Commercial
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July 12, 2024
Ohio Warehouse Sale Too Old To Boost Value, Tax Panel Says
A county board in Ohio was wrong to rely on the $27 million sale price of a warehouse property to raise its tax valuation because that sale occurred more than two years before the applicable tax lien date, the state Board of Tax Appeals ruled.
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July 11, 2024
2nd Circ. Backs Disbarred Atty's Prison Term For Fraud Plea
A disbarred California attorney can't reverse a Manhattan federal court's 5½-year prison sentence and $5.5 million restitution order that followed his guilty plea to wire fraud for a real estate and venture fraud scheme, the Second Circuit ruled Thursday.
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July 11, 2024
All Grand Jury Witnesses Get Civil Immunity, Colo. Panel Says
A Colorado state appeals court held for the first time Thursday that all types of grand jury witnesses have absolute immunity for their testimony, though they don't have sweeping protection for statements made before the proceedings start.
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July 11, 2024
Ross Steps Down At Related Cos. To Run Florida-Based Firm
Stephen M. Ross, a giant in the real estate development world, is stepping away from his leadership role as chairman of Related Cos., which he founded in 1972, to focus on the South Florida market as the head of a new firm.
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July 11, 2024
Pa. Condo Owner Group Takes Inner-Tower Conflict To Court
The residents association of a downtown Pittsburgh condo building sued the building's commercial association in state court, alleging they have been improperly denied access to commercial sections of the building needed to complete HVAC repair work.
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July 11, 2024
CLO Holder Can't Duck Portfolio Manager's Feud Just Yet
A New York federal court has refused to finalize a February decision dismissing all claims against an investment scheme created to hold collateralized loan obligations whose liquidation is at the center of a sprawling dispute.
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July 11, 2024
3 Firms Lead Brookfield's $1.3B DRA Industrial Buy
Gibson Dunn & Crutcher LLP advised Brookfield on a $1.3 billion purchase of a 128-property industrial portfolio from DRA Advisors LLC, which retained Blank Rome LLP, while Dechert LLP represented those financing the deal, Law360 learned Thursday.
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July 11, 2024
'Bridgegate' Defense Offers Road Map For NJ RICO Case
Counsel for the powerful New Jersey mogul and Democratic operatives facing explosive racketeering charges are likely to justify their actions as just business, experts told Law360, describing defense tactics similar to the ones that absolved defendants in "Bridgegate," New Jersey's most notorious politics-fueled crime in recent history.
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July 11, 2024
Golf Club Investment Co. Buys Up NJ Golf Club And Mansion
Golf club-focused investment company Concert Golf Partners purchased a private 222-acre golf club and mansion located in Princeton, New Jersey, near Princeton University, the Florida-based company announced.
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July 11, 2024
Bilzin Sumberg Advises $70M Refi On Luxury Miami Office
Miami-based developer CMC Group has taken out a $70 million loan to refinance its 4000 Ponce nine-story, Class A office and retail building in a transaction advised by Bilzin Sumberg Baena Price & Axelrod LLP.
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July 10, 2024
Washington Justices To Tackle CARES Act Eviction Split
Washington's Supreme Court has agreed to review whether the CARES Act eviction notice only applies to tenants who are late on rent, and not to violent tenants targeted by landlords for quick removal.
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July 10, 2024
NJ Panel Says Tax Amendment Challenge Had No Real Claim
A New Jersey state appeals court on Wednesday tossed a challenge to an amendment blocking certain appeals from being litigated in the state's tax court, reasoning that parties can still fight tax matters in trial court.
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July 10, 2024
Co. Wants 'Duplicative' $18.8M Theft Coverage Suit Tossed
A Georgia shopping center owner involved in coverage disputes with its insurer after suffering an $18.8 million theft and vandalism loss asked a Georgia federal court to dismiss or stay its insurer's case until its own prior Texas state loss coverage action against the carrier is decided.
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July 10, 2024
Federal Claims Tossed In Colo. Short-Term Rental Row
A Colorado federal judge partially dismissed and remanded a suit filed by a nonprofit representing vacation rental owners who claim that a resort town's laws governing short-term rental licenses are overly restrictive.
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July 10, 2024
Developers Nab Va. Warehouse Financing, Break Ground
Real estate investment firm Turnbridge Equities announced that it and development partner Manekin LLC have secured funding for the construction of a logistics center in Hampton, Virginia under the guidance of McDermott Will & Emergy LLP, and have broken ground on the project.
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July 10, 2024
Move-Ins Up, Vacancies Down For South Florida, JLL Says
JLL said in a set of updates released Wednesday on South Florida's office market that Miami-Dade and Fort Lauderdale saw positive net absorption and falling vacancies, while exclusive Palm Beach island boasted a vacancy rate of just 4.2% in the second quarter.
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July 10, 2024
McDermott-Led H.I.G. Secures $1.3B For 3rd Real Estate Fund
Private equity shop H.I.G. Capital, advised by McDermott Will & Emery LLP, on Wednesday announced that it closed its third European real estate-focused fund after raising roughly $1.3 billion of capital commitments.
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July 10, 2024
Ohio Board Boosts Value Of Wendy's Property To $2.1M
An Ohio city and school board proved that a property housing a newly constructed Wendy's restaurant was undervalued based on comparable properties in the area and that its value should be increased to $2.1 million, the state's Board of Tax Appeals ruled.
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July 10, 2024
Mass. Justices Say Intent Not Factor In Boston Appeal Bonds
Boston's zoning law does not require that courts make a finding of bad faith before ordering a challenger to post a bond, Massachusetts' highest court concluded on Wednesday in a case involving the appeal of the issuance of a cannabis dispensary permit.
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July 10, 2024
The Real Estate Bankruptcies Making Headlines This Year
The real estate industry is no stranger to distress, but recent market headwinds have made it even harder for certain companies to chart the course to calmer seas. Catch up on the major real estate bankruptcy developments that have made headlines so far this year.
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July 10, 2024
Real Estate Fundraising Charts Slow Recovery
Private real estate fundraising remains fairly weak at the midpoint of the year, though investors have been building more of an appetite for the property industry that should lift prospects in the coming months.
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July 10, 2024
Tarter Krinsky Advises $178M NYC Office Tower Buy
Tarter Krinsky & Drogin LLP guided Sovereign Partners' $178 million purchase of a 50-story office building at 780 Third Ave. in Manhattan.
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July 10, 2024
Pa. Developer's Heirs, Foundation Can't Appeal Fee Denial
The Supreme Court of Pennsylvania won't take up a fee dispute stemming from a disagreement over the control of a foundation established by Pittsburgh developer Jack Buncher.
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July 10, 2024
Sheppard Mullin Adds Winston & Strawn Real Estate Duo
Sheppard Mullin Richter & Hampton LLP has strengthened its real estate, energy, land use and environmental practice with two partners in Houston who joined from Winston & Strawn LLP.
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July 10, 2024
5 Airport Building Projects That Scored Federal Grants
Five U.S. airports are receiving federal funding for building projects as airports look to upgrade their terminals and baggage systems.
Expert Analysis
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As Sackett Trims Feds' Wetlands Role, States May Step Up
The U.S. Supreme Court's recent decision in Sackett v. U.S. Environmental Protection Agency extinguishes federal authority over many currently regulated wetlands — meaning that federal permits will no longer be required to discharge pollutants in affected areas, but also that state regulators may take a more active role, say attorneys at Kelley Drye.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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Trafficking Ruling Offers Liability Lessons For Hospitality Cos.
A California federal court recently dismissed a lawsuit accusing several national hotel chains of knowingly benefiting from sex trafficking at their premises, highlighting how hospitality leaders can protect their guests and staff, and shield their companies from liability and reputational damage, says Danielle Dudai at Hall Booth.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
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What's Unique — And What's Not — In Trump Protective Order
A Manhattan judge's recent protective order limiting former President Donald Trump's access to evidence included restrictions uniquely tailored to the defendant, which should remind defense attorneys that it's always a good idea to fight these seemingly standard orders, says Julia Jayne at Jayne Law.
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Time For Law Schools To Rethink Unsung Role Of Adjuncts
As law schools prepare for the fall 2023 semester, administrators should reevaluate the role of the underappreciated, indispensable adjunct, and consider 16 concrete actions to improve the adjuncts' teaching experience, overall happiness and feeling of belonging, say T. Markus Funk at Perkins Coie, Andrew Boutros at Dechert and Eugene Volokh at UCLA.
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Justices Curb Fraud Theories, But That May Not Deter Feds
The U.S. Supreme Court’s opinions last week in Ciminelli v. U.S. and Percoco v. U.S. are the latest in a line of rulings aiming to limit the wire fraud statute’s application to state public corruption cases, but federal prosecutors will probably continue pursuing such cases using different charging language and other laws, says Alison Anderson at Boies Schiller.
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Good Faith Buyer Lessons From 5th Circ. Bankruptcy Ruling
The Fifth Circuit’s recent ruling in Palm Springs II, affirming the sale of property to a senior lender, is notable for its guidance on Section 363(m), including the ability of a senior lender to remain a good faith purchaser despite squeezing out a junior lender, says Shane Ramsey at Nelson Mullins.
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Tips For In-House Legal Leaders In A Challenging Economy
Amid today's economic and geopolitical uncertainty, in-house legal teams are running lean and facing increased scrutiny and unique issues, but can step up and find innovative ways to manage outcomes and capitalize on good business opportunities, says Tim Parilla at LinkSquares.
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How Cities Can Tackle Post-Pandemic Budgeting Dilemmas
Due to increasing office vacancies around the country, cities may consider politically unpopular actions to avoid bankruptcy, but they could also look to the capital markets to ride out the current real estate crisis and achieve debt service savings to help balance their budgets, say attorneys at Cadwalader.
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What Associates Need To Know Before Switching Law Firms
Excerpt from Practical Guidance
The days of staying at the same firm for the duration of one's career are mostly a thing of the past as lateral moves by lawyers are commonplace, but there are several obstacles that associates should consider before making a move, say attorneys at HWG.
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Guidance Adds Clarity To Energy Communities Bonus Credits
Recent IRS guidance on the Inflation Reduction Act's changes to tax credits for renewable energy projects offers much-needed pointers for developers and financing parties, and should allow them to more comfortably incorporate special bonus credits for projects in energy communities into their transactions, say Jorge Medina and Ira Aghai at Shearman.