Commercial
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March 25, 2025
Catching Up With New Bankruptcy Case Action
23andMe Holding Co. entered Chapter 11 to sell its business and address $214 million in debt; Danimer Scientific Inc., which makes plastics alternatives, entered Chapter 11 to wind down while it tends to its roughly $450 million debt burden; and sneaker shop Soleply began a streamlined bankruptcy for small businesses in an effort to exit some lease obligations and restructure its debt.
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March 25, 2025
NJ Casinos Urge 3rd Circ. Not To Revive Room-Pricing Suit
Atlantic City casino-hotel owners have told the Third Circuit a lower court was right to toss a case accusing them of inflating room rates by using the same software to set prices because there's no problem with multiple businesses separately choosing to use the same service.
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March 25, 2025
No Easy Out In $5M Mich. Dispensary Flip-Flop Suit
A Michigan federal court has refused to hand a win to either party in developer American 5 LLC's suit alleging a Michigan township improperly revoked its permit for a marijuana dispensary, finding that the parties hadn't resolved whether the permit was the developer's to begin with.
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March 25, 2025
Blackstone To Offer £489M For Warehouse REIT
Private equity giant Blackstone said Tuesday that it has made an approximately £489 million ($633 million) provisional final offer for British logistics property company Warehouse Real Estate Investment Trust.
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March 24, 2025
Ore. Tribe Backs Hydro Utility's Eminent Domain Bid At Falls
The Confederated Tribes of Siletz Indians has asked an Oregon federal judge to approve a utility company's attempt to condemn five acres of public land for the operation of a hydroelectric project, saying another tribe believes wrongly that condemnation would eliminate its fishing platform.
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March 24, 2025
Canadian Partners Tokenize $36.2M Multifamily Property
Blockchain nonprofit Polymesh Association and real estate investment firm Ocree Capital Inc. announced Monday that they have partnered up to create a Canadian blockchain-backed commercial real estate platform that has a $36.2 million multifamily property as its first listing.
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March 24, 2025
Hyundai To Invest $21B In US Manufacturing, New Steel Plant
Hyundai announced Monday that it plans to invest $21 billion over the next three years in U.S. facilities that include a new Louisiana steel plant and an expansion of production sites in Alabama and Georgia.
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March 24, 2025
Gibson Steers $301M Financing For Woolworth Building In NY
The Witkoff Group LLC borrowed more than $301 million from Blackstone entity CT Investment Management Co. LLC for the Woolworth Building in downtown Manhattan, in deals guided by Gibson Dunn & Crutcher LLP, according to property records filed Monday.
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March 24, 2025
NYC Real Estate Week In Review
Hogan Lovells and Sidley Austin are among the law firms that landed work on the largest New York City real estate deals that hit public records last week, a group of transactions that included a pair of nine-figure Manhattan deals.
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March 24, 2025
SmartStop REIT Plans $864M IPO Amid US-Canada Trade Row
SmartStop Self Storage REIT Inc., a real estate investment trust managing U.S. and Canadian properties, unveiled plans on Monday for an estimated $864 million initial public offering amid trade disputes rippling across North America, represented by Nelson Mullins Riley & Scarborough LLP and underwriters' counsel Latham & Watkins LLP.
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March 24, 2025
NJ University Launches Malpractice Suit Over Forfeited Land
Rider University has sued a now-defunct New Jersey firm claiming it mishandled a land deal in the early 1990s, leading Rider to believe it owned a $42 million property only to later have its ownership rights challenged and defeated in court.
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March 24, 2025
2 Firms Advise Stonepeak On Investment In Transmission Biz
Transmission line developer Longview Infrastructure announced on Monday it has secured an equity stake from infrastructure investor Stonepeak, in a transaction advised by Sidley Austin LLP and Vinson & Elkins LLP.
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March 24, 2025
NC Justices Back Permit Approval For Disputed Asphalt Plant
North Carolina's highest court reversed a lower court's ruling that a contested permit to build an asphalt plant in Ashe County should not have been issued, ruling that the company looking to develop the facility had properly submitted its application even if it didn't have state approval for the project at the time.
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March 21, 2025
Only FDIC Can Sue Over Signature Bank Collapse, Judge Says
A New York federal judge on Friday tossed a shareholder lawsuit over alleged misstatements about Signature Bank's health ahead of its 2023 collapse, saying shareholders lacked standing to sue in light of the FDIC being a receiver of both the failed bank's assets and rights of the bank's stockholders.
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March 21, 2025
Property Plays: Data Centers, Extell, Deauville
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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March 21, 2025
Data Center Developer Secures $4B For Trio Of Campuses
Data center developer-operator Stack Infrastructure landed $4 billion in financing for three projects at its campuses in Virginia, Oregon and Toronto.
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March 21, 2025
Plymouth Industrial Pays $65M For Ohio, Ga. Properties
Plymouth Industrial REIT Inc. spent $65.1 million on several industrial properties in Cincinnati, Ohio, and Atlanta, Georgia, the REIT has announced.
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March 21, 2025
Cole Schotz Guides Chetrit's $268M Loan For NYC Properties
Developer The Chetrit Group LLC borrowed more than $268 million from real estate investment firm G4 Capital Partners for properties in New York's Upper East Side neighborhood, in a deal worked on by Cole Schotz PC, according to official property records.
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March 21, 2025
Seyfarth Shaw Guides $144M Brooklyn Project Financing
Full-service real estate firm Watermark Capital Group borrowed more than $144 million from S3 Capital in a deal guided by Seyfarth Shaw LLP for a commercial real estate property that's the site of a major residential project located in Brooklyn's Sunset Park neighborhood, according to property records filed Friday.
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March 21, 2025
Miami Beach Gives Deauville, Towers Project Early OK
The Miami Beach Commission voted in favor of requested land-use changes that would allow the owners of the historic Deauville Beach Resort to rebuild the hotel and add two large residential towers to the property, a project almost universally lauded in the meeting.
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March 21, 2025
Trade Drives Industrial Demand On Texas Border, Savills Says
A pipeline of speculative construction in markets along the Texas border is among the strongest in the U.S., with imports and exports growing in the region in recent years, although trade policies could spell a possible near-term obstacle, real estate firm Savills said in a recent report.
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March 20, 2025
11th Circ. Allows Remand Of EB-5 Suit To Fla. State Court
The Eleventh Circuit has dismissed the appeal of a Canadian citizen trying to compel arbitration and keep in federal court the suit accusing him of defrauding foreign investors, saying it doesn't have jurisdiction to review the order sending the case back to Florida state court.
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March 20, 2025
Feds Ask High Court To Nix Mich. Tribal Land Trust Row
A Michigan tribe's analysis of a law governing the state's Indigenous land claims would allow it to purchase property anywhere and then compel the U.S. to take it into trust for its benefit, the Interior Department has told the Supreme Court, arguing the interpretation would render a bizarre result.
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March 20, 2025
UAE Sovereign Fund, Energy Biz Form $25B Infrastructure JV
United Arab Emirates sovereign wealth fund ADQ and energy infrastructure-focused investment firm Energy Capital Partners announced that they've formed a more than $25 billion "50-50" joint venture that aims to invest in U.S. power infrastructure that will support "data centers, hyperscale cloud companies and other energy-intensive industries."
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March 20, 2025
Conn. AG Sues Builder, Companies For State Park Clear-Cut
A real estate builder and two of his companies have illegally clear-cut multiple acres of Connecticut state park land, installed fixtures including a basketball court and a guesthouse without permission and blocked public access to the area, according to an enforcement action brought by the state attorney general's office.
Expert Analysis
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Impact Of Corporate Transparency Act Ambiguity On Banks
Even though banks generally needn't file beneficial ownership information reports, financial institutions must continue to monitor the status of the Corporate Transparency Act and understand its requirements in case the nationwide injunction that was issued against the CTA earlier this month is overturned, say attorneys at Armstrong Teasdale.
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Green Projects Face States' Foreign Land Ownership Limits
As states impose restrictions and disclosure requirements around foreign investment in agricultural land — in some cases piggybacking on existing federal rules — renewable energy developers and investors must pay close attention to how the rules vary, says Daniel Fanning at Husch Blackwell.
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How Landlords Can Navigate Cannabis-Related Leases
As the cannabis industry continues to rapidly grow, landlords should consider a variety of lease terms and operational details that may help mitigate uncertainty involving federal laws, zoning restrictions and tax implications, says Kyla Baker at Holland & Knight.
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Lights, Camera, Real Estate: Preparing For Film Facility M&A
As the entertainment industry struggles to recover from multiple strikes and a decline in production, certain aspects of selling or acquiring production facilities may become important to consider, as these assets are valued very differently from typical commercial real estate properties, say attorneys at Olshan Frome.
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Corporate Liability Issues To Watch In High Court TM Case
The U.S. Supreme Court will hear arguments in a trademark dispute between Dewberry Group and Dewberry Engineers next week, presenting an opportunity for the court to drastically alter the fundamental approach to piercing the corporate veil, or adopt a more limited approach and preserve existing norms, say attorneys at Bracewell.
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Plugging Gov't Leaks Is Challenging, But Not A Pipe Dream
As shown by ongoing legal battles involving New York City Mayor Eric Adams and Sean “Diddy” Combs, it’s challenging for defendants to obtain relief when they believe the government leaked sensitive information to the media, but defense counsel can take certain steps to mitigate the harm, says Kenneth Notter at MoloLamken.
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A Legal Perspective On NYC's Retail Real Estate Evolution
As New York City's retail market begins to show signs of resilience after the challenges of recent years, landlords must be cognizant of legal implications from shifting trends toward shorter-term leases and pop-up stores, says Andrea Gendel at Pryor Cashman.
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What Interest Rate Cuts Mean For Housing Markets
The Federal Reserve's recent reduction of interest rates may provide limited immediate relief for real estate sectors, but offers potential opportunities for commercial real estate investors and construction firms, which now face an environment ripe for new projects, say attorneys at Cozen O'Connor.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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Foreclosing Lenders Still Floating In Murky Legal Waters In NY
The New York foreclosure landscape remains in disarray after the state's highest court last month declined to weigh in on whether legal changes from 2022 that severely curtailed lenders' ability to bring successive foreclosure cases were retroactive, says Brian Rich at Barclay Damon.
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NYC Hotel Licensing Law's Costs May Outweigh Its Benefits
A hotel licensing bill recently approved by New York's City Council could lead to the loss of many nonunionized hotels that cannot afford to comply, says Stuart Saft at Holland & Knight.
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Calif. Ruling Offers Hope For Mitigated Negative Declarations
In Upland Community First v. City of Upland, a California appeals court upheld a warehouse development's mitigated negative declaration over its greenhouse gas emissions thresholds — a rare victory against this type of challenge providing reassurance that such declarations can be upheld, say attorneys at Sheppard Mullin.
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There's No Crying In Property Valuation Baseball Arbitration
The World Series is the perfect time to consider how the form of arbitration used for settling MLB salary disputes — in which each side offers competing valuations to an arbitrator, who must select one — is often ideal for resolving property valuation disputes, say Sean O’Donnell at Herrick Feinstein and Mark Dunec at FTI Consulting.