Commercial
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November 12, 2024
NYC Real Estate Week In Review
Sheppard Mullin and Fried Frank are among the law firms that steered the largest New York City real estate deals that hit public records last week, with the week's largest transactions including several trades of Manhattan residential units.
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November 12, 2024
2 Firms Advise $745M Prospect Managed Care Sale
California-based Astrana Health said it has agreed to pay $745 million to acquire a significant amount of Prospect Medical Holdings' managed care business, including a 177-bed acute care hospital, in a transaction advised by Russ August & Kabat LLP and Sheppard Mullin Richter & Hampton LLP.
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November 12, 2024
Fried Frank, Sheppard Mullin Wrap $100M Art Museum Sale
The Whitney Museum of Art has closed the sale of a Manhattan art museum building to an entity connected to broker Sotheby's in a $100 million deal worked on by Fried Frank and Sheppard Mullin.
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November 12, 2024
Treasury's Energy Tax Perk Regs On Track Despite Trump Win
The U.S. Treasury Department still plans to finalize remaining clean energy tax credit regulations by the end of this year despite President-elect Donald Trump's campaign promise to unravel the 2022 climate law that enacted them, a Treasury spokesperson told Law360 on Tuesday.
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November 12, 2024
SD AG Issues Explanation Of Property Tax Hike Limit Initiative
South Dakota's attorney general released a final explanation for an initiative that could appear on the state's 2026 general election ballot and would limit annual property tax assessment increases for nonagricultural property, according to a news release published Tuesday.
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November 12, 2024
Paul Hastings Commits To Texas With New Office Leases
More than 12 years after first hanging a shingle in Houston and months after opening a Dallas outpost, Paul Hastings announced Tuesday that it had ambitious plans to continue its recent expansion in Texas with the signing of two commercial leases to boost the firm's capabilities in the Lone Star State.
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November 12, 2024
Goodwin Lands 2 Willkie Real Estate Finance Partners In NY
Goodwin Procter LLP announced Tuesday that it has added two partners from Willkie Farr & Gallagher LLP to join Goodwin's growing global real estate industry practice in New York.
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November 12, 2024
Bradley Arant Adds Real Estate Pro In Dallas Office
Bradley Arant Boult Cummings LLP is growing its real estate team in its 6-year-old Dallas office by bringing in a commercial real estate expert who previously ran his own boutique firm as a partner.
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November 08, 2024
Cannabis Shops Sue DC To Halt Enforcement Actions
A coalition of Washington, D.C., recreational marijuana shops has launched a federal lawsuit against a slew of District entities, including the mayor, cannabis regulator and police department, seeking to halt the government's enforcement actions against their stores.
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November 08, 2024
Investors Say REITs Misled Them Into Delaying Liquidations
A group of retail-focused, non-traded real estate investment trusts misled shareholders into approving charter amendments that stopped shares liquidation and prevented them from making money off their investments, a proposed class claimed in New Jersey federal court.
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November 08, 2024
Exec Exodus At Hospitality Platform Sonder Includes CLO
Hospitality platform Sonder announced Friday its chief legal officer will be resigning from her role later this month as one of three executives who have announced their plans to leave the company by the end of 2024.
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November 08, 2024
Cohen & Steers Names General Mills' GC To Its Board
Investment management company Cohen & Steers Inc. announced Friday that it has appointed General Mills' general counsel Karen Wilson Thissen to its board of directors.
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November 08, 2024
Steptoe & Johnson Adds Veteran Corporate Atty In Dallas
Steptoe & Johnson PLLC announced that a veteran corporate attorney who previously served as the top attorney for a major auto repair company has joined the firm's Dallas office as of counsel, in a move the firm said will help strengthen its private credit practice.
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November 07, 2024
Trump Election Complicates Growing Insurance Climate Crisis
Donald Trump's election to a second term as president is a huge setback for global efforts to curb climate change, and his disregard for the environment will likely complicate efforts to better understand climate risks facing insurers and consumers, experts say.
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November 07, 2024
7th Circ. Sends Refuge Power Line Fight Back To Wis. Judge
A Seventh Circuit panel scrapped stayed preliminary injunctions that temporarily blocked a power transmission line from crossing the Upper Mississippi River National Wildlife and Fish Refuge, directing a Wisconsin federal judge to determine if conservation groups' request for permanent relief is warranted or even possible with the line now built.
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November 07, 2024
Strip Mall, Insurer Agree To End Repair Payments Dispute
A Tennessee strip mall owner and its insurer agreed to bury the hatchet Thursday and resolve claims the insurance company withheld costs for building repairs via wrongful depreciation, Wisconsin federal court filings said.
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November 07, 2024
Ariz. OKs Property Tax Credits For Unattended Nuisances
Arizona property owners affected by public nuisances that local governments fail to address could qualify for tax refunds under Proposition 312, a ballot measure approved by state voters.
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November 07, 2024
JLL Adds $100M To Dry Powder Stock For Affiliate REIT
Commercial broker JLL said Thursday that it put an additional $100 million into its own JLL Income Property Trust to support its investments at an "opportune" time in real estate market recovery.
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November 07, 2024
Ex-GE Affiliate Cleared In Bellwether Chemical Leak Verdict
A Louisiana jury has cleared General Electric Co. and former subsidiary Dresser LLC of liability in a bellwether suit over allegations that they improperly disposed of chemicals that contaminated the Rapides Parish area.
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November 07, 2024
Hotel REIT Lands $121.5M Refi Of Va. Marriott Hotel
Ashford Hospitality Trust Inc. obtained a three-year, $121.5 million nonrecourse loan to refinance a mortgage loan connected to its 703-room Marriott hotel in Arlington, Virginia, the real estate investment trust announced Thursday.
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November 06, 2024
Demand, Not Distress, Defines South Florida Office Market
A scarcity of new, high-quality office space in South Florida and a continued flow of companies and people moving to the region has experts expecting demand to outweigh the distress that has beset the wider office market into the foreseeable future.
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November 06, 2024
JV Nabs $110M Refinancing For NYC Multifamily Portfolio
A joint venture between Davean Holdings and Meadow Partners landed a $110 million refinancing of a New York City multifamily portfolio from Hudson Bay Capital, according to Walker & Dunlop, which facilitated the refinancing.
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November 06, 2024
Realty Income Readies New Private Capital Fund
Realty Income is creating a new private capital investment platform that the real estate investment trust's chief executive told investors will allow the REIT to work with "a deep pool of institutional capital from investors who may otherwise lack the mandate or ability to invest in real estate securities."
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November 06, 2024
Capital Markets Bounce Back For Big Four Brokers In Q3
After predicting a return of capital markets activity in the second half of 2024, commercial real estate's big four brokers reported that buyers and sellers are finally returning to the market in announcing third quarter results recently.
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November 06, 2024
Browns Won't Stop Ohio From Joining Stadium Dispute
The Cleveland Browns told an Ohio federal court that it has no problem with the state joining the City of Cleveland in facing down the NFL team's suit, which claims that a state law unconstitutionally impedes the team's plan to move to a new stadium.
Holding Co.'s $6B CMBS Exposed By Bankruptcy, Report Says
Franchise Group Inc.'s $6.18 billion worth of commercial mortgage-backed securities are at risk of exposure after the retail-focused holding company declared Chapter 11 bankruptcy, which has caused the company to close down more than 300 store locations, according to a report from the analytics team of credit ratings agency KBRA released Tuesday.
GSA Weighs 2 Sites For New Connecticut Federal Courthouse
Federal officials are weighing two possible sites for a new $355 million federal courthouse to replace an aging one in Hartford, Connecticut.
What Trump's Victory Portends For Commercial Real Estate
President-elect Donald Trump's victory could clear up uncertainty for investors who had been waiting out the election, but the commercial real estate industry may see challenges ahead from some of his proposed "protectionist" policies, attorneys and experts said Wednesday.
Expert Analysis
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Notable Q3 Updates In Insurance Class Actions
Total loss valuation cases and labor depreciation cases dominated the past quarter of insurance class actions, with courts continuing to reject challenges to condition adjustments in the former, and a pro-insured trend persisting in the latter, say attorneys at BakerHostetler.
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Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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NYC Hotel Licensing Law's Costs May Outweigh Its Benefits
A hotel licensing bill recently approved by New York's City Council could lead to the loss of many nonunionized hotels that cannot afford to comply, says Stuart Saft at Holland & Knight.
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Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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Calif. Ruling Offers Hope For Mitigated Negative Declarations
In Upland Community First v. City of Upland, a California appeals court upheld a warehouse development's mitigated negative declaration over its greenhouse gas emissions thresholds — a rare victory against this type of challenge providing reassurance that such declarations can be upheld, say attorneys at Sheppard Mullin.
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There's No Crying In Property Valuation Baseball Arbitration
The World Series is the perfect time to consider how the form of arbitration used for settling MLB salary disputes — in which each side offers competing valuations to an arbitrator, who must select one — is often ideal for resolving property valuation disputes, say Sean O’Donnell at Herrick Feinstein and Mark Dunec at FTI Consulting.
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Webuild Ruling Complicates Arb. Award Enforcement In US
A Delaware federal court's recent decision in Sociedad Concesionaria Metropolitana de Salud v. Webuild, if read literally, could undercut the United States' image as a proarbitration jurisdiction by complicating creditors' efforts to enforce awards against property in this country, says Jeff Newton at Omni Bridgeway.
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Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.
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How To Avoid A Costly CPA Limitation Hidden In Most Leases
The lease audit rights clause is a seemingly innocuous provision in most commercial real estate leases that ends up costing tenants millions of dollars each year, as they have unwittingly agreed to retain only an accountant to investigate and settle financial issues, says Jason Aster at KBA Lease Services.
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Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Navigating FEMA Grant Program For Slope Fixes After Storms
In the aftermath of Hurricanes Helene and Milton, it is critical for governments, businesses and individuals to understand the legal requirements of the Federal Emergency Management Agency's grant programs to obtain funding for crucial repairs — including restoration of damaged infrastructure caused by landslides and slope failures, says Charles Schexnaildre at Baker Donelson.
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Smith's New Trump Indictment Is Case Study In Superseding
Special counsel Jack Smith’s recently revised Jan. 6 charges against former President Donald Trump provide lessons for prosecutors on how to effectively draft superseding indictments in order to buttress or streamline their case, as necessary, says Jessica Roth at Cardozo Law School.
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Consider Best Legal Practices For Commissioning Public Art
Commissioning public art for real estate projects can provide many benefits to real estate developers and the public, but it's important to understand the unique legal and contracting aspects of the process to ensure that projects are completed on time and on budget, says Sarah Conley Odenkirk at ArtConverge.