Commercial
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October 18, 2024
Winston & Strawn Expands New Miami Office Footprint
Winston & Strawn LLP is planning to rent more room at Miami's largest office building come 2025, cementing its presence at the property it once deemed a temporary home while it waited for construction at the 830 Brickell office tower to wrap up, a managing partner of the law firm told Law360 Friday.
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October 17, 2024
Ex-NFL Player Indicted For Real Estate Embezzlement
Former Detroit Lions player Chris Harrison skimmed loan proceeds intended for real estate developments to fund personal expenses, including Rolex watches, landscaping services and a home mortgage, federal prosecutors alleged when announcing charges against the former NFL player on Thursday.
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October 17, 2024
Lender Says Denver Property Owner Defaulted On $27M Loan
A lender told a Colorado state court that it wants a Denver retail property to be placed in receivership after the owner allegedly defaulted on a $27.1 million commercial mortgage loan this month.
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October 17, 2024
Milton Brings High Insured Costs, Familiar Pressures To Fla.
While Florida avoided a worst case scenario following Hurricane Milton's landfall, insurance experts say that the high cost of the storm will add familiar pressures to a Florida homeowners insurance market that has been battered for years by storms.
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October 17, 2024
Mont. Tax Board Upholds Assessment On Storage Facility
The owner of a Montana commercial property used to house storage units was unable to lower its value because the state Tax Appeal Board gave more weight to the state Department of Revenue's valuation using an income analysis.
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October 17, 2024
Fried Frank Guides Extell's $159M Madison Avenue Tower Buy
Fried Frank advised on Extell Development's acquisition of a 24-story tower at 655 Madison Avenue for nearly $160 million after seller Williams Equities moved to demolish the building in August.
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October 17, 2024
Trepp Eyes CMBS Loans On Southeast Coast After Hurricanes
Real estate research firm Trepp has its eye on four commercial mortgage-backed securities collateralized by office, hotel and mall properties in the wake of Hurricanes Helene and Milton, the firm reported Oct. 16.
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October 17, 2024
Meet Attys In Chancery Fight Over Helene-Damaged Paper Mill
Paul Weiss Rifkind Wharton & Garrison LLP attorneys are representing the owner of a shuttered paper mill in flood-ravaged western North Carolina in a Delaware Chancery Court action that aims to force a development group, represented by Ross Aronstam & Moritz LLP, to buy and redevelop the site.
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October 16, 2024
Hurricanes Stir Questions On 'Acts Of God' In Contracts
The predictability of extreme weather events is bringing renewed attention to force majeure clauses in real estate contracts and whether incidents like a pair of devastating hurricanes in Florida can really be classified as unforeseeable "act of God" events.
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October 16, 2024
Real Estate Lenders Are Borrowers In Debt Funds' Rise
Private credit may have stepped in to fill the void when banks pulled back significantly from lending to commercial property owners, but that doesn't mean banks have left the picture.
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October 16, 2024
Developers Push On After Mich. Township Bike Law Loss
Two developers urged a Michigan federal court to upend a Jamestown Charter Township ordinance under which some developers must fund the construction of bike paths, arguing that fees they were charged under the law were unconstitutional takings.
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October 16, 2024
Developer, Investment Firm Complete 57-Story Miami Tower
Developer OKO Group and real estate investment firm Cain International received a temporary certificate of occupancy from Miami for their 57-story office tower, the companies announced Wednesday.
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October 16, 2024
Blank Rome Guides $250M Loan For Archdiocese Of NY
The Archdiocese of New York borrowed a $250 million mortgage loan from Goldman Sachs Bank USA for multiple New York City properties including a hotel in a deal guided by Blank Rome LLP, according to official property records filed Wednesday.
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October 16, 2024
Barings Offers $134M Refi For NC Apartment Complex
Barings has provided a five-year, $134 million loan to refinance the debt for a 283-unit, mixed-use North Carolina apartment complex, the real estate investment management company announced.
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October 15, 2024
Exec's $77M WeWork Offer Was Stupid, Not Fraud, Jury Told
Counsel for the former CEO of real estate investment firm Arciterra told a Manhattan federal jury Tuesday his client was a fool for making what prosecutors described as a fake $77 million tender offer for a controlling stake in WeWork before its bankruptcy, but he wasn't trying to falsely pump up the coworking company's stock price.
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October 15, 2024
Cohen Drags $187M Monster Loan Guaranty Suit To Appeal
Billionaire real estate developer Charles Cohen appealed a New York state court's earlier October ruling that paved the way for Fortress Credit Corp. to collect on a $187 million personal guaranty, as part of the company's ongoing efforts to recover a $534 million loan.
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October 15, 2024
Three Cos. Combine On $3.4B Texas Data Center Complex
Blue Owl Capital, infrastructure firm Crusoe Energy Systems and investor Primary Digital Infrastructure said Tuesday they are pooling $3.4 billion to build a 1 million-square-foot data center campus in Abilene, Texas.
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October 15, 2024
Law Firm Ducks Sanctions Over Depos In NJ Malpractice Suit
A New Jersey state judge has declined to sanction Chaitman LLP in a dispute over the order of depositions in a malpractice lawsuit stemming from real estate litigation.
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October 15, 2024
NYC Real Estate Week In Review
Gutman Weiss and Price Law Firm are among the firms that guided the largest New York City real estate deals that hit public records last week, with three of the week's five largest deals being Brooklyn matters.
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October 15, 2024
Judge Rejects Firm's 'Support' Framing In Racetrack Flaw Suit
A Florida state judge on Tuesday denied an attempt by a British racetrack consultant to define its role as merely providing "support" to the construction of a track that failed during the Formula 1 Miami Grand Prix race in 2022.
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October 15, 2024
Abu Dhabi Getting Its Own Las Vegas-Style Sphere
A second large, spherical live entertainment venue that will mirror Las Vegas' Sphere is going to be built in the capital city of the United Arab Emirates, according to an official Tuesday announcement.
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October 15, 2024
Blank Rome, Nixon Peabody Guide NYC Section 8 $96M Refi
Camber Property Group LLC secured a $96.2 million refinancing from Merchants Capital Corp, tied to four Brooklyn, New York, Section 8 multifamily properties, in a deal guided by Blank Rome LLP.
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October 15, 2024
Simpson Thacher, Milbank Guide $2B DataBank Equity Raise
Data center developer and operator DataBank announced on Tuesday it has raised $2 billion in equity, led by AustralianSuper's $1.5 billion commitment, in an investment round arranged by Simpson Thacher and Milbank.
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October 15, 2024
Law Firms Diverge As Anti-ESG Pushback Continues
A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.
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October 15, 2024
The 2024 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
Expert Analysis
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Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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SEC Climate Rules Create Unique Challenges For CRE
The U.S. Securities and Exchange Commission's recently adopted final rules concerning climate-related disclosures for public companies are likely to affect even real estate companies that are not publicly traded, since they may be required to provide information to entities that are subject to the rules, says Laura Truesdale at Moore & Van Allen.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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How Retail Tenants Can Avoid Paying Rent Prematurely
When negotiating leases for spaces in shopping centers, retail tenants should ensure that the language specifies they only need to begin paying rent when the center is substantially occupied as a whole, as it can be difficult to modify leases that are executed without co-tenancy requirements or termination rights, say Joshua Bernstein and Benjamin Joelson at Akerman.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.
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Calif. Ruling Shows Limits Of Exculpatory Lease Clauses
A California court's recent decision in Epochal Enterprises v. LF Encinitas Properties, finding a landlord liable for failing to disclose the presence of asbestos on the subject property, underscores the limits of exculpatory clauses' ability to safeguard landlords from liability where known hazards are present, say Fawaz Bham and Javier De Luna at Hunton.
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Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Payment Provision Lessons From NJ Construction Ruling
A New Jersey appellate court's decision in Bil-Jim v. Wyncrest, holding that an American Institute of Architects contract was not an installment contract, highlights both the complexities of statute of limitations calculations and the significant consequences that can arise from minor differences in contract language, say Mitchell Taraschi and Zac Brower at Connell Foley.
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Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.