Commercial
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June 05, 2024
Property Plays: WP Carey, Tribeca, Tower Capital
W.P. Carey inked $258 million worth of investments, largely in industrials; a total of $21.5 million was loaned for the acquisition and conversion of an eight-story Tribeca building; Tower Capital lined up $47.4 million for a build-to-rent community in Texas.
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June 05, 2024
OKC Lawmakers Clear Height Limit For Planned Skyscraper
Oklahoma City lawmakers approved the rezoning of a local downtown area in order to get rid of a height limit for a mixed-use development project that's expected to include a 1,907-foot tall skyscraper, which would be the tallest skyscraper in the country.
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June 05, 2024
Miami Developer Maintains Pioneering Touch In Latest Moves
Miami-area developer Masoud Shojaee spoke with Law360 Real Estate Authority about his project strategy and how it has led to longevity for his firm Shoma Group and given him confidence in helping to address a housing crisis and various challenges in the market.
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June 05, 2024
Sterling Org Raises $600M For Retail RE Investments
Sterling Organization, a private-equity real estate investment firm, closed its Sterling Value Add Partners IV LP fund after it surpassed its $500 million goal and obtained more than $600 million worth of capital commitments, according to a Wednesday announcement.
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June 05, 2024
Fire Co. Shuts Down Insurer's $3.7M Subrogation Bid
A hotel's insurer cannot seek reimbursement from a fire protection company for its roughly $3.7 million coverage payment following a pipe rupture in the hotel's fire sprinkler system, an Ohio federal court ruled, finding the hotel and fire protection company waived their respective insurers' subrogation rights.
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June 05, 2024
Disney To Spend $8B In Fla. After Deal With Oversight Board
As part of a settlement to end a state lawsuit, members of a local oversight district picked by Gov. Ron DeSantis advanced a development agreement on Wednesday permitting a major new theme park at Disney World as the entertainment giant plans $8 billion in spending over the next decade in Florida.
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June 05, 2024
1st Circ. May Undo Tribal Casino Bribery Convictions
First Circuit judges hinted Wednesday that jurisdictional flaws and other issues could reverse the bribery convictions of an architect and tribal chairman in connection with a proposed $1 billion casino in southeastern Massachusetts.
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June 05, 2024
$1.5B Funding Surge Highlights EPA's Brownfields Evolution
Building on what's already a much-touted bipartisan success story, the EPA has ironed out many of the wrinkles in its brownfields program and is now equipped with a surge of funding. In the first of a four-part series, Law360 Real Estate Authority analyzes the trends and outlooks from the agency's brownfield grant data.
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June 04, 2024
S. Korea Claims Victory In Chinese Investor's $1.47B Dispute
South Korea's Ministry of Justice has announced that an international tribunal threw out all claims asserted by a Chinese real estate investor in a treaty case over a South Korean bank's forced sale of his shares in a local real estate company he founded.
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June 04, 2024
LA Landfill Owner Faces Suits Over Foul Fumes, Runoff
Some 800 people near a waste dump in Los Angeles County sued its operator for damages, alleging the company is liable for a smoldering underground fire at the site — the county's second-largest landfill — that has spewed toxic gas into the air for the last year, as well as geyser-like eruptions of polluted water from the ground.
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June 04, 2024
6th Circ. Says 1,000-Yard Gun Range Not Constitutional Right
A split Sixth Circuit panel said a Michigan town had the authority to ban long-distance gun ranges despite the Second Amendment's protections, ruling it was "difficult to imagine" that training to shoot from 1,000 yards away was needed to defend oneself.
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June 04, 2024
Data Center Firm Nets $1.3B In Financing For Development
STACK Infrastructure has secured $1.3 billion in fundraising for data center projects in the U.S., Europe and the Asia-Pacific region, the company announced Tuesday.
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June 04, 2024
SEC Shutters Salt Lake City Office, Shifts Cases To Denver
The U.S. Securities and Exchange Commission said on Tuesday that it will close its Salt Lake City office for budgetary and organizational purposes, saying that the caseload of the office, which among other things handled the troubled Debt Box case, will now be handled by staff in Denver.
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June 04, 2024
Real Estate Lawyers On The Move
Nossaman, Miles & Stockbridge and Holman Fenwick Willan are among the firms that have made recent real estate or construction hires.
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June 04, 2024
Troutman Real Estate Ace Rejoins Morris Manning In Atlanta
Morris Manning & Martin LLP announced Tuesday that an attorney who left the firm as an associate for Troutman Pepper Hamilton Sanders LLP a little over a year ago has rejoined the firm in Atlanta as a partner in its real estate practice.
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June 04, 2024
V&E Advises $700M Offer To Take Whitestone REIT Private
MCB Real Estate, guided by Vinson & Elkins LLP, approached Whitestone REIT with an offer to buy the real estate investment trust and take it private in a $700 million deal, less than a day after the shopping center operator announced changes to its board in the wake of a proxy fight.
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June 04, 2024
11th Circ. Affirms Nix Of IRS Easement Disclosure Guidance
The Eleventh Circuit affirmed Tuesday that an Internal Revenue Service notice imposing reporting requirements on potentially abusive conservation easements was invalid because the agency failed to solicit the public feedback required by administrative law.
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June 04, 2024
Colo. Orders Disclosure Of Info On Local Property Tax Levies
Local jurisdictions in Colorado will be required to provide certain information about their property tax levies under legislation signed into law by Democratic Gov. Jared Polis.
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June 03, 2024
SF Office Market Standout Notches New Leases
Even as San Francisco's office market remains in a four-year downturn, the city's 140 New Montgomery Street tower has kept signing tenants seeking prime space, with three newcomers taking a combined 55,913 square feet, CBRE and building owner Pembroke announced Monday.
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June 03, 2024
Some Racketeering Claims In $92M Award Suit Can Proceed
A Monaco bank and a Luxembourg lawyer and trust administrator must face racketeering claims accusing them of helping to hide the fortune of a Russian businessman who's on the hook for a $92 million arbitral award, a California federal judge ruled on Friday.
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June 03, 2024
Treasury Aims To Salvage Corp. Transparency Act At 11th Circ.
The Corporate Transparency Act is a valid exercise of congressional authority to curb money laundering under the commerce clause and the necessary and proper clause in the Constitution, the U.S. Treasury Department told the Eleventh Circuit on Monday in a bid to restore the law's reporting requirements.
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June 03, 2024
Judge Says It's Time For DIP Deal For Steward Healthcare
A Texas bankruptcy judge on Monday gave Steward Health Care permission to offer a commitment fee to induce a lender to provide it with the financing to see the hospital chain through its Chapter 11 case, while saying the company needs that final commitment soon.
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June 03, 2024
REIT To Replace Trustees Targeted In Proxy Contest
Shopping center operator Whitestone REIT plans to replace two board members following an activist shareholder's unsuccessful attempt to oust the pair in a recent proxy contest, the real estate investment trust said Monday.
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June 03, 2024
Herrick Feinstein Guides Hotel From Lease Suit To $177M Sale
What began as a simple commercial lease action tied to a swanky hotel in New York City morphed into a complex adversary proceeding, which a Herrick Feinstein LLP team recently brought to a close, paving the way for the property's $177 million sale to EOS Hospitality.
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June 03, 2024
RI Panel OKs Providence Unrestricted Property Tax Rates
Rhode Island would allow the city of Providence to adopt a classification system that allows for unrestricted tax rates for the city's property classes under a bill moved to the Senate floor for consideration.
Expert Analysis
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Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
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Fla. Foreign Real Estate Law Brings Broad Investment Risks
Last month, Florida became the latest state to enact legislation prohibiting Chinese investors from acquiring certain interests in real property, introducing significant legal uncertainty and consequences for real estate stakeholders and the private equity industry, say attorneys at Simpson Thacher.
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Prepping Your Business Ahead Of Affirmative Action Ruling
The U.S. Supreme Court's upcoming ruling on whether race should play a role in college admissions could potentially end affirmative action, and companies will need a considered approach to these circumstances that protects their brand power and future profits, and be prepared to answer tough questions, say Nadine Blackburn at United Minds and Eric Blankenbaker at Weber Shandwick.
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How REITs Can Prep For SEC's Repurchase Disclosure Rules
With real estate investment trusts' share repurchase activity on the rise, REITs should beware the potential enforcement risks that may arise from the U.S. Securities and Exchange Commission's new rules requiring additional disclosures regarding such repurchases, says Zach Swartz at Vinson & Elkins.
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Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.
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How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
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Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
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As Sackett Trims Feds' Wetlands Role, States May Step Up
The U.S. Supreme Court's recent decision in Sackett v. U.S. Environmental Protection Agency extinguishes federal authority over many currently regulated wetlands — meaning that federal permits will no longer be required to discharge pollutants in affected areas, but also that state regulators may take a more active role, say attorneys at Kelley Drye.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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Trafficking Ruling Offers Liability Lessons For Hospitality Cos.
A California federal court recently dismissed a lawsuit accusing several national hotel chains of knowingly benefiting from sex trafficking at their premises, highlighting how hospitality leaders can protect their guests and staff, and shield their companies from liability and reputational damage, says Danielle Dudai at Hall Booth.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
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What's Unique — And What's Not — In Trump Protective Order
A Manhattan judge's recent protective order limiting former President Donald Trump's access to evidence included restrictions uniquely tailored to the defendant, which should remind defense attorneys that it's always a good idea to fight these seemingly standard orders, says Julia Jayne at Jayne Law.