving operational flexibility for the industry — and potentially others, say Jason Finkelstein and Dalila Haden at Cole Schotz.
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A Checklist For Lenders Preparing For CRE Loan Defaults
Considering the recent interest rate environment, lenders should brush up on the proper steps that they should take when preparing to respond to a borrower's default on a commercial real estate loan, and borrowers should understand what lenders will be reviewing, says attorney Norma Williams.
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7th Circ Joins Trend Of No CGL Coverage For Structural Flaws
The Seventh Circuit, which recently held potential structural instability did not count as property damage under a construction company's commercial general liability policy, joins a growing consensus that faulty work does not implicate coverage without tangible and present damage to the project, say Sarah Abrams at Baleen Specialty, and Elan Kandel and James Talbert at Bailey Cavalieri.
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Criminal Enforcement Considerations For Gov't Contractors
Government contractors increasingly exposed to criminal liability risks should establish programs that enable detection and remediation of employee misconduct, consider voluntary disclosure, and be aware of the potentially disastrous consequences of failing to make a mandatory disclosure where the government concludes it was required, say attorneys at Crowell & Moring.
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Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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A Case Study For Calif. Cities In Water Utility Takeovers
With growing water scarcity and drier weather looming, some local governments in California have sought to acquire investor-owned water utilities by eminent domain — but the 2016 case of Claremont v. Golden State Water is a reminder that such municipalization attempts must meet certain statutory requirements, say attorneys at Nossaman.
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Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Lower Courts May Finally Be Getting The Memo After Ciminelli
A year after the U.S. Supreme Court again limited prosecutors' overbroad theories of fraud in Ciminelli v. U.S., early returns suggest that the message has at least partially landed with the lower courts, spotlighting lessons for defense counsel moving forward, says Kenneth Notter at MoloLamken.
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A Framework For Investigating Commercial Loan Fraud
As commercial loan transactions are increasingly subject to sophisticated fraud schemes, lenders must adopt dynamic strategies to detect, investigate and mitigate these schemes, say attorneys at Baker Donelson.
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Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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Yellow Corp. Lease Assumption Shows Landlord Protections
Yellow Corp.’s recent filing of a motion to assume unexpired leases is a helpful reminder to practitioners to maintain a long-term approach about what is most beneficial for an estate and to not let a debtor's short-term cash position dictate business decisions, says Kyle Arendsen at Squire Patton.