Commercial
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November 19, 2024
RFK Stadium Bill Passes Committee, Full Senate Vote Is Next
A bill that would give the Washington, D.C., city government control over land that could be home to a new stadium for the NFL's Commanders passed overwhelmingly Tuesday morning by the U.S. Senate Energy and Natural Resources Committee, moving it to the full Senate for approval.
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November 19, 2024
Treasury Finalizes Partnership Tax Credit 'Direct Pay' Regs
The U.S. Treasury Department finalized regulations Tuesday to make it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.
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November 18, 2024
3M Can't Add DuPont, Others To PFAS Water RICO Fight
A Massachusetts federal judge rejected on Monday requests by 3M Corp. and other defendants to add DuPont entities and over a dozen additional companies as cross-defendants in a proposed racketeering class action seeking to hold the companies liable for conspiring to contaminate local drinking water with so-called forever chemicals.
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November 18, 2024
Chancery Orders Paybacks In Decade-Old Lease Co. Suit
Former directors of a global temporary housing business that served corporations worldwide must repay indemnification payouts under a multipart Court of Chancery ruling on a suit originally brought in 2014 alleging breaches of a shareholder agreement and fiduciary duty.
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November 18, 2024
Treasury Finalizes Tougher Foreign Investment Law Penalties
The Treasury Department on Monday finalized a rule sharpening its enforcement authority to stop or demand additional information regarding foreign-investment deals that the U.S. deems potential threats to national security.
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November 18, 2024
Mo. Bank Properly Valued At $1.1M, Commission Rules
A Missouri property that is owned and operated by a bank branch was properly valued at $1.1 million, the state's tax commission ruled, saying the bank's appraiser was not persuasive in her argument that the value should be lowered to $725,000.
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November 18, 2024
Mo. Tax Commission Upholds Storage Facility's $7.4M Value
A Missouri storage facility was properly valued at $7.4 million because the real estate company that owned the facility failed to prove the value should be lowered to $2.7 million, the state tax commission said.
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November 18, 2024
NYC Real Estate Week In Review
Simpson Thacher and Paul Weiss are among the law firms that landed work on the largest New York City real estate deals that hit public records, a busy period that saw eight transactions above the $20 million mark become public.
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November 18, 2024
V&E-Led MCB Withdraws Bid To Buy Whitestone REIT
MCB Real Estate withdrew its all-cash acquisition bid for Whitestone REIT on Monday, and now the Vinson & Elkins-led company says it wants the real estate investment trust's board of trustees removed if it "continues its pattern of delay and entrenchment."
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November 15, 2024
Big Banks Still Need To Beef Up Controls, Fed Report Says
The Federal Reserve said Friday that even as the banking system has remained "sound and resilient," large banks continue to grapple with governance and controls issues, while regional and small banks have seen increases in outstanding supervisory findings.
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November 15, 2024
Ye's Ex-Construction Manager Latest To Sue For Misconduct
Ye has been hit with yet another employee lawsuit, this time from a former project manager alleging he was subjected to daily antisemitic tirades, forced to listen to the rapper have sex, and ultimately fired for refusing to start construction on a new Donda Academy building without permits.
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November 15, 2024
Texas Appeals Court: $3M Bond For Real Estate Row Stays
A Texas appeals court found Thursday that a real estate company can't lower the bond it has to pay while it appeals its trial loss, saying the trial court got it right by raising the bond beyond what the company wanted because it did not put forward enough evidence.
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November 15, 2024
Political Fundraiser Avoids Jail In LA 'Casino Loyale' Probe
A former political fundraiser was sentenced by a California federal judge Friday to one year of home detention for facilitating a bribe to former Los Angeles City Councilman José Huizar, the latest in a string of recent sentences handed out to cooperating witnesses in the FBI's "Casino Loyale" probe.
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November 15, 2024
NY Panel Denies Early Wins In Brooklyn Property Sale Dispute
A New York appellate court has refused to grant early wins to a tenant of a Brooklyn property and New York City in the tenant's suit against the city, which is accused of wrongfully refusing to allow the tenant to buy the city's fee interest in the property for millions of dollars less than what the city wanted.
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November 15, 2024
Texas Industrial Spaces Seeing Rise In Vacancies, CBRE Says
The vacancy rate of Texas industrial space rose from 4.2% in the fourth quarter of 2022 to 8.7% in this year's third quarter amid "positive demand and a slowing of new supply," according to a CBRE report.
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November 15, 2024
Property Plays: Franchise Group, Kushner, Astrodome
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 15, 2024
Detroit 'Rain Tax' Stormwater Fees Upheld By Appellate Court
Fees that Detroit charges property owners to maintain its stormwater drainage system are not illegal taxes, a Michigan Court of Appeals panel held, finding that although the charges are effectively compulsory, they are not subject to constitutional restrictions on tax increases.
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November 15, 2024
Kriss & Feuerstein Advises Witkoff's $173M Hotel Refi
The Witkoff Group has landed a $173 million refinancing for Public Hotel, a four-star hospitality establishment in Lower Manhattan, with help from Kriss & Feuerstein LLP, according to filings made public in New York City records Friday.
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November 15, 2024
NASA Shopping For New DC-Area Headquarters
NASA said it is assessing options for a new headquarters in the Washington, D.C., area, in anticipation of the 2028 expiration of its current lease.
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November 15, 2024
Walker & Dunlop Gives Interim GC Permanent Role
Commercial real estate finance and advisory services firm Walker & Dunlop Inc. has promoted its interim general counsel since May to the role permanently.
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November 15, 2024
KKR Leader Says The Real Estate Downturn Is Ending
The two-year real estate slump appears to be passing and the investment environment now looks like one of the most attractive that KKR & Co. Inc. has ever seen, a managing director for the private equity shop's real estate group said.
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November 14, 2024
NY Nursing Homes Ink $45M Deal To End AG's Fraud Suit
Four New York nursing homes have agreed to a $45 million deal that will end a civil lawsuit brought by the state accusing them of neglecting residents and defrauding Medicare and Medicaid, according to a Friday announcement by New York Attorney General Letitia James.
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November 14, 2024
McDonald's Vendor Says Partner Owes Him $6M Over Ice-Out
A longtime property management vendor for McDonald's Corp. is accusing a business partner of pushing him out of their company just as it was poised to triple the number of sites it would maintain for the fast-food chain, in a $6 million lawsuit filed Thursday in Massachusetts state court.
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November 14, 2024
Atlanta Developer Says City Dodging Discovery In Property Fight
An Atlanta landowner suing the city over its allegedly illegal condemnation of a disused fast food joint has asked a Georgia federal judge to keep the suit alive, telling the court the city can't win a recent summary judgment bid while discovery remains open.
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November 14, 2024
Automated Warehouse Co. To Build $144M Ga. Facility
An automated warehouse company will build a $144 million distribution facility in Jackson, Georgia, which will take up about 1 million square feet and is expected to create over 300 jobs in the state's Butts County, according to an announcement from Gov. Brian P. Kemp.
Expert Analysis
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Navigating FEMA Grant Program For Slope Fixes After Storms
In the aftermath of Hurricanes Helene and Milton, it is critical for governments, businesses and individuals to understand the legal requirements of the Federal Emergency Management Agency's grant programs to obtain funding for crucial repairs — including restoration of damaged infrastructure caused by landslides and slope failures, says Charles Schexnaildre at Baker Donelson.
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Smith's New Trump Indictment Is Case Study In Superseding
Special counsel Jack Smith’s recently revised Jan. 6 charges against former President Donald Trump provide lessons for prosecutors on how to effectively draft superseding indictments in order to buttress or streamline their case, as necessary, says Jessica Roth at Cardozo Law School.
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Consider Best Legal Practices For Commissioning Public Art
Commissioning public art for real estate projects can provide many benefits to real estate developers and the public, but it's important to understand the unique legal and contracting aspects of the process to ensure that projects are completed on time and on budget, says Sarah Conley Odenkirk at ArtConverge.
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Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Applying High Court's Domestic Corruption Rulings To FCPA
After the U.S. Supreme Court narrowed the domestic corruption statutes in three decisions over the past year and a half, it’s worth evaluating whether these rulings may have an impact on Foreign Corrupt Practices Act enforcement, and if attorneys can use the court’s reasoning in international bribery cases, says James Koukios at MoFo.
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Climate Among Many Factors Driving Up RE Insurance Costs
A proactive approach to risk management may determine the viability of the U.S. commercial real estate sector as weather crises and other factors drive insurance costs higher, says Ulrick Matsunaga at Crosbie Gliner.
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Bid Protest Spotlight: Debriefings, Timeliness, Documentation
James Tucker at MoFo examines three recent decisions from the Federal Circuit, the U.S. Government Accountability Office and the U.S. Court of Federal Claims concerning an agency's decision not to hold post-award discussions, a timeliness trap in certain Federal Supply Schedule procurements and the importance of providing contemporaneous documentation in price-evaluation protests.
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Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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A Look At Recent Case Law On Expedited Judgment In NY
A number of recent New York state court decisions clarify and refine the contours surrounding Civil Practice Law and Rule 3213, providing landlords, lenders and other payees guidance on how to seek accelerated judgment in certain litigation, says Alexander Lycoyannis at Holland & Knight.
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Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Dealmaker Lessons From CFIUS' New Enforcement Webpage
The Committee on Foreign Investment in the United States’ recently launched webpage, which details the actions — and inactions — that led to enforcement activity, provides important insights for dealmakers about filing requirements, mitigation commitments and the cost of noncompliance, say attorneys at Dechert.
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Reassessing Lease Provisions To Account For ESG Initiatives
As companies seek to build ESG considerations into their businesses, it's crucial to understand how such initiatives can quickly become significant enough to compel reassessment of lease agreement provisions, and how best to modify leases accordingly, say Julian Freeman and Gabe Pitassi at Cox Castle.
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Avoid Getting Burned By Agencies' Solar Financing Spotlight
Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.