Commercial
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November 01, 2024
Property Plays: Energy Capital, Flatiron, CareTrust
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.
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November 01, 2024
JLL Lines Up $22M Loan For Pa. Industrial Warehouse Project
JLL Capital Markets arranged a $22 million floating-rate construction loan for the development of an Allentown, Pennsylvania, industrial warehouse and distribution facility project, the real estate company announced.
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November 01, 2024
Judge Skeptical Of NYC Mayor's Bid To Dismiss Bribery Count
A Manhattan federal judge on Friday voiced skepticism of New York City Mayor Eric Adams' motion to dismiss his bribery charge, and set an April trial date in a case accusing the mayor of taking travel perks from Turkish officials in exchange for official favors.
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November 01, 2024
Treasury Expands Foreign Land Transaction Authority
The U.S. Department of the Treasury announced Friday that it has added 59 new military installations to the list of those over which it has jurisdiction to review any nearby real estate transactions involving foreign citizens.
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November 01, 2024
Big Lots Says $760M Bid Wins In Ch. 11 Auction
Discount retailer Big Lots got approval from a Delaware bankruptcy judge to sell off nearly three-dozen store leases the day after it said it had received no offers to beat a $760 million bid for the business as a whole.
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November 01, 2024
Ohio Makes Play To Enter Cleveland Browns' Stadium Suit
Ohio asked to join Cleveland as a defendant in a suit filed by the Cleveland Browns alleging that a state law impeding the NFL team's plan to move to another city within the state is unconstitutional.
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November 01, 2024
Gibson Dunn Works On Flatiron Building's Financing
Real estate developer and owner The Brodsky Organization borrowed more than $406 million worth of mortgage loans from Tyko Capital for the Flatiron Building in Manhattan, New York, in a set of deals worked on by Gibson Dunn & Crutcher LLP, according to official property records released Friday.
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October 31, 2024
Judge Suggests Condo Builder's $19M Jury Win Should Stand
A Washington appeals court judge asked Thursday why a $19 million trial verdict in favor of Skanska USA Building Inc. should be overturned, saying determining the facts in the condo project construction dispute that led to the verdict seemed like something for the jury to answer.
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October 31, 2024
Chicago Cubs To Boost Wheelchair Access To End DOJ Probe
The Chicago Cubs and the U.S. government told an Illinois federal judge Thursday they have entered into a consent decree that will bring more accessible seating to Wrigley Field, ending litigation over claims that the ball field's $575 million renovation gave the worst seats to wheelchair users.
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October 31, 2024
Public Storage Tells Investors That Business Is Steady In Q3
Public Storage, a real estate investment trust that focuses on self-storage properties, told investors during a quarter-three 2024 earnings call that its business has stabilized compared to the previous quarter.
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October 31, 2024
Rep, Warranties Coverage Rates 'Unsustainable,' Report Says
A recent report issued by a major representation and warranties insurance underwriter warned that recent average market prices for the coverage were "unsustainably low," highlighting how the relatively new insurance product was rapidly changing amid broader economic trends.
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October 31, 2024
Aby Rosen Loses Control Of Chrysler Building
A Manhattan judge ordered an affiliate of real estate tycoon Aby Rosen, R&S Chrysler LLC, on Wednesday to stop interfering with efforts of the Chrysler Building's landlord, Cooper Union, to collect rents and manage the property, while the two fight over ultimate control of the iconic building.
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October 31, 2024
Nixon Peabody Lands Norton Rose Real Estate Pros In LA
Nixon Peabody LLP took another step this week to strengthen its affordable housing and real estate practice on the West Coast and beyond, bringing on a pair of real estate attorneys from Norton Rose Fulbright with six years of experience working together.
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October 31, 2024
Hecker Fink Expands Empire State Building Office Space
Hecker Fink LLP signed a new full-floor lease with the Empire State Building's real estate investment trust that will grow the firm's office space in the building by 26,782 square feet, the REIT has announced.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 31, 2024
Blank Rome Adds Commercial Real Estate Expert In DC
The former president and general counsel of Edge Funds Management LLC has joined Blank Rome LLP as an of counsel in the real estate group.
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October 30, 2024
9th Circ. Says Calif. City Can't Sue State Over Housing Laws
The Ninth Circuit refused to revive the city of Huntington Beach, California's challenge to Golden State laws requiring it to build a certain number of housing units to keep up with population growth, writing in an order Wednesday that the city lacked standing to sue the state in federal court.
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October 30, 2024
Essex Warns Calif. Rent Control Prop Will Hurt Resi Supply
Essex Property Trust executives voiced concerns Wednesday that a California ballot measure that would give cities free rein to impose rent control would "dramatically restrict" residential construction.
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October 30, 2024
Conn's Seeks Hearing Next Week On Ch. 11 Asset Sale
Counsel for retail chain Conn's told a Texas bankruptcy judge Wednesday that no one has beaten the $360 million baseline bid for its assets from debt collector Jefferson Capital Systems and asked for a hearing to approve the sale next week.
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October 30, 2024
Real Estate Dealmakers Rush To Close, Others Await Election
Attorneys advising on real estate deals and real estate companies working on mergers and acquisitions and capital markets say some dealmakers are rushing to close, while others are holding off until after the election.
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October 30, 2024
Rudolph And Sletten Wins $1B Calif. Healthcare Campus Bid
Rudolph and Sletten, an affiliate of construction company Tutor Perini Corp., said it has won a $1 billion contract to build a healthcare campus in California.
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October 30, 2024
Polsinelli Continues Philly Growth With 2nd Oct. Hire
Polsinelli PC grew its recently opened Philadelphia office with the addition of a real estate attorney who returns to private practice after providing in-house counsel for a commercial real estate subsidiary of Blackstone.
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October 30, 2024
NY Construction Exec Avoids Jail For Commercial Bribery
A construction executive dodged jail time Wednesday after pleading guilty in New York state court to his role in a sprawling bribery scheme involving $100 million in contracts linked to New York high-rise buildings.
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October 30, 2024
Jones Day Hires Real Estate Partner For Chicago Office
Jones Day announced Tuesday that it hired an experienced transactional real estate attorney as a partner for its real estate and energy transition and infrastructure teams based in Chicago.
China-Based Investors Sue Over Tenn. Land Ownership Law
Two real estate investors who reside in China and one who lives in the U.S. claimed Friday in Tennessee federal court that a state law prohibiting residents of countries subject to national security regulations from owning agricultural land is unconstitutional.
How The Election Could Shift Enviro Real Estate Practices
At the end of a transformative presidential term for environmental real estate issues spanning from the group of chemicals known as PFAS, to clean energy, to flood mapping, real estate attorneys are poised for potentially major disruption when a new U.S. president takes office in January.
EB-5 Industry Eyes Legislative Fixes To USCIS Struggles
A 2022 revamp brought the EB-5 investment visa program a boost in interest and respectability, but as frustrations continue with U.S. Citizenship and Immigration Services, industry players are hoping new legislation is a better alternative than litigation.
Expert Analysis
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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.
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Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Applying High Court's Domestic Corruption Rulings To FCPA
After the U.S. Supreme Court narrowed the domestic corruption statutes in three decisions over the past year and a half, it’s worth evaluating whether these rulings may have an impact on Foreign Corrupt Practices Act enforcement, and if attorneys can use the court’s reasoning in international bribery cases, says James Koukios at MoFo.
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Climate Among Many Factors Driving Up RE Insurance Costs
A proactive approach to risk management may determine the viability of the U.S. commercial real estate sector as weather crises and other factors drive insurance costs higher, says Ulrick Matsunaga at Crosbie Gliner.