Commercial
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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
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.
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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.
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October 30, 2024
CareTrust JV Buys Tenn. Skilled Nursing Portfolio For $500M
CareTrust REIT Inc. said it formed a joint venture that has agreed to buy a portfolio of 31 skilled nursing facilities mostly located in Tennessee for $500 million.
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October 30, 2024
Walker & Dunlop CEO Says GSEs Must 'Get Back To Business'
Government-sponsored enterprises Fannie Mae and Freddie Mac need to get out of conservatorship and regain for-profit motivations so they can innovate and grow, Walker & Dunlop CEO Willy Walker told Law360 Real Estate Authority in an interview.
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October 30, 2024
KKR, ECP To Plug $50B Into Data Centers, Power Projects
Private equity firms KKR & Co., advised by Simpson Thacher, and Energy Capital Partners have teamed up to inject $50 billion into building data centers and energy generation projects in a bet on meeting rising demand for infrastructure to support the artificial intelligence boom.
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October 30, 2024
MVP: Gibson Dunn's Farshad E. Morè
Farshad E. Morè, a partner in Gibson Dunn & Crutcher's Century City office and member of the firm's real estate department, advised longtime client KKR on two record-breaking multifamily and student housing transactions, earning him a spot as one of the 2024 Law360 Real Estate MVPs.
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October 29, 2024
Real Estate Exec's Wife Says Prostitution Claims Defamed Her
The wife of Northstar Commercial Partners CEO Brian Watson has filed a lawsuit in Colorado federal court alleging an Illinois woman defamed her by accusing her of being a prostitute and that her husband frequently procures the services of prostitutes, estimating her damage at roughly $50 million.
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October 29, 2024
Pa. Seeks State Takeover Of Embattled Hospital System
Pennsylvania urged a state court to appoint a receiver for a hospital system after its operator, Prospect Medical Holdings Inc., allegedly violated an asset purchase agreement by spending millions of dollars on its investors instead of healthcare system management.
Expert Analysis
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Insureds Must Prep For Drought-Related Service Interruptions
Amid the ongoing U.S. water crisis, corporate policyholders must prepare for the emerging risk of service interruption property damage and time element loss, including through careful examination of their current and renewal property policies, says Micah Skidmore at Haynes Boone.
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How To Select The Right Arbitrator For A Construction Dispute
Excerpt from Practical Guidance
In construction disputes, selecting an arbitrator is a critical decision with many nuances to consider, as different types of potential panelists all come with their own experiences, views and possible biases, says Edward Gentilcore at Blank Rome.
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Combating Russia's Evolving Sanctions Evasion Efforts
As the war in Ukraine enters its second year, Russia and its oligarch class will continue their attempts to elude sanctions, and regulators from the U.S. and allied nations will keep searching for ways to beat them back, say Ian Herbert at Miller & Chevalier and Brad Dragoon at Charles River.
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Lessons In Chancery Toss Of Claims Against CoreLogic CEO
Attorneys at Fried Frank discuss key takeaways for boards, including justifications for accepting a lower takeover offer, following the Delaware Chancery Court's recent dismissal of claims that the ex-CEO of CoreLogic breached fiduciary duty during his $6 billion take-private sale of the company.
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India's Budget Proposals May Ease Entry For Certain Sectors
India’s recently released budget includes proposals to facilitate doing business in Gujarat International Finance Tec-City and moderate thousands of compliance requirements, opening up new opportunities for foreign businesses in the digital infrastructure, manufacturing and renewable energy sectors, say Mukesh Butani and Seema Kejriwal at BMR Legal.
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NY Law Alters Foreclosure Timeliness Framework Post-Engel
New York's recently passed Foreclosure Abuse and Prevention Act aims to prevent lender manipulation of foreclosure statutes of limitations following the Court of Appeals' 2021 decision in Freedom Mortgage v. Engel, and should cause lenders to work with mortgagees to resolve defaults, say attorneys at Abrams Fensterman.
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Key Considerations For Appointing A Real Estate Receiver
With commercial real estate loan distress expected to grow dramatically in the coming months, lenders should make sure to understand best practices for seeking appointment of a receiver over a defaulted property, say Dave Wald at Wald Realty Advisors and Mark Silverman at Locke Lord.
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Even Recession-Proof Cos. Need Strong Compliance Controls
While industries seen as safe from recession may face rapid growth in an economic downturn, companies under pressure to meet rising demand might ignore signs of fraud, which is why they must develop and maintain a robust compliance program, say consultants at Charles River Associates.
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New AML Law May Be Key Tool To Enforce Russia Sanctions
A new anti-money laundering law for the first time authorizes monetary rewards for tips leading to government enforcement against certain sanctions violations, and though many questions remain, it gives the U.S. an additional tool in the ongoing global battle against Russian aggression, say Daren Firestone and Kimberly Wehle at Levy Firestone.
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How Gov't Enviro Justice Push May Affect Developers
Attorneys at Crowell & Moring contextualize the U.S. Environmental Protection Agency's recent guidance on environmental justice and permitting decisions, and the U.S. Department of Energy's requests for input on using grants to achieve EJ goals, highlighting practical implications for project developers and other industry participants.
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The EPA's New Enviro Site Assessment Standard: Key Points
While the U.S. Environmental Protection Agency's previous standard for Phase I environmental site assessments will remain valid for another year, the agency's recent final approval of the newer ASTM E1527-21 standard means that it now represents the best practice for conducting ESAs, says Sedina Banks at Greenberg Glusker.
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FinCEN Report Holds Key Russia-Linked Risk Considerations
A recent report from the Financial Crimes Enforcement Network reminds financial institutions to review guidance issued on reporting Russia-linked suspicious activity, emphasizing the need to review anti-money laundering and sanctions monitoring processes to remain adaptive to global developments, say Siana Danch and Peter Hardy at Ballard Spahr.
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Recession Or Not, Elevated Restructuring Activity Is Coming
2023 is set up to be a strong year for corporate distress and reorganization, recession withstanding, but it may not be the blowout year that some are expecting — depending on whether the Fed continues its inflation fight and whether sponsors can go all out to defend investments, says Michael Eisenband at FTI Consulting.