Commercial

  • April 19, 2024

    US Trustee Balks At 22% Rate On Petersen Health DIP Loan

    The U.S. Trustee's Office objected Friday to senior living company Petersen Health Care's proposed bankruptcy financing, telling a Delaware judge that the combined 22% interest rate on the $45 million debtor-in-possession loan is "above market."

  • April 19, 2024

    Pillsbury Makes Longtime Commitment To 'Iconic' SF Building

    Pillsbury Winthrop Shaw Pittman LLP has extended the lease on its San Francisco offices for 11 more years, the firm announced Friday.

  • April 19, 2024

    Polsinelli Adds Shareholder To Tax Credit Practice In Dallas

    An attorney who spent more than a decade developing a niche practice specializing in tax credit financing has moved her practice to Polsinelli PC's Dallas office after five years at Munsch Hardt Kopf & Harr PC.

  • April 19, 2024

    The Week In Trump: NY Trial And A High Court Date Loom

    Despite a few snags, jury selection for Donald Trump's hush money trial in Manhattan unfolded relatively quickly, clearing the way for opening statements Monday in the historic case as the former president prepped for a U.S. Supreme Court debate over his supposed immunity.

  • April 19, 2024

    Fried Frank Advises $632M Hotel Portfolio Refinancing

    Fried Frank Harris Shriver & Jacobson LLP advised hotel operator MCR and developer Building and Land Technology on a $632 million refinancing of a portfolio of 53 hotels in more than a dozen states.

  • April 19, 2024

    EPA Says 2 'Forever Chemicals' Are Hazardous Substances

    The U.S. Environmental Protection Agency on Friday officially declared two "forever chemicals" to be hazardous materials under federal law, which could bring a host of consequences for Superfund site cleanups and development projects.

  • April 18, 2024

    What 4 Real Estate Leaders Said At NYU's REIT Symposium

    The public real estate investment trust sector will bounce back from its current troubles "at some point," said Jon Gray, Blackstone's president. He was not the only company executive who sounded hopeful about the industry's future at New York University's 28th annual REIT symposium.

  • April 18, 2024

    Investors In Failed Manila Casino Deal Sue For SPAC Shares

    Shareholders in a blank-check company that failed to take a Philippines casino public have intervened in two Delaware Chancery Court lawsuits to recoup their failed investments, with one seeking to litigate damages from the busted $2.6 billion deal and the other pushing for the company's liquidation.

  • April 18, 2024

    Investor Says Healthcare REIT Ties Undercut Lease Terms

    An activist investor on Thursday urged shareholders to vote against two of National Health Investors Inc.'s incumbent board members at an annual meeting in May, alleging that conflicts of interest between directors on the board and the company's largest tenant are harming the real estate investment trust.

  • April 18, 2024

    Rexford Didn't Fear Competitors Would Get Blackstone Assets

    Rexford Industrial Realty wasn't terribly concerned that a 3 million-square-foot Blackstone industrial portfolio might go to one of its competitor REITs had the company not scooped up the properties earlier this year for roughly $1 billion, Rexford said on its first-quarter earnings call Thursday.

  • April 18, 2024

    Blackstone, Expecting CRE Rebound, Leans Into Deal-Making

    Executives at Blackstone, the world's largest landlord and alternative asset manager, said they see signs that commercial real estate is beginning to bounce back, despite macroeconomic challenges and a shift in how people use offices.

  • April 18, 2024

    Smith Gambrell Hires Ex-Jacksonville, Fla., Deputy GC

    Smith Gambrell & Russell LLP has added a longtime deputy general counsel for the city of Jacksonville, Florida, as counsel within its real estate group and as the head of the Jacksonville office's government affairs practice.

  • April 17, 2024

    Damages Still Possible In Lease Tax Reimbursement Row

    A Court of Federal Claims judge has ruled that the General Services Administration could unilaterally adjust the real estate tax reimbursement methodology under a lease for the Defense Health Agency's headquarters building, but the building owner may still be owed damages.

  • April 17, 2024

    Ga. Jury Finds Supplier At Fault For Botched Herbicide Job

    An Atlanta federal jury on Wednesday found a company hired to thin out woods on a rural Georgia property and a subcontractor brought in to spray the property with herbicide were responsible for wrecking a developer's plans for turning the location into a quail hunting retreat. 

  • April 17, 2024

    Wilmington Trust Wants $33M For Defaulted Mortgage

    Wilmington Trust accused a company in Delaware federal court of owing more than $33 million for a defaulted mortgage loan for a Wilmington, Delaware, property.

  • April 17, 2024

    Racetrack's Unlisted Use Unremarkable, Mich. Justice Says

    A Michigan Supreme Court justice said Wednesday it was not "particularly remarkable" that a zoning ordinance did not list all approved commercial uses, as residents push the court to restrict a race dragway's operations, noting that the law uses examples because it would be impossible to list everything allowed.

  • April 17, 2024

    Prologis Pins Lower Occupancy Rates On Southern California

    Prologis Inc. executives told investors Thursday that the logistics real estate investment trust saw occupancy rates and pricing at slightly lower than expected levels during the first quarter of 2024, driven down largely by lackluster performance in Southern California.

  • April 17, 2024

    SL Green And Vornado Extend, Modify NYC Office Loans

    SL Green Realty Corp. and Vornado Realty Trust modified, extended and partially repaid a $125 million mezzanine loan for a downtown Manhattan office building and also modified and extended a $1.075 billion securitized mortgage, the real estate investment trusts announced.

  • April 17, 2024

    Okla. Lawmakers OK Use Of Images For Property Inspections

    Oklahoma would allow county assessors to inspect property remotely using aerial images taken from airplanes after an initial in-person inspection under a bill passed by the state House of Representatives and headed to the governor.

  • April 17, 2024

    No Redo For Insurer In Hail Damage Dispute, Judge Says

    A Texas federal court refused to rethink its ruling denying an insurer's early win in a hail damage coverage dispute with a textile company, saying the insurer provided no new information that could change the court's finding or establish the court's manifest error.

  • April 17, 2024

    99 Cents Seeks Quick Ch. 11 Auction For IP, Real Estate

    Bankrupt discount retail chain 99 Cents Only hopes to sell its real estate, store leases and intellectual property by May 21 as part of its speedy Chapter 11 winding down, according to an auction procedures motion filed with the Delaware bankruptcy court.

  • April 17, 2024

    Porter Hedges Adds Real Estate Pro From Munsch Hardt

    Porter Hedges LLP is expanding its Texas team, bringing in a Munsch Hardt Kopf & Harr PC real estate pro as a partner in its Houston office.

  • April 17, 2024

    Insurer Owes No More Water Damage Coverage, Court Says

    A Nationwide unit was required to pay only $5,000 to a Tennessee building's owner after water from a sewer or drain pipe backed up and overflowed within, a Tennessee federal court ruled, finding a water damage exclusion in the company's policy made a $5,000 sublimit applicable.

  • April 17, 2024

    Small-ish Banks Have A Big Commercial Real Estate Problem

    As the market braces for commercial real estate distress, regulators are turning their attention to smaller banks and their outsize portion of loans backed by commercial real estate. Both the SEC and the FDIC have sharpened their focus on the risks.

  • April 17, 2024

    West LA Office Vacancy Rate Continues To Climb, Nears 25%

    The office vacancy rate in West Los Angeles continued to rise in the first quarter of 2024 and is now approaching 25% as major questions remain about the future of brick-and-mortar office space needs, according to a recent report from Colliers.

Expert Analysis

  • Payment Provision Lessons From NJ Construction Ruling

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    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.

  • Spray Painting Makes Me A Better Lawyer

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    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.

  • A Legal Playbook For Stadium Construction Agreements

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    As a new wave of construction in the professional sports arena space gets underway, owners must carefully consider the unique considerations and risks associated with these large-scale projects and draft agreements accordingly, say attorneys at Akerman.

  • Document Retention Best Practices To Lower Litigation Risks

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    As new technologies emerge and terabytes of data can be within the purview of a single discovery request, businesses small and large should take four document management steps to effectively minimize risks of litigation and discovery sanctions long before litigation ensues, says Kimbrilee Weber at Norris McLaughlin.

  • Riding My Peloton Bike Makes Me A Better Lawyer

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    Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.

  • The Challenges SEC's Climate Disclosure Rule May Face

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    Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • How FinCEN Proposal Expands RE Transaction Obligations

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    Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.

  • Unpacking FinCEN's Proposed Real Estate Transaction Rule

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    Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • DC's Housing Tax Break Proposal: What's In It, What's Missing

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    Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for submitting an application, but do not provide sufficient detail regarding the actual dollar value of the abatements, says Daniel Miktus at Akerman.

  • Contract Disputes Recap: The Terms Matter

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    Stephanie Magnell and Zachary Jacobson at Seyfarth examine recent decisions from the U.S. Civilian Board of Contract Appeals, the Armed Services Board of Contract Appeals and the U.S. Court of Federal Claims, which offer reminders about the importance of including contract terms to address the unexpected circumstances that may interfere with performance.

  • Reducing Carbon Footprint Requires A Tricky Path For CRE

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    As real estate owners find themselves caught between rapidly evolving environmental, social and governance initiatives and complicated societal debate, they will need to carefully establish formal plans to remain both competitive and compliant, say Michael Kuhn and Mahira Khan at Jackson Walker.