Commercial
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July 24, 2024
Latham-Led Warehouse Giant Lineage Inks Year's Largest IPO
Cold-storage warehouse giant Lineage Inc. on Wednesday priced an upsized $4.4 billion initial public offering within its range, represented by Latham & Watkins LLP and underwriters counsel Goodwin Procter LLP, marking the year's largest IPO to date.
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July 24, 2024
Sidley Austin Guides $565M Miami Office Tower Loan
OKO Group and Cain International secured a $565 million loan with Sidley Austin LLP's guidance from TYKO Capital for 830 Brickell, an office tower underway at in Miami, Florida, according to a statement from both developers.
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July 24, 2024
Mich. Tribunal Upholds $4.4M Value For Car Wash
A Michigan car wash was correctly valued at $4.4 million, the state Tax Tribunal said after rejecting the property owner's argument that the value should be reduced due to functional obsolescence.
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July 24, 2024
Hospital REIT Inks $160M Arizona Emergency Facilities Sale
Medical Properties Trust announced Wednesday that the real estate investment trust plans to sell eight properties to Dignity Health for $160 million, the latest sale amid a flurry of selling activity by the company.
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July 24, 2024
Polsinelli Gains Real Estate Finance Pro In DC From Sidley
Polsinelli PC announced Wednesday that it has continued to deepen its real estate finance bench with a counsel in Washington, D.C., who arrived from Sidley Austin LLP.
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July 24, 2024
3 Takeaways On CFIUS' Bid To Expand Real Estate Coverage
Real estate practitioners should not overlook the Committee on Foreign Investment in the United States' plan to bring 59 more military sites under its jurisdiction for reviewing land deals, even if the proposal comes as no surprise, attorneys said.
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July 23, 2024
Life Science REIT Says Its Future Relies On Mega-Campuses
Life science-focused real estate investment trust Alexandria Real Estate Equities Inc. told investors during an earnings call Tuesday that it will be focusing on what it calls mega-campus developments in the coming years.
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July 23, 2024
Real Estate Sector Wrestles With CrowdStrike Outage
Days after a sprawling information technology outage affecting 8.5 million Windows devices grounded airplanes and halted a number of services, the toll on the real estate industry — especially for the hospitality sector and financial services firms — is still being revealed.
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July 23, 2024
Equity Commonwealth Faces Another Call To Liquidate
A second investor has called for Equity Commonwealth to begin liquidation proceedings, arguing that the real estate investment trust's statement that it plans to announce a "transformation transaction" or liquidation by year's end is more evidence of poor leadership.
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July 23, 2024
KKR Financing REIT Sees The 'Proverbial Light' Ahead
Executives of KKR & Co.'s financing-focused real estate investment trust struck a hopeful tone about pursuing credit deals in the near future after taking a more guarded approach in the last year, while the company posted fewer losses than it previously forecasted for the second quarter.
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July 23, 2024
6th Circ. Affirms Insurer's Early Win In Hail Damage Suit
A welding company wasn't owed coverage for roof damage caused by wind and a hailstorm, the Sixth Circuit ruled, finding that a lower court didn't err in ruling that a cosmetic-damage exclusion in its policy precludes the damage at issue.
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July 23, 2024
Historically Strong SF Life Sciences Market Flounders In Q2
The San Francisco Bay Area's life sciences sector saw rising occupancy rates and negative net absorption in the second quarter of 2024, with an additional 5 million square feet of life science developments barreling down the construction pipeline, per a CBRE report.
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July 23, 2024
Ariz. Justices OK Use Of Power Deal In Plant's Valuation
An Arizona power plant's income from a power purchase agreement may be considered in the income analysis of the valuation of the property, the state Supreme Court said, sending the matter back to the state tax court.
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July 23, 2024
No Victims, No Fraud, Trump Says In $465M Judgment Appeal
Donald Trump has appealed the $465 million judgment against him, arguing that the New York attorney general exceeded her authority in her civil fraud suit against the former president because the statute in question does not apply to victimless transactions.
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July 23, 2024
O'Melveny Advises Bitcoin Miner Cormint On $29M In Funding
Texas bitcoin mining company Cormint Data Systems Inc. said Tuesday that it has raised $29 million in Series B funding, in a transaction advised by O'Melveny & Myers LLP.
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July 23, 2024
Chicago Arena Owners Propose $7B Mixed-Use Project
The owners of Chicago's United Center, as well as city and community leaders, unveiled a $7 billion investment that aims to build a mixed-use project across more than 55 acres of land near the sports arena, according to a Tuesday announcement.
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July 23, 2024
PE Firm Plugs $500M Into Sustainable Real Estate Offshoot
Private equity firm NGP said Tuesday that it has closed a $500 million fund to invest in clean energy projects days after digital infrastructure site developer Cloverleaf Infrastructure announced a $300 million investment from NGP and Sandbrook Capital.
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July 22, 2024
EPA Awards $4.3B In Grants For Climate Change Projects
The U.S. Environmental Protection Agency said it's steering $4.3 billion in grant funding to 25 projects that promise to help curb greenhouse gas pollution, advance environmental justice and transition the country to clean power.
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July 22, 2024
Rail Biz Asks 4th Circ. To Revive Va. Broadband Law Fight
The Association of American Railroads is asking the Fourth Circuit to step in and put a stop to a Virginia law that allows broadband providers easier access to railroad property, calling it a "supercharged eminent-domain scheme."
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July 22, 2024
Steward Health Care Finds Buyers For 2 Hospitals
Steward Health Care has told a Delaware bankruptcy judge it has found buyers for two of the facilities in its first round of hospital sales in its Chapter 11 case, but three others had attracted no qualified bids.
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July 22, 2024
99 Cents Only Pivots To New Buyers After $8M Bid Rescinded
Discount retail chain 99 Cents Only asked a Delaware bankruptcy court to approve alternative sales for two California real estate parcels after the winning bidder who submitted a $8 million offer failed to close the deal over the last two months.
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July 22, 2024
NC State Resolves Cancer Patient's Fight To Test Building
North Carolina State University and a professor with cancer have ended a dispute over testing a campus building that contains cancer-causing chemicals, with the school telling the state's highest court the parties are ready to move on from that part of the legal dispute.
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July 22, 2024
Ohio Tax Board Hikes CVS Property Value Back To $2.3M
An Ohio CVS had its valuation wrongly decreased to $1.4 million by the local tax board based on increased depreciation values and inferior comparable properties, the state's tax appeals board said, increasing the value back to $2.3 million.
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July 22, 2024
Ill. Imposes 20-Year Time Limit On Property Tax Refund Claims
A 20-year time limit was set on refund requests that result from final orders of the Illinois Property Tax Appeal Board under a bill signed by Gov. J.B. Pritzker.
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July 22, 2024
Walker & Dunlop Steers $285.5M Refi For Pa. Student Housing
Walker & Dunlop arranged $285.5 million in refinancing for two Philadelphia student housing properties owned by developer The Goldenberg Group and located on the campus of Temple University, according to a Monday announcement.
Expert Analysis
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5 Management Tips To Keep Law Firm Merger Talks Moving
Many law firm mergers that make solid business sense still fall apart due to the costs and frustrations of inefficient negotiations, but firm managers can increase the chance of success by effectively planning and executing merger discussions, say Lisa Smith and Kristin Stark at Fairfax Associates.
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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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Rethinking In-Office Attendance For Associate Retention
The hybrid office attendance model doesn't work for all employees, but it does for many — and balancing these two groups is important for associate retention and maintaining a BigLaw firm culture that supports all attorneys, says Summer Eberhard at Major 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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Murdaugh Trials Offer Law Firms Fraud Prevention Reminders
As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.
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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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Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
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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.
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Prepping Your Business Ahead Of Affirmative Action Ruling
The U.S. Supreme Court's upcoming ruling on whether race should play a role in college admissions could potentially end affirmative action, and companies will need a considered approach to these circumstances that protects their brand power and future profits, and be prepared to answer tough questions, say Nadine Blackburn at United Minds and Eric Blankenbaker at Weber Shandwick.