Commercial
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June 11, 2024
Net Lease REIT Sells 2 Office Properties For $60.7M
Net Lease Office Properties said Tuesday that it has sold two Minnesota office properties leased to Blue Cross Blue Shield for a combined $60.7 million.
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June 10, 2024
3 Firms Guide $125M ND Data Center Construction Loan
CIM Group announced Monday that the investment firm closed on a $125 million loan to Applied Digital for the company's construction of a North Dakota data center campus, in a deal guided by Simpson Thacher & Bartlett LLP, Milbank LLP and Lowenstein Sandler LLP.
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June 10, 2024
NYC Tells 2nd Circ. No Sanctions In COVID Rent Law Suit
New York City told the Second Circuit that its late-in-the-game jurisdictional arguments don't warrant sanctions amid litigation over pandemic protection for commercial real estate tenants, arguing that it raised the claims as soon as possible.
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June 10, 2024
Ex-Real Estate Business Partners Duel In Calif. Court
Two former real estate business partners lodged dueling suits against each other in California state court with accusations of backstabbing, theft and lying.
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June 10, 2024
Conn. Hospital Broke $4.25M Property Sale Deal, Buyer Says
A Connecticut hospital has been accused in state court of breaking its $4.25 million property sale contract after the sale was called off following the hospital's merger with Northwell Healthcare Inc.
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June 10, 2024
Manhattan Office Leasing Up Again From 2023, Per CBRE
Leasing activity in Manhattan's office market remained elevated in May compared to a year prior, with a Covington & Burling LLP deal leading the way as the month's biggest transaction, CBRE said Monday.
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June 10, 2024
Co. Says 16 Intervenors Will Drag Out Alaska Mine Dispute
A company seeking relief from a U.S. Environmental Protection Agency decision to block a mining proposal for a stretch of pristine salmon habitat on Alaska's Bristol Bay asked a federal judge to exclude more than a dozen environmental groups from joining the case.
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June 07, 2024
Federal Realty Exits Santa Monica Outdoor Mall For $103M
Federal Realty Trust said it has exited Santa Monica, California's struggling Third Street Promenade by selling off a group of eight properties in the outdoor mall near the city's pier for $103 million.
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June 07, 2024
DOE Reveals National Definition Of Zero-Emissions Building
The U.S. Department of Energy unveiled a federal definition for determining whether a residential or commercial building qualifies as a zero-emissions building as part of an ongoing effort to slash greenhouse gas emissions across the traditionally heavily emitting sector.
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June 07, 2024
NYC Hotel Land Sale Ends $275M Lease Dispute
An investment group led by David Werner sold a Manhattan hotel property to an affiliate of Highgate Capital Investments LP for $275 million in a deal overseen by Latham & Watkins LLP, per county property records filed June 6.
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June 07, 2024
Real Estate Co. Will Begin $170M Houston Tower Project
A Tennessee-based real estate company is set to begin construction on a $170 million, 37-story, mixed-use, Class A tower project in Houston, Texas, in October, according to a filing with Texas' Department of Licensing and Regulation.
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June 07, 2024
Texas Top Court Denies Roofer's Challenge To Adjuster Laws
The Supreme Court of Texas tossed on Friday a roofing company's challenge to the state's public adjuster licensing laws, saying that requiring a license or preventing certain conduct didn't violate the roofer's free speech rights.
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June 07, 2024
Bank Says Alzheimer's Center Owes $17M On Defaulted Loan
An Alzheimer's care center owes Bank of Oklahoma nearly $17 million after it became the last of four memory care facilities to default on a $27.5 million loan that was used to refinance their mortgage debt, according to a complaint filed in Georgia federal court.
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June 07, 2024
Miami Official Can't Shake Zoning Abuse Claims
A Miami commissioner can't escape allegations that he and other city officials conspired to sabotage local businesses with zoning and safety laws after a pair of business owners backed the commissioner's opponent in a 2017 election, a Florida federal judge ruled.
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June 07, 2024
MoFo, Foley & Lardner Guide $695M Sale Of Construction Biz
Middle-market private equity firm Palladium Equity Partners LLC has sold a construction company to an affiliate of electrical solutions company nVent Electric PLC for $695 million in a deal guided by Morrison Foerster and Foley & Lardner LLP, according to an official announcement.
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June 07, 2024
Zurich, Loan Co. Settle $15M Ex-3M Campus Repairs Suit
The lender and current title owner for a now-foreclosed Austin property that was once the campus of 3M reached a settlement in principle with a Zurich unit over coverage for their $15.5 million winter storm damage claim, the parties told a Texas federal court.
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June 07, 2024
Willkie Farr Guides RFR's $560M Sale Of NYC Gallery Building
In a deal guided by Willkie Farr & Gallagher LLP, Aby Rosen's RFR Holding offloaded a Manhattan art gallery, office and retail property for $560 million, per New York property records.
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June 06, 2024
La. Commercial Property Co. Settles Storm Insurance Dispute
A Louisiana federal judge has dismissed a commercial property owner's coverage fight over windstorm damage after the company settled in arbitration with a group of 10 insurers.
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June 06, 2024
Investors Say Fund Preyed On Alums For RICO Scheme
A group of Chinese and American investors alleged this week that they were ripped off to the tune of millions of dollars by a group of fraudsters who, through a series of fraudulent bank loans, bogus tax filings and false advertising, induced them into putting their money into a Los Angeles real estate project.
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June 06, 2024
NYC Passes Economic Opportunity Rezoning, With Tweaks
The New York City Council voted June 6 to approve a slate of zoning reforms intended to promote small business growth and update decades-old regulations, after making several tweaks to the plan in response to community concerns.
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June 06, 2024
Colorado To Study Simplification Of Local Lodging Taxes
Colorado will expand the scope of a task force responsible for simplifying the state's sales and use tax regime to improve the local lodging tax system as part of a bill signed into law by Democratic Gov. Jared Polis.
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June 06, 2024
Jeffrey Zwick Advises On $147M NYC Portfolio Refinancing
A Namdar Realty Group affiliate has closed on a $147.1 million refinancing of a group of 18 New York City apartment buildings and commercial properties in a transaction advised by Jeffrey Zwick & Associates.
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June 06, 2024
Ind. Tax Court Backs Lower Valuation For Department Store
The value of an Indiana Dillard's store was correctly reduced to about $5 million for tax years 2018 through 2020 by the state tax board after taking into consideration the owner's income approach analysis, the state's tax court ruled.
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June 06, 2024
Prof Can Test NC State Building For Carcinogens
A split state appeals court has granted a former North Carolina State University employee stricken by cancer access to gather evidence in a campus building that studies showed contained cancer-causing materials.
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June 06, 2024
Mich. Court Promises Swift Ruling In Ford Battery-Plant Case
A Michigan appellate court panel on Thursday said it would deliver its decision soon on a ballot measure aimed at halting the construction of a Ford Motor Co. megafactory, as campaigners pressed the court to rule ahead of fall election deadlines.
Expert Analysis
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The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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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.
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Subchapter V Eligibility Ruling Raises Uncertainty For Tenants
A Virginia bankruptcy court’s recent ruling in Macedon Consulting — that all remaining rent under a lease should be factored into a lessee's Subchapter V eligibility — raises the question, but does not address, how a court should calculate the amount of debt owed under a lease, creating significant risk for potential tenant debtors, says Sam Ashuraey at Ashuraey Law.
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Parsing Tax Implications Of NYC Office Leasing Transactions
Though New York City's tax laws generally do not require negotiated contractual risk allocation in the case of sublease and early lease termination transactions, it is still helpful for counsel to both landlords and tenants to understand the laws' nuances, say attorneys at Lowenstein Sandler.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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NY's Take On Premises Insurance Policies: What's In A Name?
A New York appellate court's recent decision in Wesco Insurance v. Fulmont Mutual Insurance — requiring insurance coverage for a property owner not named on the policy — strengthens a state case law trend creating a practical exception in premises liability cases to normally strict requirements for coverage, says Craig Rokuson at Traub Lieberman.
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Bankruptcy Ruling Shows Section 363's Magic Has Its Limits
The Ninth Circuit Bankruptcy Appellate Panel's recent ruling in Groves demonstrates that Section 363 — which allows a debtor-in-possession to sell their property in order to generate cash — fails as a tool when it’s used to turn a nondebtor entities' property into property of a debtor's bankruptcy estate, says Brian Shaw at Cozen O'Connor.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.