Commercial
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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
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.
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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
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.
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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 08, 2024
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.
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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.
Expert Analysis
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Why Courts Are Nixing Insurer Defense Recoupment Claims
Following a recent trend, the Hawaii Supreme Court's decision in St. Paul Fire & Marine Insurance Co. v. Bodell Construction Co. provides a concise explanation of the argument that an insurer generally may not recoup costs for defending claims, based on three considerations, says Bradley Nash at Hoguet Newman.
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The SEC's Cooled Down But Still Spicy Private Fund Rules
Timothy Spangler and Lindsay Trapp at Dechert consider recently finalized U.S. Securities and Exchange Commission rules, which significantly alter the scope of obligations private fund advisers must meet under the Investment Advisers Act, noting the absence of several contentious proposals and litigation that could result in implementation delays.
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Trump NY Fraud Trial Shows Civil, Criminal Case Differences
Former President Donald Trump’s civil fraud trial currently unfolding in New York provides a reminder that civil bench trials can be just as damaging, if not more so, than criminal prosecutions, due to several key elements of civil litigation procedure, says retired attorney David Moskowitz.
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A Year-End Look At Florida's Capital Investment Tax Credit
Notwithstanding the Walt Disney Co.’s feud with Gov. Ron DeSantis this year, Florida's capital investment tax credit will continue to make the state a favored destination for large corporations, particularly in light of the new federal alternative minimum tax and the Pillar Two top-up tax, says Alan Lederman at Gunster.
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Crypto Has Democratized Trading In Bankruptcy Claims
Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.
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Paths Forward For RE Buyers In Turbulent Market Conditions
Real estate borrowers are facing significant challenges in financing new acquisitions or developments amid escalating interest rates, but opportunistic debt funds may be able to help bridge through the present environment, say Jon Gallant and Jared Hodges at Knowles Gallant.
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DC Ruling Provides Support For Builders Risk Claim Recovery
To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.
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What NJ's Green Remediation Guidance Means For Cleanups
Recent guidance from the New Jersey Department of Environmental Protection promoting greener approaches to restoring contaminated sites demonstrates the state's commitment to sustainability and environmental justice — but could also entail more complexity, higher costs and longer remediation timelines, say J. Michael Showalter and Bradley Rochlen at ArentFox Schiff.
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Inside Bank Regulators' Community Lending Law Overhaul
The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.
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Sellers Seeking Best Deal Should Focus On Terms And Price
Rising interest rates and a decline in the automotive mergers and acquisitions market mean that a failed deal carries greater stakes, and sellers therefore should pursue not only the optimum price but also the optimum terms to safeguard their agreement, says Joseph Aboyoun at Fox Rothschild.
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Illinois Trump Tower Ruling Illuminates Insurance 'Occurrence'
In Continental Casualty v. 401 North Wabash Venture, an Illinois appellate court found that Trump Tower was not entitled to insurance coverage for operating its HVAC system without a permit, helping to further define a widely litigated general liability insurance issue — what constitutes an "occurrence," say Robert Tugander and Greg Mann at Rivkin Radler.
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A Bird's Eye View Of NYC's New Parapet Inspection Law
Building owners in New York City should be ready for the city's new parapet inspection requirements going into effect in January, which will likely necessitate additional construction work for countless buildings not previously subject to formal inspections, says Benjamin Fox Tracy at Braverman Greenspun.
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How Fla. Bankruptcy Ruling May Affect Equity Owners
A Florida bankruptcy court’s recent ruling in Vital Pharmaceuticals — which rejected the Third Circuit’s Majestic Star decision that determined a bankrupt corporation’s flow-through status was not protected by the automatic stay — may significantly affect how equity owners can mitigate the impact of flow-through structures in bankruptcy, say Eric Behl-Remijan and Natasha Hwangpo at Ropes & Gray.