Commercial
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December 12, 2024
Pawnbroker Pleads Guilty To Bribing Ex-Newark Deputy Mayor
A Garden State pawnbroker and jeweler admitted in New Jersey federal court Thursday that he took part in a bribery scheme to influence a former Newark official regarding the acquisition and redevelopment of city-owned properties.
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December 12, 2024
Ch. 7 Trustee Must Explain $200M Holdback Bid, Court Told
The owner of two bankrupt real estate companies has asked a Connecticut state court for permission to question the Chapter 7 trustee who wants a $200 million placeholder in connection with a shareholder's derivative claims, arguing the trustee must detail his allegations of the owner diverting millions to other business interests.
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December 12, 2024
11th Circ. Won't Rehear Guatemala Power Plant Fight
The Eleventh Circuit will not reconsider its decision refusing to vacate an arbitral award issued following an ill-fated Guatemalan power plant construction project, rejecting arguments that the tribunal improperly turned a blind eye to alleged corruption underlying the project.
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December 12, 2024
JLL Predicts CRE Supply Shortages, An Office Pivot In 2025
Supply shortages will be the name of the game across nearly every commercial real estate asset class in 2025, lending an advantage to early movers as transaction activity begins to heat up again, per a December report from JLL on commercial real estate trends in 2025.
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December 12, 2024
Cannabis Shops Ask DC Judge To Halt Store Shutdowns
A coalition of Washington, D.C.-based recreational marijuana shops is asking a D.C. federal judge to put a stop to district regulators' enforcement actions against their stores, saying the businesses face "imminent destruction" absent an injunction.
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December 12, 2024
NY Courts Defy Watchdog, Won't Release Judicial Ethics Data
Counsel for the New York State Unified Court System told the state transparency watchdog Wednesday it has no obligation to release judges' and court officials' financial disclosure data under public records law.
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December 12, 2024
Simpson Thacher Guides $1.2B Real Estate Debt Fund
Canyon Partners Real Estate LLC, advised by Simpson Thacher & Bartlett LLP, announced Thursday that it has raised $1.2 billion for its latest real estate debt fund, with an eye on investment opportunities in multifamily and other asset classes that stand to benefit from supply and demand imbalances.
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December 12, 2024
Manhattan's Bank Note Building Sold For $20M In Ch. 11
The owner of the historic American Bank Note Co. Building, a five story residential and office space in Manhattan's financial district, accepted a $20 million credit bid for the property as part of its confirmed Chapter 11 plan.
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December 12, 2024
Blackstone Buying Tokyo Mixed-Use Building For $2.6B
Blackstone said Thursday it has agreed to acquire a 2.4 million-square-foot mixed-use office building in central Tokyo from affiliates of Japanese hotel and railway group Seibu Holdings for $2.6 billion, in what the private equity giant called the largest-ever real estate investment by a foreign investor in Japan.
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December 12, 2024
Pullman & Comley Lands Real Estate, Energy Attys
Pullman & Comley LLC has expanded its offerings in Connecticut with the addition of two experienced real estate and energy attorneys as the firm's work in both sectors continues to grow.
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December 11, 2024
Suit Says Plastic Bag Maker Owes $3M For Property Damage
An Illinois property owner said Bio Star Films, a maker of plastic shopping bags, must pay over $3 million for repairs to five industrial buildings it leased in Chicago for recycling and plastic manufacturing, according to a lawsuit filed in state court.
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December 11, 2024
Justices Question Affiliates' Liability In $47M TM Judgment
The U.S. Supreme Court on Wednesday questioned why lower courts ordered affiliates of a real estate company to pay a $47 million trademark infringement judgment against it when they were not defendants, with Justice Clarence Thomas asking counsel for the prevailing party why they did not include the affiliates in the case.
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December 11, 2024
Podhurst Orseck Will Move To New Fla. Office In 2025
Florida boutique law firm Podhurst Orseck PA is moving to 2525 Ponce De Leon Blvd., a Coral Gables office building, in the second quarter of 2025, the firm announced Wednesday.
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December 11, 2024
LA Fitness Fights To End DOJ's Gym Accessibility Suit
LA Fitness urged a California federal judge to toss the U.S. Department of Justice's civil enforcement lawsuit alleging the gym chain failed to accommodate patrons with disabilities at its nearly 700 locations across the country, arguing the lawsuit relies on "isolated" incidents and doesn't show "a pattern and practice."
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December 11, 2024
A State-By-State Look At The Latest In Real Estate News
Major real estate moves are happening across the country every day, so Law360 Real Estate Authority has created a way for attorneys to search for deals, litigation and policy news in the states they practice in.
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December 11, 2024
NY Appellate Court Upholds Penn Station Area Revamp Plan
New York state's approval of a plan to overhaul 18 million square feet of buildings surrounding Penn Station, which are largely owned by developer Vornado Realty Trust, was not erroneous because the proposal qualifies as a project for the public good, a state appeals court panel ruled.
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December 11, 2024
Akerman Can't Escape Malpractice Suit Over Lease Dispute
Akerman LLP has lost its jurisdictional challenge to a lawsuit alleging it owes a seafood restaurant chain over $1 million for giving bad advice during a lease dispute in Florida, with a Texas appeals court ruling the malpractice claims stem from work the firm solicited within the Lone Star State.
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December 11, 2024
Pillsbury Atty Talks Terrorism Liability Safeguards For CRE
Owners of commercial real estate properties such as office towers and concert venues can limit their liability in the event of a terrorist attack by bolstering their legal defenses through the federal Safety Act, a Pillsbury Winthrop Shaw Pittman LLP public policy partner told Law360 Real Estate Authority.
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December 11, 2024
Yellow Corp. Seeks OK For $192.5M Truck Terminal Sales
Trucking group Yellow Corp. has asked a Delaware bankruptcy judge to sign off on sales of 12 owned and leased truck terminals that would bring some $192.5 million into its Chapter 11 estate.
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December 10, 2024
Michigan Tribe Asks High Court To Undo Land Trust Order
A Michigan tribe is asking the Supreme Court to overturn a decision that rejected its bid to compel the federal government to take land into trust for a casino venture outside Detroit, arguing that if the ruling is left to stand, it will forever impair its ability to achieve economic self-sufficiency.
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December 10, 2024
Tribe Says Feds Cast Aside Calls For Consult On Ore. Casino
A number of Indigenous communities, along with state and federal lawmakers are calling on the federal government to take a harder look at Oregon's first proposed off-reservation casino project before its final approval, saying requests for tribal consultation on the endeavor have been ignored for more than a decade.
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December 10, 2024
Fried Frank Guides $300M Hotel Portfolio Refi
Fried Frank Harris Shriver & Jacobson LLP advised MCR's $300 million refinancing of a 22-hotel portfolio, allowing the company to retire existing debt with an outstanding balance of $280 million, the borrower announced Tuesday.
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December 10, 2024
Cousins Properties To Buy $521.8M Austin 'Lifestyle' Tower
Cousins Properties will buy an 804,000-square-foot, fully leased "lifestyle" office tower in Austin, Texas, for a net purchase price of $521.8 million in a deal slated to wrap in December, the real estate investment trust announced on Tuesday.
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December 10, 2024
Fontainebleau Closes $1.75B Refi Of Fla. Resorts
Hotelier Fontainebleau has obtained $1.75 billion in combined refinancing from JPMorgan and Goldman Sachs for two of its Florida resorts in a deal lined up by Newmark Group Inc., according to a Newmark announcement.
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December 10, 2024
99 Cents Only Assets Net $245M In Ch. 11 Liquidation
A real estate agency has announced it recovered $245 million by arranging sales of real properties and other assets of 99 Cents Only Stores in a bankruptcy case the discount retailer launched in April with more than $1 billion in debt.
What We Learned About Life Sciences Asset Class In 2024
With a rise in venture capital activity in hot areas such as weight loss drugs, the life sciences real estate sector in 2024 showed signs of a rebound as the industry awaits possible regulatory changes from a new presidential administration.
CMBS Lending Is Higher Than It's Been In Years
The comedown of interest rates this past year has been a boon for the commercial mortgage-backed securities market, with the amount of issued CMBS up roughly 172% year-to-date as of November, according to Kroll Bond Rating Agency LLC.
What Real Estate Pros Learned About Office Sector In 2024
While the long-term story of the office sector post-pandemic is still yet to be told, 2024 offered some clues as to what may be in store for that asset class going forward.
Expert Analysis
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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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Notable Q3 Updates In Insurance Class Actions
Total loss valuation cases and labor depreciation cases dominated the past quarter of insurance class actions, with courts continuing to reject challenges to condition adjustments in the former, and a pro-insured trend persisting in the latter, say attorneys at BakerHostetler.
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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.
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Webuild Ruling Complicates Arb. Award Enforcement In US
A Delaware federal court's recent decision in Sociedad Concesionaria Metropolitana de Salud v. Webuild, if read literally, could undercut the United States' image as a proarbitration jurisdiction by complicating creditors' efforts to enforce awards against property in this country, says Jeff Newton at Omni Bridgeway.