Commercial

  • February 15, 2024

    Zurich Owes $554K Over Faulty Construction Work, Erie Says

    Erie Insurance Co. told a D.C. federal court Thursday that a Zurich unit wrongly denied coverage to Erie-insured subcontractors for over $554,000 in damage stemming from faulty work at a government agency renovation project, arguing Zurich has cited the wrong coverage form to deny liability.

  • February 15, 2024

    Starwood Capital Injects $850M Into Echelon Data Centres

    Real estate-focused private investment firm Starwood Capital Group on Thursday revealed that it acquired a 50% stake in Dublin, Ireland-based Echelon Data Centres through an $850 million investment, valuing Echelon at roughly €2.5 billion ($2.69 billion) in a deal built by three firms.

  • February 15, 2024

    Greenberg Traurig Adds 2 Real Estate Experts From DLA Piper

    Greenberg Traurig LLP has brought on two seasoned DLA Piper construction law experts as its newest shareholders, adding them to the firm's Atlanta office in what Greenberg Traurig called a "strategic move to enhance its full-service, industry-leading real estate capabilities."

  • February 15, 2024

    66-Story New York City Tower Lands $395M Refinancing

    The 70 Pine skyscraper in New York City's Financial District received a refinancing loan of $395 million through Goldman Sachs, according to JLL Capital Markets, which arranged the deal.

  • February 14, 2024

    FinCEN Head Vows No 'Gotcha' Enforcement Of New Rules

    The director of the U.S. Treasury Department's Financial Crimes Enforcement Network said during a Wednesday congressional hearing that the agency is not pursuing "gotcha" enforcement when it comes to companies complying with new rules for reporting their beneficial ownership information.

  • February 14, 2024

    NY Reps Probe Pro-Housing Certification Amid Budget Talks

    New York state legislators have questioned Gov. Kathy Hochul's proposal to condition access to $650 million in state funding programs on municipalities' ability to obtain a "pro-housing certification," calling the program both aspirational and punitive in a Wednesday hearing.

  • February 14, 2024

    Investors Urge Prison As Developers Seek More Briefing Time

    Two real estate developers on Wednesday asked for more time to respond to EB-5 investors' request that they be imprisoned for hiding their money instead of paying overdue settlements and sanctions judgments, telling an Illinois federal judge their attorney wrote down the court's deadline incorrectly.

  • February 14, 2024

    Hawaii Bill Barring Foreigners From Land Deals Moves Ahead

    A bill introduced in Hawaii last month that aims to ban foreigners from buying real estate in the Aloha State passed through a second Senate committee session this week, but the legislation might be tweaked in the coming months to address legal concerns raised by the state's attorney general.

  • February 14, 2024

    Austin To File Suit Expediting Embattled Light Rail Financing

    Ongoing litigation challenging the financing of the planned light rail system in Austin, Texas, is likely to be fast-tracked to a courtroom this spring as the city prepares to file bond validation litigation and get a final say on whether its debt structure is legal.

  • February 14, 2024

    Zimbabwe Says It Didn't Waive Immunity In $440M Award Feud

    A D.C. federal judge improperly leaned on Second Circuit precedent in ruling that Zimbabwe can't escape the enforcement of two arbitration awards stemming from the southern African country's controversial land reform program, Zimbabwe told the D.C. Circuit.

  • February 14, 2024

    Enviro Orgs Planning EPA Suit Over Phosphate-Mining Waste

    A coalition of conservation, public health and environmental justice groups told the U.S. Environmental Protection Agency they plan to sue it for failing to respond to a 3-year-old petition asking for stronger regulations governing toxic and radioactive phosphogypsum waste generated by the fertilizer industry.

  • February 14, 2024

    Ill. Judge Says Rezoning Of Historic Hotel Damaged Developer

    An Illinois federal judge found that the city of Chicago improperly zoned the historic Pittsfield Building for strictly residential use not long after agreeing with the former owner and developer to zone the property for a new hotel.

  • February 14, 2024

    SEC Says Bankruptcy Doesn't Stop Crowdfunding Fraud Case

    Securities regulators are urging a Michigan federal judge to allow them to press on with their claims against the alleged mastermind behind a $2 million crowdfunding scheme — who has since quietly changed his name and allegedly bilked his attorney — arguing that his recent bankruptcy filing shouldn't pause proceedings.

  • February 14, 2024

    Bed Bath & Beyond Execs Given Access To $10M In Insurance

    An insurer for bankrupt housewares retailer Bed Bath & Beyond will cover up to $10 million in legal costs incurred by company executives who were subpoenaed or named as defendants in litigation connected to the store, a New Jersey bankruptcy court said.

  • February 14, 2024

    NY Man Charged With Falsely Claiming To Own Iconic Hotel

    A New York man has been charged with falsely claiming to own a celebrated New York hotel for four years, Manhattan District Attorney Alvin L. Bragg Jr. said on Wednesday.

  • February 14, 2024

    Developer Delay Ends $1.3M Fight Over Foreclosed Ohio Hotel

    An Ohio appellate court on Wednesday reversed a trial court ruling that revived a real estate company's suit against a New York man involved in the foreclosure sale of a Cincinnati hotel.

  • February 14, 2024

    Class B Office Prices Off 50% Or More From Recent Peak

    Class B office properties have shed half or more of their value since recent highs as lagging demand and uncertainty about the work-from-home model have weighed heavily on the sector, research firm Green Street said in a webinar Wednesday.

  • February 14, 2024

    NY Objects To Rite Aid Bid To Close More Stores

    The state of New York asked a New Jersey bankruptcy judge Wednesday to keep two Rite Aid stores in Buffalo and Poughkeepsie, New York, out of the list of stores slated for closure in the pharmacy chain's Chapter 11 case, saying the closures would reduce pharmacy access for people in those communities.

  • February 14, 2024

    10th Circ. Revives Suit Accusing Valero Of Okla. Pipeline Leak

    The Tenth Circuit has partially revived an Oklahoma cattle ranch's lawsuit against Valero Energy Corp. alleging a pipeline leak contaminated its property, saying an Oklahoma federal judge misinterpreted state law when he tossed the ranch's nuisance and negligence claims.

  • February 14, 2024

    NYCB Faces Another Class Action Over CRE Challenges

    A New York Community Bank investor has brought a proposed class action alleging that executives falsely boasted of the bank's financial condition after making two large acquisitions, when the deals in fact weighed down its balance sheet and led to a significant dividend reduction.

  • February 14, 2024

    Hotel Near New Clippers Stadium Will Court Visiting Teams

    A 15-story hotel is planned for a 1.2-acre site in Inglewood, California, and is intended to cater to teams visiting the nearly completed new home of the Los Angeles Clippers, developer Ardie Tavangarian told Law360 on Wednesday. 

  • February 14, 2024

    Hospitality Cos. Seek To Sink Trafficking Survivor's Suit

    Choice Hotels International Inc., Wyndham Hotels & Resorts Inc. and other hotel companies are urging an Ohio federal judge to end a suit from a sex trafficking survivor alleging they allowed crimes against her to continue, with Choice Hotels eyeing dismissal and the other defendants seeking early wins.

  • February 14, 2024

    11th Circuit Urged To Toss Ga. Developer's Truck Stop Suit

    Georgia's Rockdale County is asking the Eleventh Circuit to uphold its victory over a developer's suit against a local zoning ordinance that blocked his QuikTrip truck stop project near Interstate 20.

  • February 14, 2024

    NYC Area Saw 41% Drop In Commercial RE Investment In 2023

    The New York City metro area recorded $33 billion in commercial real estate investment in 2023, down 41% from the previous year but still the highest volume among major U.S. cities.

  • February 14, 2024

    $600K In Dairy Queen Fire Damages Not Covered, Court Told

    A Dairy Queen franchisee is attempting to overstep boundaries by asking for more coverage than the policy provides, its insurer told a Texas federal court, saying the restaurant's claim stems from the business's personal property damage from a fire at a leased location.

Expert Analysis

  • Law Firm Professional Development Steps To Thrive In AI Era

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    As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.

  • Key Provisions In Florida's New Insurer Accountability Act

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    Florida's recent bipartisan Insurer Accountability Act introduces a range of new obligations for insurance companies and regulatory bodies to strengthen consumer protection, and other states may follow suit should it prove successful at ensuring a reliable insurance market, say Jan Larson and Benjamin Malings at Jenner & Block.

  • Best Practices For Lenders To Limit Recourse Liability

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    As projects face loan maturities in a higher interest rate environment, lenders should diligently observe even seemingly innocuous formalities following an event of default in order to minimize potential recourse liability, especially when borrowers have certain covenants, say Ryan Goins and Matthias Kleinsasser at Winstead.

  • The Basics Of Being A Knowledge Management Attorney

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    Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.

  • Rising Interest Rates Bring Risk For Construction Contractors

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    With rising interest rates causing many construction projects to be slowed or halted, it's important for general contractors to implement safeguard measures against the risk of significant financial losses caused by owner-driven schedule modifications, says Kevin Riexinger at Gfeller Laurie.

  • Keys To Navigating The Post-Pandemic CRE Market

    Excerpt from Practical Guidance
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    As the commercial real estate market continues to face repercussions from the COVID-19 pandemic, lawyers should use office occupancy and leasing volume numbers to anticipate future trends and help guide clients through an uncertain landscape, says Joseph Calvanico at J2C Valuations.

  • To Hire And Keep Top Talent, Think Beyond Compensation

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    Firms seeking to appeal to sophisticated clients and top-level partners should promote mentorship, ensure that attorneys from diverse backgrounds feel valued, and clarify policies about at-home work, says Patrick Moya at Quaero Group.

  • How Rate Exportation Is Shifting Amid Regulatory Trends

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    All banks and their partners, including fintechs, that wish to lend to borrowers in multiple states and charge uniform interest rates should heed regulatory developments across the country and determine how best to mitigate risks in their efforts to offer credit to consumers on a nationwide basis, say attorneys at Ballard Spahr.

  • How The Commercial Real Estate Slump May Weigh On Banks

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    The continuing underperformance of the U.S. commercial real estate market has significant implications for the financial performance and disclosure requirements for various banks, especially regional ones with large debt exposures, say Atanu Saha and Yong Xu at StoneTurn.

  • Negotiating Material Escalation In Construction Contracts

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    As material price escalation clauses have remained popular in construction contracts despite an easing of recent supply chain issues, attorneys representing owners should understand key considerations for negotiating such clauses, and strategies to mitigate potential exploitation by contractors, says H. Arthur Black II at Brooks Pierce.

  • Landlords Should Prep As WeWork Faces Potential Ch. 11

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    After years of financial trouble and the recent announcement that it has substantial doubt that it would be able to continue as a going concern, WeWork may have a bankruptcy filing in its future that would have a significant impact on landlords and other stakeholders who are owed money by the company, say attorneys at Cadwalader.

  • Identifying Trends And Tips In Litigation Financing Disclosure

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    Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.

  • Key Drivers Behind Widespread Adoption Of NAV Financing

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    While net asset value-based lending has existed for years, NAV lending has only started to move into the mainstream recently — likely due to difficult market conditions faced by sponsors including persistent inflation, high interest rates and a lack of exit opportunities, say Matthew Kerfoot and Jinyoung Joo at Proskauer.