Commercial
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October 03, 2024
Helene's Devastation Worsened By Inadequate Insurance
Hurricane Helene's devastating path across the southeastern U.S. has brought concerns about inadequate flood insurance and resilience measures to the forefront of a national conversation on the risks of extreme precipitation.
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October 03, 2024
Leading Lights Of The Supreme Court Bar's Next Generation
One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.
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October 03, 2024
Crowell & Moring Loses Bid For $30M COVID Rent Refund
Crowell & Moring LLP cannot make its landlord in the District of Columbia pay back $30 million in rent it paid during the height of the COVID-19 pandemic when the office building stood empty and most of the firm's attorneys worked from home, a D.C. judge ruled Thursday.
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October 03, 2024
Allred Feud With Ex-Tenant Over 'Large Rodent' Puzzles Judge
Gloria Allred's long-running dispute with a former tenant — who said he fled rats in her Manhattan apartment eight years ago — spilled into New York federal court Monday, leaving the judge to wonder aloud why the celebrity attorney was still suing the man over a $25,000 claim as he sought bankruptcy protection.
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October 03, 2024
NJ Mogul's Brother Says Lawyering Isn't Racketeering
Parker McCay PA shareholder Philip A. Norcross is urging a New Jersey state judge to toss the sweeping indictment against him, his power broker brother and others over an alleged scheme to extort a way into a waterfront real estate portfolio in a distressed city, arguing that none of the targeted conduct is criminal.
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October 03, 2024
Brokerage Made 'Mockery' Of Courts, Texas Justices Told
A Dallas law firm urged the Texas Supreme Court at a hearing Thursday to uphold an appellate court's ruling that tossed a $22 million malpractice verdict against the firm in a dispute with a real estate brokerage, accusing the company of changing positions "depending on where the money lies."
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October 03, 2024
Ohio Justices Reject Neighbor's Objection To Gas Pipeline
The Ohio Supreme Court on Thursday affirmed a state siting board's accelerated approval for a NiSource unit's 3.7-mile natural gas pipeline in the city of Maumee, rejecting a commercial property owner's claims that the project's risks were not adequately considered.
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October 03, 2024
King & Spalding RE Pro Rejoins Barnes & Thornburg In Dallas
Barnes & Thornburg LLP announced that a former partner has rejoined the firm's real estate department from King & Spalding LLP, adding that the returning attorney's practice centers on commercial real estate and real estate finance.
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October 03, 2024
Real Estate Lawyers On The Move
Honigman, DLA Piper and Eversheds Sutherland are among the law firms that have made recent real estate or construction hires.
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October 03, 2024
Steward Health Gets OK To Sell 3 Arizona Hospitals
A Texas bankruptcy judge on Thursday approved national hospital chain Steward Health's sale of three of its Arizona hospitals to regional hospital chain HonorHealth.
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October 02, 2024
Fried Frank, DLA Piper Steer Commercial REIT's $251M Listing
Shares of real estate investment trust FrontView began trading Wednesday after it priced a nearly $251 million initial public offering within its intended price range, with Fried Frank Harris Shriver & Jacobson LLP advising the company and DLA Piper serving as counsel for the underwriters.
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October 02, 2024
Riemer & Braunstein Rehires Corporate Atty For Boston Office
Riemer & Braunstein LLP has brought back corporate attorney Adam W. Jacobs, and this time he'll be working as a partner and group leader in the firm's business law/real estate department in Boston.
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October 02, 2024
Even Before Helene, CRE Costs Rising In Tampa, Trepp Says
The cost of maintaining commercial real estate in the Tampa, Florida, area has been on the rise in recent years, in a factor that analyst Trepp said is a sign of the growing costs associated with severe storms such as Hurricane Helene.
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October 02, 2024
O'Melveny Advises Citibank On $5B REIT Credit Facility
O'Melveny & Myers LLP said it represented Citibank on a $5 billion unsecured senior revolving credit facility for real estate investment trust Alexandria Real Estate Equities.
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October 02, 2024
Climate Risk Is Turning The Tide In Buyer, Investor Behavior
Climate risk isn't yet the kind of consideration that would make or break the average property deal. But as it becomes less of an abstract concept and more of a concrete part of due diligence, it's on the verge of causing major ripples throughout the real estate industry.
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October 02, 2024
US Seeks To Drop $1M Tax Suit Against Sleep Clinic Founder
The U.S. government seeks to drop its case against a sleep clinic founder and his wife, whom it had accused of hiding assets, after the couple agreed to pay their tax liabilities in full, according to a filing in California federal court Wednesday.
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October 02, 2024
NYC Mayor Adams May Face More Charges, Feds Say
Prosecutors told a Manhattan federal judge Wednesday it was "possible" they would charge New York City Mayor Eric Adams with additional crimes in his corruption case, indicating they have evidence he told witnesses to lie to the FBI.
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October 02, 2024
Ohio Tax Board Boosts Parcels' Value To Purchase Price
Two Ohio parcels should be valued at their purchase price, a state tax board said, rejecting a local board's finding that their value should be lower because the buyer paid a premium and demolished several structures on the properties.
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October 01, 2024
NJ Hotels Beat Room Price-Fixing Suit For Good
Another algorithmic antitrust suit is off the table after a New Jersey federal judge said Monday that a room-rate proposed class action against Atlantic City casino-hotels has the same failings that doomed a case over room prices on the Las Vegas Strip.
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October 01, 2024
Investment Firm Raises $4.7B For Bonds, Real Estate Loans
Monarch Alternative Capital LP announced Monday that it raised $4.7 billion for the completion of its sixth closed-end fund, surpassing the opportunistic credit and real estate firm's goal and the amount raised for the previous fund.
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October 01, 2024
Crowne Plaza Gets Out Of Ohio Sex Trafficking Liability Suit
An Ohio federal magistrate judge released Crowne Plaza LLC from an anonymous plaintiff's lawsuit seeking to hold lodging entities liable for sex trafficking injuries, after the survivor said the hotel chain's presence in the case "adds nothing" to her chances of winning damages.
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October 01, 2024
Sacramento's Biggest Tower Sells Locally For $117M
Singapore-based real estate investment trust Manulife US said it has sold Sacramento's tallest building to a local firm for $117 million in a deal to pay off debt due next year.
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October 01, 2024
When The Client Is The Mayor, The Usual Rules Don't Apply
Representing a public official, whether the mayor of New York City, a state legislator or a city council member, poses unique challenges for even the most experienced lawyers, who often find themselves torn between fighting battles in the press and protecting their client in court.
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October 01, 2024
Adams Says Feds Sought To 'Tarnish' Him With Leaks
New York City Mayor Eric Adams asked a Manhattan federal judge Tuesday to sanction Southern District prosecutors for allegedly leaking the details of a criminal investigation for nearly a year leading up to his corruption indictment, saying negative press has hurt his standing with the public and undermined his right to a fair trial.
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October 01, 2024
Latham Reps CPP Investments In $15B Equinix Data Center JV
Latham & Watkins advised Canada Pension Plan Investment Board in a joint venture with digital infrastructure developer Equinix Inc. and Singapore's sovereign wealth fund GIC that could invest $15 billion to build data centers.
Husch Blackwell Atty Says Bill Would Boost Rural Housing
A bill in the U.S. House of Representatives would provide much-needed support for projects to convert vacant commercial spaces to residential ones, and rural areas in particular would stand to benefit from the program, a Husch Blackwell attorney who's closely watching the legislation recently told Law360 in an interview.
New Calif. Law Limits Warehouse Builds, Experts Say
With Gov. Gavin Newsom's signature Sunday, California has enacted broad restrictions on warehouse development that could pack new projects into commercial areas away from homes, schools and parks, frustrating both business and environmental groups.
Property Plays: Gencom, A. Walker & Co., Capital Square
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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Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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A Look At Recent Case Law On Expedited Judgment In NY
A number of recent New York state court decisions clarify and refine the contours surrounding Civil Practice Law and Rule 3213, providing landlords, lenders and other payees guidance on how to seek accelerated judgment in certain litigation, says Alexander Lycoyannis at Holland & Knight.
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Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Dealmaker Lessons From CFIUS' New Enforcement Webpage
The Committee on Foreign Investment in the United States’ recently launched webpage, which details the actions — and inactions — that led to enforcement activity, provides important insights for dealmakers about filing requirements, mitigation commitments and the cost of noncompliance, say attorneys at Dechert.
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Reassessing Lease Provisions To Account For ESG Initiatives
As companies seek to build ESG considerations into their businesses, it's crucial to understand how such initiatives can quickly become significant enough to compel reassessment of lease agreement provisions, and how best to modify leases accordingly, say Julian Freeman and Gabe Pitassi at Cox Castle.
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Avoid Getting Burned By Agencies' Solar Financing Spotlight
Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.
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Co-Tenancy Clause Pointers For Shopping Center Landlords
Large retail tenants often require co-tenancy provisions in their leases, entitling them to remedies if a shopping center's occupancy drops in certain ways, but landlords must draft these provisions carefully to avoid giving tenants too much control, says Gary Glick at Cox Castle.
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Assessing Algorithmic Versus Generative AI Pricing Tools
A comparison of traditional algorithmic pricing models and those powered by generative artificial intelligence can help regulators and practitioners weigh the pros and cons of relying on large language models to price products or services, say Maxime Cohen at McGill University, and Tim Spittle and Jimmy Royer at Analysis Group.
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Navigating A Potpourri Of Possible Transparency Act Pitfalls
Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.
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Keys To Successful Commercial Property Insurance Claims
Excerpt from Practical Guidance
While insurance needs for commercial leasing arrangements are driven by the characteristics of the premises and the nature of the tenants' intended operations, there are several universal best practices landlords and their counsel can follow when making claims after loss or damage.
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Tips For Handling Single Asset Real Estate Bankruptcy Cases
Excerpt from Practical Guidance
Bankruptcy counsel should consider several strategies when representing either a debtor or lender in single asset real estate debtor Chapter 11 cases, which generally arise when a debtor is forced to file for relief to stop an impending foreclosure sale.
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Increased Scrutiny Raises Int'l Real Estate Transaction Risks
Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.