Commercial
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November 15, 2024
KKR Leader Says The Real Estate Downturn Is Ending
The two-year real estate slump appears to be passing and the investment environment now looks like one of the most attractive that KKR & Co. Inc. has ever seen, a managing director for the private equity shop's real estate group said.
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November 14, 2024
NY Nursing Homes Ink $45M Deal To End AG's Fraud Suit
Four New York nursing homes have agreed to a $45 million deal that will end a civil lawsuit brought by the state accusing them of neglecting residents and defrauding Medicare and Medicaid, according to a Friday announcement by New York Attorney General Letitia James.
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November 14, 2024
McDonald's Vendor Says Partner Owes Him $6M Over Ice-Out
A longtime property management vendor for McDonald's Corp. is accusing a business partner of pushing him out of their company just as it was poised to triple the number of sites it would maintain for the fast-food chain, in a $6 million lawsuit filed Thursday in Massachusetts state court.
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November 14, 2024
Atlanta Developer Says City Dodging Discovery In Property Fight
An Atlanta landowner suing the city over its allegedly illegal condemnation of a disused fast food joint has asked a Georgia federal judge to keep the suit alive, telling the court the city can't win a recent summary judgment bid while discovery remains open.
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November 14, 2024
Automated Warehouse Co. To Build $144M Ga. Facility
An automated warehouse company will build a $144 million distribution facility in Jackson, Georgia, which will take up about 1 million square feet and is expected to create over 300 jobs in the state's Butts County, according to an announcement from Gov. Brian P. Kemp.
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November 14, 2024
DC Circ. Says Zimbabwe Must Pay $440M In Land Dispute
The D.C. Circuit has affirmed the enforcement of approximately $440 million of arbitral awards against Zimbabwe that were issued to a Swiss-German family and two forestry and sawmill companies, agreeing with a lower court that the country waived its sovereign immunity in the land dispute.
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November 14, 2024
New Clean Electricity Credits At Risk In 2025 Tax Talks
Clean electricity tax credits in the Democrats' signature climate law could be scaled back amid next year's effort by President-elect Donald Trump and GOP lawmakers to quickly renew expiring provisions of the 2017 Tax Cuts and Jobs Act once they're in office.
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November 14, 2024
JLL Forecasts End To 'Peak Waiting' For Construction Work
Commercial broker JLL expects moderating interest rates and building costs that have held mostly flat in 2024 to help lay the foundation for growth in the industry next year after a recent downturn in new project starts.
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November 14, 2024
Latest Plan For Empty Astrodome Envisions $1B Overhaul
The Astrodome Conservancy has unveiled a $1 billion proposal to save the Houston landmark, which would see the property transformed into a mixed-use development with the aid of public and private investment.
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November 14, 2024
NY Contractor Cops To Aiding Theft In Commercial Bribe Case
A New York contractor pled guilty on Thursday in the Manhattan district attorney's commercial bribery case alleging dozens of construction industry defendants conspired to steal from developers in a sprawling kickback scheme involving $100 million in contracts.
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November 13, 2024
Telecom Co. Lumen's Contract Breach Suit Survives, For Now
A Colorado federal judge on Tuesday ruled that an engineering consulting firm is liable to telecommunications company Lumen Technologies for damages caused by a subcontractor's faulty structural analysis, but said she couldn't yet rule on whether Florida law and a two-year statute of limitation barred Lumen's claims against the firm.
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November 13, 2024
Detroit Fire Fee Ruling Concerns Mich. Justice
A Michigan Supreme Court justice on Wednesday said he was troubled by a lower appellate ruling he said seemed to imply that municipalities can work around a state law barring sneaky taxes, in this case by stating a charge for fire prevention services is really just the cost of a permit allowing property owners to do business in Detroit.
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November 13, 2024
NY Judge Questions Offices Ringing Penn Station
In a Tuesday hearing before a New York state appeals court panel, attorneys for New York's economic development agency and the real estate developer who would remake the area ringing Penn Station argued against an appeal by building owners who say the plan is not economically viable and will benefit a private developer, not the public.
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November 13, 2024
Goulston & Storrs Real Estate Attys Talk Distress Playbook
As commercial real estate distress continues to play out, attorneys are seeing lenders adopt new strategies to save or reduce their exposure to troubled assets, sometimes working in tandem with investors looking to purchase such loans.
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November 13, 2024
MVP: Fried Frank's Matthew D. Parrott
Matthew Parrott of Fried Frank Harris Shriver & Jacobson LLP secured a major victory for a big hotel property lender in Manhattan and Los Angeles in a foreclosure suit and clinched a win in a notable case over an eminent domain petition in Texas, earning him a spot as one of the 2024 Law360 Real Estate MVPs.
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November 13, 2024
Locke Lord Adds Real Estate Ace From Frost Brown In Dallas
A former Frost Brown Todd LLP attorney with diverse commercial real estate experience has joined Locke Lord LLP as a partner in Dallas, a reflection of the firm's focus on building out its real estate team "with top-tier talent."
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November 13, 2024
Jones Day Real Estate Ace Jumps To Greenberg Traurig In LA
Greenberg Traurig LLP is expanding its West Coast real estate team, bringing in a Jones Day real estate transactions pro as a shareholder in its Los Angeles office.
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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.
Meet The Atty, Developer Who'll Be Middle East Special Envoy
President-elect Donald Trump has named Witkoff Group CEO and former real estate lawyer Steven Witkoff as special envoy to the Middle East, a move that could portend an infrastructure-focused, pro-Israel policy stance as the war in Gaza persists.
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.
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.