Commercial
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November 21, 2024
Hype For Energy Tax Perks Could Shield Regs From Repeal
President-elect Donald Trump and Republican lawmakers could turn to an oversight tool called the Congressional Review Act to undermine clean energy tax credit regulations implementing key parts of Democrats' signature climate law, but the strategy may falter due to GOP support for the incentives.
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November 21, 2024
Ga. Attys' Easement Fraud Class Suit Shipped To State Court
A Georgia federal judge kicked back to state court a proposed class action accusing conservation easement fund organizers of racketeering and defrauding investors, saying the organizers failed to prove that the proposed class had at least 100 investors or that the case hinged on federal law.
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November 21, 2024
Experts Cool On 'Chill' Defense In NJ RICO Case
Former prosecutors and academics are doubtful two of New Jersey's most politically connected attorneys can convince a judge that the racketeering case against them will have a chilling effect on lawyering, given that prosecutors only have to show they knew the end game of the notorious Democratic power broker they're accused of helping.
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November 21, 2024
La. Parishes Can't Change Property Values After Court Rulings
Louisiana parish assessors lack the authority to unilaterally change a property's assessment if they become aware of an error in the assessment after a local board or the state Tax Commission sets the property's value, the state attorney general's office said.
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November 21, 2024
PierFerd Adds Fla. Transactions Partner From Taylor English
Pierson Ferdinand LLP just got a bit larger with the addition of a partner in Miami from Taylor English Duma LLP, bringing expertise in real estate, banking and financial services that is expected to bolster the firm's ongoing growth.
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November 20, 2024
Suit Alleges Fraud In Scuttled Deal Over Calif. Pot Grow
A California company is looking to claw back a $250,000 down payment to purchase a cannabis entity's cultivation operation, claiming a grower and others involved in the failed deal conspired to take the money, according to a lawsuit filed in California state court.
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November 20, 2024
RE Firm Savanna Closes $255M Manhattan Office Building Buy
Savanna has purchased a distressed 12-story, 176,588-square-foot Manhattan office building for a "deeply discounted" $255 million price tag, the real estate investment firm announced on Wednesday.
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November 20, 2024
3 Firms Guide $425M Loan For Ariz. Sports Complex Project
CTL Capital LLC loaned $425 million to Knott Development for its Tucson, Arizona, sports complex project, with the deal receiving guidance from Thompson Hine LLP, Goulston & Storrs LLP and Snell & Wilmer LLP.
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November 20, 2024
NJ Power Broker, Attys Demand Wiretap Docs In RICO Case
George E. Norcross III, a politically influential insurance executive in New Jersey, and others accused alongside him of a massive racketeering scheme demanded Wednesday that state prosecutors turn over complete wiretap application information dating back to 2016, arguing that those details form the core of the state's case against them.
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November 20, 2024
Extell To Tear Down Madison Ave. Office For Mixed-Use Tower
Extell Development plans to demolish an office building on Manhattan's Madison Avenue and erect a mixed-use tower with apartments on the site, according to New York City records filed this week.
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November 20, 2024
McCarter Partner, Former Miami Official On AI In Land Use
From planning for mega storms to streamlining zoning approvals, artificial intelligence tools are bringing efficiency and new modeling capabilities to local governments.
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November 20, 2024
MVP: Latham's Michelle Kelban
Michelle Kelban, co-chair of Latham & Watkins LLP's real estate group, helmed a $2 billion construction financing for Cain International and guided Ares Management's blockbuster purchase of GCP International, earning her a spot as one of the 2024 Law360 Real Estate MVPs.
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November 19, 2024
DC Circ. Ruling Adds New Wrinkle To Agency NEPA Reviews
Federal regulators may be left to question the limits of their powers in overseeing projects and enforcing environmental law after a recent D.C. Circuit ruling calling into question the White House's ability to set environmental policy.
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November 19, 2024
Calif. Hotel Wants To Stay Open Through Another Ch. 11
A California judge on Tuesday asked bankrupt San Jose hotel owner SC SJ Holdings for more information about who owns the cash management account that the debtor wants to use to keep operating during its second run through Chapter 11.
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November 19, 2024
Ohio Board OKs Income Approach In Two Theater Valuations
Two Ohio movie theaters should be valued using the income approach to valuation applied by a county appraiser, the state tax board said in separate rulings involving two counties.
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November 19, 2024
PierFerd Adds FisherBroyles RE Partner To DC Shop
Pierson Ferdinand LLP has added a FisherBroyles LLP partner who works with real estate financing and transactional matters to its Washington, D.C., team, the firm announced Tuesday.
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November 19, 2024
Fried Frank Guides REIT's Ongoing Brooklyn Retail Expansion
Empire State Realty Trust closed on the purchases of two properties in the Williamsburg neighborhood of Brooklyn, New York — the latest in the company's spate of retail acquisitions in that area — in a deal guided by Fried Frank Harris Shriver & Jacobson LLP.
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November 19, 2024
Tarter Krinsky Adds CRE Transaction Atty
An attorney with experience across the spectrum of commercial real estate transactions has joined Tarter Krinsky & Drogin LLP's real estate practice from Riley Riper Hollin & Colagreco PC, the firm announced.
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November 19, 2024
RFK Stadium Bill Passes Committee, Full Senate Vote Is Next
A bill that would give the Washington, D.C., city government control over land that could be home to a new stadium for the NFL's Commanders passed overwhelmingly Tuesday morning by the U.S. Senate Energy and Natural Resources Committee, moving it to the full Senate for approval.
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November 19, 2024
Treasury Finalizes Partnership Tax Credit 'Direct Pay' Regs
The U.S. Treasury Department finalized regulations Tuesday to make it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.
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November 18, 2024
3M Can't Add DuPont, Others To PFAS Water RICO Fight
A Massachusetts federal judge rejected on Monday requests by 3M Corp. and other defendants to add DuPont entities and over a dozen additional companies as cross-defendants in a proposed racketeering class action seeking to hold the companies liable for conspiring to contaminate local drinking water with so-called forever chemicals.
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November 18, 2024
Chancery Orders Paybacks In Decade-Old Lease Co. Suit
Former directors of a global temporary housing business that served corporations worldwide must repay indemnification payouts under a multipart Court of Chancery ruling on a suit originally brought in 2014 alleging breaches of a shareholder agreement and fiduciary duty.
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November 18, 2024
Treasury Finalizes Tougher Foreign Investment Law Penalties
The Treasury Department on Monday finalized a rule sharpening its enforcement authority to stop or demand additional information regarding foreign-investment deals that the U.S. deems potential threats to national security.
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November 18, 2024
Mo. Bank Properly Valued At $1.1M, Commission Rules
A Missouri property that is owned and operated by a bank branch was properly valued at $1.1 million, the state's tax commission ruled, saying the bank's appraiser was not persuasive in her argument that the value should be lowered to $725,000.
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November 18, 2024
Mo. Tax Commission Upholds Storage Facility's $7.4M Value
A Missouri storage facility was properly valued at $7.4 million because the real estate company that owned the facility failed to prove the value should be lowered to $2.7 million, the state tax commission said.
Expert Analysis
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Keys To Navigating The Post-Pandemic CRE Market
Excerpt from Practical Guidance
As the commercial real estate market continues to face repercussions from the COVID-19 pandemic, lawyers should use office occupancy and leasing volume numbers to anticipate future trends and help guide clients through an uncertain landscape, says Joseph Calvanico at J2C Valuations.
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How Rate Exportation Is Shifting Amid Regulatory Trends
All banks and their partners, including fintechs, that wish to lend to borrowers in multiple states and charge uniform interest rates should heed regulatory developments across the country and determine how best to mitigate risks in their efforts to offer credit to consumers on a nationwide basis, say attorneys at Ballard Spahr.
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How The Commercial Real Estate Slump May Weigh On Banks
The continuing underperformance of the U.S. commercial real estate market has significant implications for the financial performance and disclosure requirements for various banks, especially regional ones with large debt exposures, say Atanu Saha and Yong Xu at StoneTurn.
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Negotiating Material Escalation In Construction Contracts
As material price escalation clauses have remained popular in construction contracts despite an easing of recent supply chain issues, attorneys representing owners should understand key considerations for negotiating such clauses, and strategies to mitigate potential exploitation by contractors, says H. Arthur Black II at Brooks Pierce.
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Landlords Should Prep As WeWork Faces Potential Ch. 11
After years of financial trouble and the recent announcement that it has substantial doubt that it would be able to continue as a going concern, WeWork may have a bankruptcy filing in its future that would have a significant impact on landlords and other stakeholders who are owed money by the company, say attorneys at Cadwalader.
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Key Drivers Behind Widespread Adoption Of NAV Financing
While net asset value-based lending has existed for years, NAV lending has only started to move into the mainstream recently — likely due to difficult market conditions faced by sponsors including persistent inflation, high interest rates and a lack of exit opportunities, say Matthew Kerfoot and Jinyoung Joo at Proskauer.
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Conn. Ruling Highlights Keys To Certificate-Of-Need Appeals
The Connecticut Supreme Court's recent decision in High Watch Recovery Center v. Department of Public Health, rejecting rigid application of statutes concerning certificate-of-need procedure, provides important guidance on building an administrative record to support a finding that a case is contested, say attorneys at Robinson & Cole.
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Pickleball Makes Waves In Fla. Real Estate, With Risks In Play
Pickleball's burgeoning popularity in Florida is catalyzing a transformation in the state's commercial real estate market, but investors must take steps to navigate legal challenges related to noise, insurance and community dynamics, says Emmanuelle Litvinov at DarrowEverett.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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What Calif. Pot Permit Ruling Means For Enviro Compliance
While a California appeals court's recent decision in Lucas v. City of Pomona affirms the city's use of a statutory exemption for its commercial cannabis overlay permit program, the ruling does not mean that all applicants seeking similar approvals are exempted from state environmental compliance obligations, say Whitney Hodges and Barbara Machado at Sheppard Mullin.
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Rare Reg A+ Fines Reflect New Era Of SEC Enforcement
The U.S. Securities and Exchange Commission's recent announcement of civil penalties against 10 microcap companies for violations of Regulation A+ shows that as the SEC continues to expand its enforcement efforts, its focus remains on protecting investors of all sizes — including those investing in the historically less-scrutinized Reg A+ issuers, say attorneys at Crowell & Moring.
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Factors To Consider When Structuring Data Center Contracts
Data center leases and service agreements grant very similar rights and impose similar obligations, but they also hold notable differences and a range of factors that are important to consider when selecting which form of agreement to use, say attorneys at Mayer Brown.
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Rethinking Mich. Slip-And-Fall Defense After Top Court Ruling
The Michigan Supreme Court recently overturned three decades of premises liability jurisprudence by ruling that the open and obvious danger defense is no longer part of a traditional duty analysis, posing the question of whether landowners will ever again win on a motion for summary dismissal, say John Stiglich and Meriam Choulagh at Wilson Elser.