Commercial
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February 11, 2025
Houston CBRE Broker Says He Was Fired For Complaints
A Houston real estate broker asked a state court to force his company to arbitrate his claims of employment discrimination and retaliation, claiming that he was fired after complaining of company actions that included a COVID-19 vaccine mandate and poor treatment of female employees.
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February 11, 2025
Vornado Sees Landlord's Market For NYC Office
Vornado Realty Trust, in a year-end call with analysts, said New York City office market conditions could lead to a "spike" in rents, while political conditions may have spurred the company to scrub mentions of diversity and inclusion from its annual filing.
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February 11, 2025
Florida Industrial Park Fully Leased With Latest Signing
Colliers said Tuesday that the 132-acre Interstate Crossroads Logistics Center became fully leased after the project broke ground in 2021.
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February 11, 2025
JLL Closes $1.1B Refinance Of Midtown Office Tower
JLL's Capital Markets team lined up a $1.125 billion refinancing on behalf of the owner and property and asset manager of a 42-story, 1.2 million-square-foot Midtown Manhattan office tower, JLL announced Tuesday.
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February 11, 2025
Colo. Bill Would Offer Spread-Out Property Tax Payment Plan
Colorado would allow residential and commercial property owners to pay taxes in four installments, rather than two, under a bill introduced in the state House of Representatives.
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February 11, 2025
NJ Bill Seeks Tax Credits For Housing At Abandoned Sites
New Jersey would create corporate and gross income tax credits for completed residential housing projects at abandoned commercial building sites under a bill introduced in the state Senate.
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February 11, 2025
NY Bill Would Direct New Tax Revenue To Property Tax Cuts
New York state would require money derived from new or increased taxes to be used to reduce local property taxes under a bill introduced in the Senate.
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February 11, 2025
Investor Oaktree Closes $16B Distressed Debt Fund
Los Angeles-based Oaktree Capital Management on Tuesday said it had closed a $16 billion distressed-debt fund aimed at providing capital to companies in a variety of industries, with Kirkland & Ellis advising.
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February 11, 2025
Liquidating REIT Sells Denver Plaza For $132.5M
Equity Commonwealth sold off its last office property, a 709,402-square-foot Denver office plaza, for $132.5 million to an unnamed buyer as it wraps up liquidation, the Chicago-based real estate investment trust announced.
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February 11, 2025
Colliers Expects Bumpy 2025 Recovery For Office Market
Commercial broker Colliers said the U.S. office sector ended 2024 with signs of stability stemming from demand for top-quality space, even as falling rents at lower-tier buildings could spell an uneven recovery.
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February 11, 2025
NYC Mayor Says Bribery Case Is Over, Despite Silent Docket
Amid an absence of activity on the court docket, New York City Mayor Eric Adams declared Tuesday that the federal bribery case against him "will no longer continue," following reports of a U.S. Department of Justice memo directing prosecutors to drop the case.
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February 11, 2025
Bannon Cops To Fraud Scheme In Border Wall Case
Donald Trump's former chief strategist, Steve Bannon, pled guilty Tuesday to a single felony fraud scheme charge in New York state court as part of a deal with Manhattan prosecutors to avoid jail time in his "We Build The Wall" charity fraud case.
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February 10, 2025
Calif. Ruling Holds Wildfire Debris Not A Coverable Loss
Two California homeowners didn't have a covered claim for wildfire debris that infiltrated their home, a state appeals panel ruled, saying there was no evidence the debris caused the kind of loss or damage required for coverage.
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February 10, 2025
Morgan Stanley Exec Sees US Real Estate Poised For Upturn
There is a lot of volatility and uncertainty in the world today, but a number of conditions point to the U.S. real estate market still being well-positioned to forge a recovery over the next few years, a leader of Morgan Stanley's real estate investment arm told attendees at a recent conference in Miami.
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February 10, 2025
Calif. Tribe Says DOI Gives It No Protection In Casino Row
The Federated Indians of Graton Rancheria told a California federal judge that the U.S. Department of the Interior filed an incomplete status report about how it will monitor another tribe's project plans for the construction of a casino, saying the report fails to protect FIGR.
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February 10, 2025
Ill. House Bill Seeks Study Of Eliminating Property Tax System
Illinois would direct its Department of Revenue and the governor's Office and Management and Budget to determine the possibility of eliminating the state's property tax system and replacing the revenue with income tax receipts under a bill introduced in the state House of Representatives.
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February 10, 2025
Simpson Thacher Brings On Registered Funds Partner In NY
Simpson Thacher & Bartlett LLP has hired a New York-based partner in its registered funds practice to focus on real estate and capital markets, the firm said Monday.
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February 10, 2025
Greenberg Traurig, Kirkland Guide $195M Hotel, Condo Loan
Property owner, operator and developer GFI Capital Resources Group Inc. borrowed a $195 million mortgage loan for its downtown Manhattan hotel and condominium building in a deal guided by Greenberg Traurig LLP and Kirkland & Ellis LLP.
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February 10, 2025
NYC Real Estate Week In Review
Greenberg Traurig, McDermott Will & Emery and Pryor Cashman are among the law firms that landed work on the largest New York City real estate deals that hit public records last week, with an SL Green Realty Manhattan transaction leading the way.
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February 10, 2025
Latham, Hogan Lovells Advise Hyatt's $2.6B Playa Hotels Buy
Latham & Watkins LLP guided Hyatt Hotels Corp. on a $2.6 billion acquisition announced Monday of Playa Hotels & Resorts NV — which operates resorts in Mexico, the Dominican Republic and Jamaica — and worked with Hogan Lovells on the deal.
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February 10, 2025
Ill. Bill Seeks Income Tax Break For Child Care Property Tax
Illinois would create an individual and corporate income tax deduction for property taxes paid by privately owned child care centers under a bill introduced in the state House of Representatives.
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February 07, 2025
Project Foes Face Suit Over Pittsburgh Gay Bar Historic Filing
A developer and the estate for the former owner of a landmark Pittsburgh gay bar have sued two residents of the city's Polish Hill neighborhood, claiming they moved to deem the property historic as a ploy to frustrate plans for a market-rate housing project at the site.
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February 07, 2025
Appellate Court OKs Trim Of Goldman Family Portfolio Battle
A New York state appellate court affirmed a trial court's toss of several claims brought against the late Sol Goldman's real estate empire by inheritors who allege his daughter squeezed them out of the family business and manipulated an appraisal when they sought to cash out on their stake.
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February 07, 2025
Property Plays: KKR, Freshfields, Sonesta
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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February 07, 2025
Industrial REIT Says Interest Rates Dampen 2025 Outlook
A Rexford Industrial Realty Inc. executive told investors that, while the real estate investment trust had "solid results" in the fourth quarter, high interest rates and other economic factors are poised to slow its growth in 2025.
Expert Analysis
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The 4 Top Philadelphia Commerce Court Opinions Of 2023
Four 2023 rulings from the Philadelphia County Court of Common Pleas — including decisions on judicial privilege, stay requests, sheriff's sales and the appointment of a receiver — highlight the court's commitment to stringent standards and address evolving challenges in commercial litigation, say Jonathan Hugg and Sarah Boutros at Eckert Seamans.
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A Former Bankruptcy Judge Talks 2023 High Court Rulings
In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.
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5 Traps To Avoid When Selling CRE In Las Vegas Area
When dealing with commercial real estate in Clark County, Nevada — which includes the Las Vegas metro area — even sophisticated sellers may be ensnared by a myriad of tricky issues, ranging from transfer tax nuances to arbitration laws, says Chris Walther at Fennemore Craig.
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'Brownfields' Definition Key To Energy Community Tax Credits
As the IRS rolls out guidance for claiming community energy tax credits under the Inflation Reduction Act, a review of the long-standing statutory definition of "brownfields" reveals that it continues to serve the goal of creating opportunities for investment in abandoned properties, says Louise Dyble at Sheppard Mullin.
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Why Courts Are Nixing Insurer Defense Recoupment Claims
Following a recent trend, the Hawaii Supreme Court's decision in St. Paul Fire & Marine Insurance Co. v. Bodell Construction Co. provides a concise explanation of the argument that an insurer generally may not recoup costs for defending claims, based on three considerations, says Bradley Nash at Hoguet Newman.
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The SEC's Cooled Down But Still Spicy Private Fund Rules
Timothy Spangler and Lindsay Trapp at Dechert consider recently finalized U.S. Securities and Exchange Commission rules, which significantly alter the scope of obligations private fund advisers must meet under the Investment Advisers Act, noting the absence of several contentious proposals and litigation that could result in implementation delays.
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Trump NY Fraud Trial Shows Civil, Criminal Case Differences
Former President Donald Trump’s civil fraud trial currently unfolding in New York provides a reminder that civil bench trials can be just as damaging, if not more so, than criminal prosecutions, due to several key elements of civil litigation procedure, says retired attorney David Moskowitz.
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A Year-End Look At Florida's Capital Investment Tax Credit
Notwithstanding the Walt Disney Co.’s feud with Gov. Ron DeSantis this year, Florida's capital investment tax credit will continue to make the state a favored destination for large corporations, particularly in light of the new federal alternative minimum tax and the Pillar Two top-up tax, says Alan Lederman at Gunster.
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Crypto Has Democratized Trading In Bankruptcy Claims
Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.
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Paths Forward For RE Buyers In Turbulent Market Conditions
Real estate borrowers are facing significant challenges in financing new acquisitions or developments amid escalating interest rates, but opportunistic debt funds may be able to help bridge through the present environment, say Jon Gallant and Jared Hodges at Knowles Gallant.
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DC Ruling Provides Support For Builders Risk Claim Recovery
To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.
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What NJ's Green Remediation Guidance Means For Cleanups
Recent guidance from the New Jersey Department of Environmental Protection promoting greener approaches to restoring contaminated sites demonstrates the state's commitment to sustainability and environmental justice — but could also entail more complexity, higher costs and longer remediation timelines, say J. Michael Showalter and Bradley Rochlen at ArentFox Schiff.
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Inside Bank Regulators' Community Lending Law Overhaul
The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.