Commercial

  • March 18, 2024

    'Brazen' Text By LA Pol Surfaces In Raymond Chan RICO Trial

    A former lobbyist received a "brazen" text from then-Los Angeles City Councilmember Jose Huizar in 2018 seeking a bribe from his developer client, according to testimony heard on Monday by a Los Angeles federal jury considering racketeering and bribery charges against another former city official, Raymond Chan.

  • March 18, 2024

    Paul Hastings Guides $309M Mortgage Deal For NYC Tower

    Paul Hastings LLP guided a mortgage deal in which a Blackstone entity borrowed $308.5 million from Morgan Stanley Bank NA for a 36-story Manhattan office tower, according to city property records.

  • March 18, 2024

    Electric Battery Maker Says Mich. Officials Impeding $2B Plant

    Gotion Inc. accused a Michigan township of going back on its promise to help the electric vehicle battery manufacturer get governmental approvals to build a components plant in which it plans to invest over $2 billion.

  • March 18, 2024

    REIT Signs Citizens Bank To Manhattan Skyscraper Lease

    Real estate investment trust Paramount Group Inc. signed up Citizens Bank with a lease for 74,000 square feet of space in a 1.7 million-square-foot Class A office skyscraper located in Manhattan's midtown neighborhood between West 52nd and West 53rd Street, according to an official announcement Monday.

  • March 18, 2024

    Developers Say Mich. Township Thwarted Pot Dispensary

    A local cannabis advocacy group that includes real estate developers has sued a Michigan township in federal court, alleging elected officials have impeded a proposal to build a medical and adult-use dispensary despite residents' support and additional tax revenue the municipality will reap.

  • March 18, 2024

    BakerHostetler's LA Office Moves To Century City 'Destination'

    BakerHostetler has relocated its Los Angeles office, announcing Monday it was moving it to Century City from its previous location in Brentwood.

  • March 18, 2024

    NYC Real Estate Week In Review

    Blaivas & Associates and Kriss & Feurstein were among the law firms that helped with the largest New York City real estate deals that hit public records last week, with a pair of $70 million-plus transactions in Queens and Brooklyn leading the way.

  • March 15, 2024

    5th Circ. Blocks SEC Climate Reporting Regulations, For Now

    The Fifth Circuit on Friday temporarily blocked the implementation of the U.S. Securities and Exchange Commission's new emissions reporting requirements, issuing an administrative stay in a challenge brought by oil and gas company Liberty Energy Inc.

  • March 15, 2024

    'This Is Scary, Boss': Jury Hears Secret Audio In LA RICO Trial

    A then-assistant to former Los Angeles City Councilman Jose Huizar secretly recorded his boss as they discussed what to do with a $200,000 cash bribe amid an ongoing FBI probe, according to audio heard Friday by a federal jury considering racketeering and bribery charges against another former city official, Raymond Chan.

  • March 15, 2024

    Hilton Forks Over $210M For College Hotel Brand

    Hilton unveiled a $210 million deal to buy the Graduate Hotels brand from a real estate investment manager, under a deal that will see Adventurous Journeys Capital Partners retain ownership of the properties.

  • March 15, 2024

    Texas Justices To Review Tossed $22M Malpractice Verdict

    The Texas Supreme Court on Friday agreed to review a split appellate decision that tossed a real estate brokerage's $22 million malpractice award against a Dallas law firm after finding that improper jury instructions influenced the verdict.

  • March 15, 2024

    Cohen Seglias Grows Pittsburgh Office With Real Estate Hire

    Cohen Seglias Pallas Greenhall & Furman PC announced that it has hired a Pittsburgh-based senior counsel to grow its capabilities in the real estate and business transactional practice areas.

  • March 15, 2024

    Latham Leads $2B Financing For $5B Beverly Hills Project

    Cain International, advised by Latham & Watkins LLP, has obtained $2 billion in construction financing for its upcoming $5 billion One Beverly Hills development, including backing from JPMorgan Chase & Co.

  • March 15, 2024

    'Perfect Storm' Caused 2023 Surge In Law Firm Leasing

    U.S. law firms in 2023 took on nearly 17 million square feet of office space, an unprecedented level of leasing activity driven by major law firm moves into trophy buildings in New York City, according to a report from commercial brokerage firm Cushman & Wakefield.

  • March 14, 2024

    Verizon Sues Pa. Town Over Cell Tower Permit Denial

    Verizon Wirless is suing a small Pennsylvania borough for rejecting its application to install a 105-foot monopole and equipment compound near the town's center, saying the denial will inhibit Verizon from closing a wireless coverage gap and violates the Communications Act of 1934.

  • March 14, 2024

    Ex-Real Estate Exec Accused Of $77M WeWork Stock Fraud

    Manhattan federal prosecutors announced Thursday that the former CEO of real estate investment firm ArciTerra was indicted, alleging he issued a bogus $77 million offer for WeWork shares in an ultimately failed attempt to cash in on call options after juicing the stock price.

  • March 14, 2024

    SEC Asks 5th Circ. To Hold Off On Climate Reg Ruling

    The U.S. Securities and Exchange Commission said it was too early for the Fifth Circuit to delay the implementation of freshly adopted emissions reporting requirements given that those requirements don't go into effect for another two years, offering the first glimpse of possible defenses it could use as it attempts to fend off lawsuits challenging the rules.

  • March 14, 2024

    Wash. Real Estate Co.'s Ch 11 Plan OK'd After Judgment Slashed

    Washington state-based commercial and residential real estate company High Valley Investments LLC 's Chapter 11 plan received a Delaware bankruptcy judge's blessing Thursday after a settlement agreement slashed a $47.4 million judgment against it to an $18 million claim.

  • March 14, 2024

    Energy Dept. Floats $2.26B Loan For Nev. Lithium Project

    The Biden administration is pitching a $2.26 billion loan to help fund lithium carbonate processing facilities at the controversial Thacker Pass mine in northern Nevada, saying they could support the production of as many as 800,000 electric vehicles a year.

  • March 14, 2024

    Okla. Judge Sends Newstream State Border Dispute To Texas

    An Oklahoma federal judge moved a lawsuit between landowners, logistics company Newstream Enterprises and state and federal officials back to Texas federal court after relying on a description of riverbank vegetation to identify the political boundary between the two states in an area that has seen border disputes for more than a century.

  • March 14, 2024

    Holland & Knight Adds Partner To Va. Real Estate Team

    Holland & Knight LLP hired Samuel Young for a partner position in the firm's real estate capital markets team in its office in Richmond, Virginia, the firm announced.

  • March 14, 2024

    Ore. Skateboard Church Denied Tax Break Over Late Purchase

    A tax-exempt Oregon church serving Portland skateboarders is not entitled to a property tax exemption because it did not own its property before the statutory deadline for commencing its charitable activities, the Oregon Tax Court has decided.

  • March 13, 2024

    EPA Designates First Navajo Nation Superfund Site

    The U.S. Environmental Protection Agency is adding the Lukachukai Mountains Mining District in northeastern Arizona to its National Priorities List, with the district's uranium mining waste piles marking the first designated Superfund site on the Navajo Nation.

  • March 13, 2024

    Autism Claims Tossed In Lockheed Martin Toxic Land Suit

    A Florida federal judge has thrown out autism-related claims in a suit alleging Lockheed Martin Corp.'s weapons factory in Orlando leaked toxic chemicals, saying the science underlying the plaintiffs' expert's opinion "is just not there."

  • March 13, 2024

    Ala. Hotelier Says Insurer Must Cover Fire Damage

    A Montgomery, Alabama, hotel owner said an insurer must cover a property-destroying fire under a $13 million policy, telling a New York federal court the insurer made "no attempt whatsoever" to meet its obligations despite the hotelier having met all conditions under the policy.

Expert Analysis

  • How FinCEN Proposal Expands RE Transaction Obligations

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    Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.

  • Unpacking FinCEN's Proposed Real Estate Transaction Rule

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    Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • DC's Housing Tax Break Proposal: What's In It, What's Missing

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    Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for submitting an application, but do not provide sufficient detail regarding the actual dollar value of the abatements, says Daniel Miktus at Akerman.

  • Contract Disputes Recap: The Terms Matter

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    Stephanie Magnell and Zachary Jacobson at Seyfarth examine recent decisions from the U.S. Civilian Board of Contract Appeals, the Armed Services Board of Contract Appeals and the U.S. Court of Federal Claims, which offer reminders about the importance of including contract terms to address the unexpected circumstances that may interfere with performance.

  • Reducing Carbon Footprint Requires A Tricky Path For CRE

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    As real estate owners find themselves caught between rapidly evolving environmental, social and governance initiatives and complicated societal debate, they will need to carefully establish formal plans to remain both competitive and compliant, say Michael Kuhn and Mahira Khan at Jackson Walker.

  • New CMS Rule Will Change Nursing Facility Disclosures

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    A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.

  • What Shareholder Approval Rule Changes Mean For Cos.

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    The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.

  • White Collar Plea Deals Are Rarely 'Knowing' And 'Voluntary'

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    Because prosecutors are not required to disclose exculpatory evidence during plea negotiations, white collar defendants often enter into plea deals that don’t meet the U.S. Supreme Court’s “knowing” and “voluntary” standard for trials — but individual courts and solutions judges could rectify the issue, says Sara Kropf at Kropf Moseley.

  • ESG Around The World: Canada

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    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

  • How Lease Obligations Can Affect Subchapter V Debt Cap

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    Two recent bankruptcy rulings in the Eastern District of Virginia and the Southern District of New York take opposite positions on whether unmatured lease obligations are considered noncontingent debt for the purposes of calculating debtors' Subchapter V eligibility, say Joseph Orbach and Henry Thomas at Thompson Coburn.

  • Trends That Will Shape The Construction Industry In 2024

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    Though the outlook for the construction industry is mixed, it is clear that 2024 will bring evolving changes aimed at building projects more safely and efficiently under difficult circumstances, and stakeholders would be wise to prepare for the challenges and opportunities these trends will bring, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.