Commercial
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April 24, 2024
Vantage Data Centers Lands $3B Green Loan For Growth Plan
Vantage Data Centers has announced it secured a $3 billion green loan from a bank syndicate led by Wells Fargo Securities to fund the development of sustainable data centers in North America.
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April 24, 2024
BakerHostetler Renews Office Lease In SF Skyscraper
BakerHostetler has signed a five-year lease renewal for office space on the entire 31st floor of San Francisco's Transamerica Pyramid, located at 600 Montgomery Street, the firm announced April 24.
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April 24, 2024
Acore Raises $1.4B For Commercial Real Estate Debt Fund
Acore Capital LP overshot its fundraising goal for a commercial real estate credit fund and closed with $1.4 billion worth of equity commitments raised, the commercial real estate debt manager announced.
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April 24, 2024
KKR Financing REIT Expects $140M Loss From Office Distress
The president of KKR & Co.'s financing-focused real estate investment trust said Wednesday that the company will likely face $140 million in losses in the second quarter due to distress in parts of its office loan portfolio.
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April 24, 2024
Croke Fairchild Leader Eyes Data Center Power Question
As demand for data centers continues to skyrocket, site selection for new facilities is increasingly focusing on access to power to actually keep the centers running, Croke Fairchild's real estate leader told Law360.
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April 23, 2024
Residents Say NJ Township, Grower Rushed Land Use Permits
Residents of a New Jersey neighborhood are hopping mad about plans to put a cannabis growing facility a stone's throw from their residential street, telling a state court that the local township didn't properly assess the site plan for the project before approving it.
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April 23, 2024
WeWork Urged To Add Info Ahead Of Ch. 11 Plan Doc Hearing
Bankrupt flexible office space company WeWork Inc. will present its Chapter 11 plan disclosure statement for court approval April 29 in New Jersey, but a judge there urged the debtor to add significant information to the document ahead of that hearing, which the court scheduled on shortened notice.
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April 23, 2024
CoStar Rival Is Asking To Free Ride, 9th Circ. Told
CoStar urged the Ninth Circuit not to revive antitrust counterclaims from Commercial Real Estate Exchange Inc., despite backing from the Federal Trade Commission, arguing the rival is trying to use antitrust law to get free access to its platforms.
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April 23, 2024
Judge Quiets NY Outdoor Stadium For Frazzled Neighbors
A state judge has temporarily muffled the activities of a century-old outdoor stadium in New York, ordering it to hire an independent contractor to monitor noise levels and to place barricades that prevent concert-goers from wandering into nearby neighborhoods.
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April 23, 2024
Shearman Hires Weil RE Atty In New York
Shearman & Sterling LLP has hired a real estate partner in New York from Weil Gotshal & Manges LLP whose practice focuses on advising clients on real estate matters who work in the hospitality, digital infrastructure and a range of other industries, the firm announced Monday.
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April 22, 2024
Petersen Health Shouldn't Get LLCs Back, Creditor Says
A loan servicer of bankrupt senior-living company Petersen Health Care has asked a Delaware bankruptcy court to dismiss the Chapter 11 cases of 16 of Petersen's affiliates, saying they could not file for bankruptcy because they were at the time, and still are, in receivership.
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April 22, 2024
Judge Finds Feds Own Historic Virgin Islands Resort
A U.S. Virgin Islands federal judge has found the government owns the title to the historic Caneel Bay resort on a St. John peninsula, ruling against an operator in a dispute that arose after the resort suffered damage from back-to-back Category 5 hurricanes in 2017.
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April 22, 2024
Real Estate Investment Cos. Owe SEC $8.4M For $17.5M Fraud
A pair of companies allegedly used in service of a fraudulent real estate investment scheme will pay over $8.4 million to end claims they were part of the $17.5 million ploy that took in more than 150 would-be investors with claims that the securities involved were "recession-proof."
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April 22, 2024
Miami Seaquarium Operator Fights Eviction Bid In $35M Suit
The operator of the Miami Seaquarium is fighting an alleged attempt by Miami-Dade County to unlawfully terminate its lease, saying in a federal lawsuit it will lose $35 million from a possible eviction that occurred after the company's CEO criticized county officials in an email over the facility's condition.
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April 22, 2024
Seattle Property Owners Can't Use COVID To Stop $160M Tax
A Washington appeals court said on Monday that Seattle can keep a $160 million property tax to pay for waterfront improvements, in an opinion that rejected an argument that diminished property values after COVID-19 should force the city to recalculate the tax.
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April 22, 2024
Feds Botched Building Contract Prices, Watchdog Reports
Federal building overseers in the Southeast U.S. used distorted pricing for medium-term construction contracts that produced significantly inflated and unreasonably low-cost estimates, according to a government watchdog.
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April 22, 2024
NY Creates New Affordable Housing, Conversion Tax Breaks
Developers in New York City could qualify for new property tax abatement programs for building affordable housing and converting office buildings into affordable housing units under the New York state budget that Democratic Gov. Kathy Hocul signed into law.
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April 22, 2024
Lessee Axed From NC Doctor's Quarrel With Ex-Partner
The North Carolina Business Court has purged a defendant from an ophthalmologist's lawsuit claiming his former partner has reneged on a settlement to buy out the ophthalmologist's half of the practice, finding the defendant wasn't a party to the settlement and can't now be bound to it.
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April 22, 2024
Ralph Lauren Can Continue Appeal Of COVID Coverage Loss
The Third Circuit on Monday lifted a stay that sidelined a Ralph Lauren Corp. appeal of a district judge's ruling that the fashion retailer failed to show insurable physical damage to stores from the COVID-19 pandemic, sending the case to an appellate motions panel with three similar actions.
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April 22, 2024
Trump, NY AG Reach Deal To OK $175M Fraud Appeal Bond
Donald Trump's lawyers agreed Monday to bond conditions requiring the former president to give up control of his $175 million cash deposit pending appeal of a $465 million civil fraud judgment, staving off scrutiny from both the New York attorney general and the judge who entered the award.
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April 22, 2024
NYC Real Estate Week In Review
Davis Polk and Rosenberg & Estis are among the law firms that handled the largest New York City real estate deals that hit public records last week, a period that saw properties for a variety of asset classes — including an office building — trade hands.
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April 22, 2024
Mo. Tax Board Says Horse Breeding Farm Is Agricultural Land
A Missouri property used to breed and care for horses that are shown at shows should have been classified as agricultural instead of commercial, the state tax commission ruled.
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April 22, 2024
Latham-Led CoStar To Buy Matterport In $1.6B Deal
Latham & Watkins LLP-advised CoStar Group said Monday it has agreed to buy 3D spacial-capture technology company Matterport at an estimated enterprise value of $1.6 billion, in a deal that will add its virtual property tour technology to CoStar's existing real estate information and analytics offerings.
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April 19, 2024
Attys Wary Of 'Zero Tolerance' Approach In New PFAS Rule
With Friday's finalization of the U.S. Environmental Protection Agency's rule designating two "forever chemicals" as hazardous, the stakes just got higher for real property due diligence work.
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April 19, 2024
Casino SPAC Can Return Money, Not Shares, Chancery Rules
Stockholders in a blank-check company that failed to merge with a Philippines-based casino are entitled to a distribution from $37.5 million sitting in trust, but the company may not redeem any shares until an investor's Delaware lawsuit plays out, a Chancery Court vice chancellor said Friday.
Expert Analysis
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ABA's Money-Laundering Resolution Is A Balancing Act
While the American Bar Association’s recently passed resolution recognizes a lawyer's duty to discontinue representation that could facilitate money laundering and other fraudulent activity, it preserves, at least for now, the delicate balance of judicial, state-based regulation of the legal profession and the sanctity of the attorney-client relationship, say attorneys at Ballard Spahr.
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Regulators Must Get Creative To Keep Groundwater Flowing
Even as populations have boomed in Sun Belt states like Arizona, California and Texas, groundwater levels have diminished due to drought and overuse — so regulators must explore options including pumping limits, groundwater replenishment and wastewater reuse to ensure future supplies for residential and commercial needs, says Jeffrey Davis at Integral Consulting.
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Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.
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Key Provisions In Florida's New Insurer Accountability Act
Florida's recent bipartisan Insurer Accountability Act introduces a range of new obligations for insurance companies and regulatory bodies to strengthen consumer protection, and other states may follow suit should it prove successful at ensuring a reliable insurance market, say Jan Larson and Benjamin Malings at Jenner & Block.
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Best Practices For Lenders To Limit Recourse Liability
As projects face loan maturities in a higher interest rate environment, lenders should diligently observe even seemingly innocuous formalities following an event of default in order to minimize potential recourse liability, especially when borrowers have certain covenants, say Ryan Goins and Matthias Kleinsasser at Winstead.
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The Basics Of Being A Knowledge Management Attorney
Excerpt from Practical Guidance
Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.
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Rising Interest Rates Bring Risk For Construction Contractors
With rising interest rates causing many construction projects to be slowed or halted, it's important for general contractors to implement safeguard measures against the risk of significant financial losses caused by owner-driven schedule modifications, says Kevin Riexinger at Gfeller Laurie.
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Keys To Navigating The Post-Pandemic CRE Market
Excerpt from Practical Guidance
As the commercial real estate market continues to face repercussions from the COVID-19 pandemic, lawyers should use office occupancy and leasing volume numbers to anticipate future trends and help guide clients through an uncertain landscape, says Joseph Calvanico at J2C Valuations.
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To Hire And Keep Top Talent, Think Beyond Compensation
Firms seeking to appeal to sophisticated clients and top-level partners should promote mentorship, ensure that attorneys from diverse backgrounds feel valued, and clarify policies about at-home work, says Patrick Moya at Quaero Group.
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How Rate Exportation Is Shifting Amid Regulatory Trends
All banks and their partners, including fintechs, that wish to lend to borrowers in multiple states and charge uniform interest rates should heed regulatory developments across the country and determine how best to mitigate risks in their efforts to offer credit to consumers on a nationwide basis, say attorneys at Ballard Spahr.
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How The Commercial Real Estate Slump May Weigh On Banks
The continuing underperformance of the U.S. commercial real estate market has significant implications for the financial performance and disclosure requirements for various banks, especially regional ones with large debt exposures, say Atanu Saha and Yong Xu at StoneTurn.
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Negotiating Material Escalation In Construction Contracts
As material price escalation clauses have remained popular in construction contracts despite an easing of recent supply chain issues, attorneys representing owners should understand key considerations for negotiating such clauses, and strategies to mitigate potential exploitation by contractors, says H. Arthur Black II at Brooks Pierce.
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Landlords Should Prep As WeWork Faces Potential Ch. 11
After years of financial trouble and the recent announcement that it has substantial doubt that it would be able to continue as a going concern, WeWork may have a bankruptcy filing in its future that would have a significant impact on landlords and other stakeholders who are owed money by the company, say attorneys at Cadwalader.