Commercial
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November 04, 2024
Real Estate Lawyers On The Move
Greenberg Traurig, Buchalter and Spencer Fane are among the law firms that have made recent real estate or construction hires.
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November 04, 2024
GrayRobinson Adds Trio Of Attys To Tampa Office
GrayRobinson PA announced Monday that it has boosted its local government, education and commercial litigation offerings with three hires for its Tampa office — two new shareholders and a senior associate.
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November 04, 2024
Crowell & Moring Aims To End $1M Fee Bid In DC Lease Row
After losing a bid for its District of Columbia landlord to return $30 million in lease payments Crowell & Moring reportedly paid for an empty office during the COVID-19 shutdown, the firm now wants to sidestep a $1 million fee from the failed suit, arguing the landowner cannot recoup fees while an appeal is pending.
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November 01, 2024
Property Plays: Energy Capital, Flatiron, CareTrust
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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November 01, 2024
JLL Lines Up $22M Loan For Pa. Industrial Warehouse Project
JLL Capital Markets arranged a $22 million floating-rate construction loan for the development of an Allentown, Pennsylvania, industrial warehouse and distribution facility project, the real estate company announced.
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November 01, 2024
Judge Skeptical Of NYC Mayor's Bid To Dismiss Bribery Count
A Manhattan federal judge on Friday voiced skepticism of New York City Mayor Eric Adams' motion to dismiss his bribery charge, and set an April trial date in a case accusing the mayor of taking travel perks from Turkish officials in exchange for official favors.
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November 01, 2024
Treasury Expands Foreign Land Transaction Authority
The U.S. Department of the Treasury announced Friday that it has added 59 new military installations to the list of those over which it has jurisdiction to review any nearby real estate transactions involving foreign citizens.
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November 01, 2024
Big Lots Says $760M Bid Wins In Ch. 11 Auction
Discount retailer Big Lots got approval from a Delaware bankruptcy judge to sell off nearly three-dozen store leases the day after it said it had received no offers to beat a $760 million bid for the business as a whole.
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November 01, 2024
Ohio Makes Play To Enter Cleveland Browns' Stadium Suit
Ohio asked to join Cleveland as a defendant in a suit filed by the Cleveland Browns alleging that a state law impeding the NFL team's plan to move to another city within the state is unconstitutional.
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November 01, 2024
China-Based Investors Sue Over Tenn. Land Ownership Law
Two real estate investors who reside in China and one who lives in the U.S. claimed Friday in Tennessee federal court that a state law prohibiting residents of countries subject to national security regulations from owning agricultural land is unconstitutional.
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November 01, 2024
Gibson Dunn Works On Flatiron Building's Financing
Real estate developer and owner The Brodsky Organization borrowed more than $406 million worth of mortgage loans from Tyko Capital for the Flatiron Building in Manhattan, New York, in a set of deals worked on by Gibson Dunn & Crutcher LLP, according to official property records released Friday.
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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.
Expert Analysis
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Justices' Corruption Ruling May Shift DOJ Bank Fraud Tactics
After the U.S. Supreme Court’s decision last month in Ciminelli v. U.S., curtailing a government theory of wire fraud liability, prosecutors may need to reconsider their approach to the bank fraud statute, particularly when it comes to foreign bank enforcement, says Brian Kearney at Ballard Spahr.
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Avoiding Negative Tax Consequences In Loan Modifications
Borrowers who may be caught in the dramatic uptick in nonperforming commercial real estate loans should consider strategies to avoid income and capital gains tax that may be triggered by loan modifications, says Aman Badyal at Glaser Weil.
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Foreign Investment In Real Estate Is Getting More Complicated
Increasing federal scrutiny and a proliferation of new state laws targeting foreign investment in real estate may complicate or prevent transactions even by U.S. companies or funds that have shareholders or limited partners from China and other countries of concern, say attorneys at Akin.
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5th Circ. Ruling Aids Insureds In Contractual Exclusion Rows
The Fifth Circuit's recent insurance decision in Windermere Oaks v. Allied World, in favor of coverage, provides policyholders with guidance on how to distinguish between contractual and noncontractual claims when insurers deploy broadly worded liability exclusions to deny coverage, say Max Louik and David Ledet at Reed Smith.
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What OneMain Order Says About CFPB's Regulatory Priorities
The Consumer Financial Protection Bureau’s recent action against OneMain Financial Group and others reflect a continuing trend of arguably historic regulatory scrutiny for consumer lenders, and send a strong message that the CFPB is taking a tough stance against deceptive sales practices, say Felix Shipkevich and Jessica Livingston at Shipkevich.
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2nd Circ. Reinsurance Ruling Correctly Applied English Law
Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.
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Hospitality Biz Must Prep For Seaweed Damage Coverage
With the Great Atlantic Sargassum Seaweed Belt, a 10-million-ton mass of brown seaweed, potentially about to approach the coasts of the U.S. Southeast, Puerto Rico and the Caribbean, affected policyholders should consider whether their losses are covered by their property insurance policies, say attorneys at Pillsbury.
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Sackett's US Waters Redefinition Is A Boon For Developers
The U.S. Supreme Court's recent landmark ruling in Sackett v. U.S. Environmental Protection Agency should reduce real estate project delays, development costs and potential legal exposures — but developers must remain mindful of how new federal and state regulations governing wetlands could affect their plans, say attorneys at Morris Manning.
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For NY Wind And Solar Projects, Some Tax Assessment Clarity
Recent legislation, which moots a challenge to New York’s discounted cash flow method for assessing solar and wind project real property taxes, lifts a cloud of uncertainty and brings new considerations for developers, investors and lenders, say attorneys at Hodgson Russ.
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How Electric Vehicles Will Affect Land Use And Development
The increasing use of electric vehicles will bring significant issues for cities and real estate developers to consider, as cities will require substantially more infrastructure to meet electric vehicles' charging needs, says John Lushis at Norris McLaughlin.
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2nd Circ. Reinsurance Ruling Misconstrues English Law
The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.
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Key Limited Partnership Provisions During Market Downturns
With a recession potentially on the horizon, fund managers should carefully examine their funds' limited partnership agreements for items that may be affected by economic downturns, and assess whether modifications may be appropriate, says Matthew Posthuma at Ropes & Gray.
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Fla. Foreign Real Estate Law Brings Broad Investment Risks
Last month, Florida became the latest state to enact legislation prohibiting Chinese investors from acquiring certain interests in real property, introducing significant legal uncertainty and consequences for real estate stakeholders and the private equity industry, say attorneys at Simpson Thacher.