Commercial
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January 10, 2025
Property Plays: Palladius, Tishman Speyer, Stockdale
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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January 10, 2025
LA Fire Insured Damages Could Top $20B, JP Morgan Says
Insured losses from wildfires still blazing through Los Angeles could exceed $20 billion, J.P. Morgan analysts said in client notes, a steep increase from the more than $12 billion California insurers incurred from the next costliest spate of wildfires in 2018.
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January 10, 2025
Ferguson Braswell Adds 5-Atty Vogt Resnick Team In Calif.
Ferguson Braswell Fraser Kubasta PC has grown its presence in Orange County, California, with the addition of five Vogt Resnick & Sherak LLP attorneys and a new office space.
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January 10, 2025
Sullivan & Cromwell, Dechert Ink Tower's $2.9B CMBS Refi
Tishman Speyer landed a $2.85 billion commercial mortgage-backed securities loan refinancing the firm's New York City office tower known as The Spiral, in a deal guided by Sullivan & Cromwell LLP and Dechert LLP, per the borrower and Morningstar.
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January 10, 2025
Construction Exec Cops To Unlawfully Funding NYC Mayor
A Turkish-born construction executive with ties to Eric Adams told a Manhattan federal judge Friday that he funneled unlawful donations to the New York City mayor's campaign, as prosecutors secured a guilty plea in their high-profile political corruption investigation.
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January 10, 2025
Stockdale Takes Out $164M Loan To Buy LA-Area Mall
Stockdale Capital Partners took out a $164 million mortgage to fund its acquisition last month of The Oaks, a 1.2 million-square-foot Class A mall near Los Angeles.
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January 10, 2025
Potomac Law Group Adds Real Estate Leasing Atty In Seattle
Potomac Law Group has continued a hiring spree that spilled over into the new year, hiring a Seattle-based partner who focuses her practice on retail leasing issues.
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January 09, 2025
Surprise NC Downzoning Ban Hamstrings Local Gov. Control
An unassuming provision tacked onto the end of a hodgepodge year-end bill in North Carolina has had a chilling effect on real estate development across the state amid fears for its sweeping consequences.
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January 09, 2025
Steptoe & Johnson Boosts Dallas Headcount With 3 Attys
Steptoe & Johnson PLLC boosted its Texas ranks Thursday with three seasoned attorneys who will bring in experience in mergers and acquisitions, lending, and commercial real estate, a move the firm claimed would help bolster its long term growth plan.
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January 09, 2025
AT&T Settles Suit Over Faux Pine Tree Antennas
AT&T is dropping its suit against the city of Walla Walla, Washington, over a 65-foot-tall utility pole that was slated to look like a pine tree, agreeing to use a separate location just outside the city limits.
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January 09, 2025
JLL Lines Up $300M Luxury Nashville Hotel Refi
A 21-story, 800-key downtown Nashville luxury hotel received $300 million in refinancing, in a deal set up and closed by JLL's Capital Markets team, the broker announced Jan. 9.
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January 09, 2025
Top Climate Stories For Insurance Attys To Watch In 2025
Climate change is fueling a national insurance crisis that is threatening housing markets, municipal tax revenues and the ability to adapt to extreme weather events. Here, Law360 examines the top climate stories attorneys should watch in 2025.
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January 09, 2025
Md. House Bill Seeks Special Tax On Commercial Property
Maryland would authorize local governments to establish a subclass of commercial and industrial property and impose a special tax on such property to fund transportation improvements and local education budgets as part of a bill introduced in the state House of Delegates.
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January 09, 2025
Ind. Senate Bill Would End Annual Assessment Adjustments
Indiana would eliminate annual adjustments to the assessed value of some real property to reflect changing values under legislation introduced in the state Senate.
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January 09, 2025
Highgate Hotels Hit With Suit Over Months-Long Data Breach
A former employee seeking to represent a class claimed in New York federal court that real estate and hospitality management company Highgate Hotels failed to use basic cyberattack prevention tools, allowing hackers to access employee records for months.
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January 09, 2025
Indiana House Bill Would Abolish Property Taxes
Indiana would disallow the assessment of tangible property beginning in 2026 and end the imposition of property taxes beginning in 2027 under a bill introduced Thursday in the state House of Representatives.
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January 09, 2025
Yale Wins Info Battle In $435M Hospital Sale Contract Fight
Three Connecticut property owners must hand over internal analyses and communications to Yale New Haven Health Services Corp. as it seeks evidence in support of its bid to back out of a $435 million deal to purchase hospitals from Prospect Medical Holdings Inc., a state court judge ruled.
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January 09, 2025
Calif. Insurance Chief Blocks Policy Cancellation In Fire Zones
Insurance companies can't cancel or refuse to renew homeowners coverage for policyholders in the immediate vicinity of the Los Angeles wildfires for one year, the California Department of Insurance announced as fires continue to ravage Southern California.
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January 09, 2025
McGuireWoods Adds Commercial Litigator Amid Hiring Spree
A commercial litigator specializing in complex construction disputes has moved his practice to McGuireWoods LLP's Washington, D.C., office after more than 19 years at Jones Day, amid a flurry of new partner hires at the firm, it announced Jan. 9.
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January 09, 2025
Morgan Stanley Sells NYC Office Tower For $360M
Morgan Stanley sold a 29-story, 1 million-square-foot New York City office tower to children's clothing retailer Haddad Brands for $360 million in a deal lined up by Newmark Group Inc., the commercial real estate adviser announced on Jan. 9.
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January 09, 2025
Meet The Attys Helping Ailing NY Nursing Home In Ch. 11
Cold Spring Holdings, owner of a 588-bed nursing facility on Long Island, has enlisted attorneys from Manatt Phelps & Phillips LLP to help the company pursue a Chapter 11 bankruptcy it says was stimulated by a "crusade" on the part of New York Attorney General Letitia James.
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January 09, 2025
Kraft Heinz Set For March Trial Over Food Factory Overhaul
Kraft Heinz Foods Co. and the Ohio contractor that accused it of failing to pay $7.6 million for the work and materials that went into overhauling a factory the company has near the Sandusky River are scheduled for a March 25 bench trial, according to a Wednesday order.
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January 08, 2025
Bronx Multifamily Project Cashes In $218M Freddie Mac Loan
Affiliates of The Domain Cos. have secured a $218 million loan for a mixed-use, mixed-income multifamily project in the Bronx borough of New York City, with financing provided by Freddie Mac via JLL Real Estate Capital.
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January 08, 2025
Greenberg Traurig Works On $120M Prologis Industrial Buy
Exxon Mobil Corp. sold a Brooklyn, New York, commercial property to logistics real estate company Prologis Inc. for $120 million in a deal that involved Greenberg Traurig LLP, according to official property records.
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January 08, 2025
Toxic LA Landfill Closes, But Lawsuits Continue to Pile On
Los Angeles County has moved to study the effects of the closure of the Chiquita Canyon Landfill, which stopped accepting waste last week following a series of lawsuits and other complaints over the effects of an underground reaction that's been spewing super-heated wastewater, likely since 2022.
Expert Analysis
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Now Is The Time For Independent Industry Self-Regulation
The high level of trust in business, coupled with the current political and legal landscape, provides an opportunity for companies to play a meaningful role in finding solutions to public policy issues through the exploration of independent industry self-regulation models, says Eric Reicin at BBB National Programs.
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20 Years On, Campbell Holds Lessons On Reining In Ratios
Twenty years ago, the U.S. Supreme Court's decision in State Farm v. Campbell provided critical guidance on the constitutionally permissible ratio of punitive to compensatory damages — and both Campbell and subsequent federal circuit court decisions informed by it offer important pointers for defendants, say attorneys at Dechert.
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How Bank Turmoil Is Affecting Real Estate Purchases, Sales
The new uncertainty in the availability of financing from bank lenders that were previously considered "money good," spurred by the bank crisis, has inserted a wrinkle in the commercial real estate market that alters some of the dynamics between a buyer and seller, says Simran Bindra at Thompson Coburn.
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How CMS Proposal Would Change PE Deal Transparency
The Centers for Medicare and Medicaid Services recently proposed a new rule that would require the disclosure of additional ownership regarding Medicare and Medicaid nursing facilities, an approach that many states have started to take and reflects the Biden administration's scrutiny on private equity deals, say attorneys at Kirkland.
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How Cannabis Cos. Can Comply With NJ Industrial Site Law
As New Jersey’s recreational cannabis market flourishes, manufacturers that may be subject to a state environmental law must take extra precautions to mitigate potential liabilities and costs, including for historical contamination, says Matthew Karmel at Offit Kurman.
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IRS' Cost Method Update Is Favorable For RE Developers
The Internal Revenue Service's recent update to its alternative cost method will allow real estate developers to accelerate their cost recovery of improvements in certain circumstances and make it easier for practitioners to satisfy the method's tax compliance requirements, says Benjamin Oklan at Weil.
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Commercial Landlords Should Approach Self-Help Carefully
Although on the surface lease provisions give landlords the right to recover possession of leased premises when a commercial tenant falls behind on rent, blind reliance on such language can lead to trouble and self-help should be exercised with great caution, says Knox Withers at Arnall Golden.
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As The Metaverse Expands, Bankruptcy Questions Arise
Restructuring and bankruptcy happen in the metaverse, too — and the uncertain and evolving rules of digital ownership could have surprising effects on who gets paid, with increasing tension between platforms and users, say Kizzy Jarashow and James Lathrop at Goodwin.
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Establishing A Record Of Good Faith In Mediation
Viacom v. U.S. Specialty Insurance, and other recent cases, highlight the developing criteria for determining good faith participation in mediation, as well as several practical tips to establish such a record, says Richard Mason at MasonADR.
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How Crypto-Friendly Bank Failures Will Change Tech Industry
The recent failures of Silicon Valley Bank, Signature Bank and Silvergate Capital are likely to result in significant shifts in how the global tech industry and its financial partners address legal, compliance, regulatory and business risks, says Erin Bryan at Dorsey & Whitney.
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Top Questions, And Lessons, After Banking's Wild Weekend
While regulators alleviated some immediate concerns related to Silicon Valley Bank and Signature Bank, even companies with minimal exposure to the failed institutions should monitor unfolding policy changes, cash management issues and increasing scrutiny on risk disclosures for public companies, say attorneys at Morgan Lewis.
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Everyrealm Case Spurs Big Workplace Arbitration Questions
If a New York federal judge's recent textualist ruling in Johnson v. Everyrealm denying arbitration of an entire employment lawsuit is appealed and upheld, it could set the stage for significant impairment of the enforcement of arbitration agreements, says Rex Berry at Signature Resolution.
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A Look At The Feds' Extraordinary Reaction To SVB Collapse
With the receiverships of two banks in almost as many days, the emerging pattern of regulatory response holds the banking sector as a whole responsible for losses at individual institutions, a scenario that may not end with special assessments to cover Silicon Valley Bank and Signature Bank, say attorneys at WilmerHale.