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The qualities that define the lawyers in Lowenstein’s Real Estate Practice Group – savvy, proactive, curious and creative – position us as a leading national commercial real estate practice. We are savvy about the law and the techniques needed to help our clients succeed, we are proactive about exceeding our clients’ expectations, we are curious about what our clients’ value most and we are creative about finding solutions. In times as chaotic and dynamic as these, our Real Estate Practice Group’s defining qualities provide a high level of stability and reliability for our clients. With every engagement, our clients know that we are fully committed to the task at hand and trust us to anticipate issues, identify solutions, and navigate around impediments to expeditiously and efficiently achieve their specific goals.
Our collaborative, client service-focused approach ensures that no matter the size of the matter at stake, our real estate clients will benefit from the experience of both our Real Estate Practice Group and all of our firm’s relevant practice areas.
Virtually every type of investor turns to us for legal counsel on real estate transactions and disputes across the country, including:
We provide strategic guidance on all aspects of the acquisition, disposition, development, financing, leasing, and management of commercial real property, as well as in connection with forbearance negotiations and workouts, and in the litigation of disputes that may arise in the course of such transactions.
We counsel on transactions and disputes involving real estate all over the country. Our national experience bridges a wide variety of sectors, including office, industrial (including both warehouse and manufacturing), hospitality, hotels and gaming, multi-family, retail, self-storage, infrastructure, public-private-partnerships and manufactured housing. We have developed an expertise in portfolio transactions, P3s and representing global companies in securing new headquarters locations nationwide.
Our Real Estate Practice Group handled a transaction that was awarded "North American Real Estate Deal of the Year" by Project Finance (PAL Group A), and another that was awarded "Most Creative Deal of the Year" by the Real Estate Board of New York.
Whether a matter calls for navigating complex environmental or regulatory hurdles, developing strategies for minimizing tax implications, or aligning project objectives among joint venture partners, we stand ready to draw upon our extensive experience and technical knowledge to provide practical, business-minded solutions that lead to positive outcomes. We are business counselors as well as legal advisors; from negotiating complex real estate portfolio transactions to drafting mortgages, leases, or management agreements, we remain committed to the efficient achievement of our clients’ business goals.
A leading private equity firm in its bid to acquire a 44-building office portfolio in California, Delaware, Virginia and New Jersey, for $450M, and the sale of retained excess development rights of a New York City building for $26M.
A publicly-listed (Australian) global industrial property developer in the acquisition of an approximately 617,000 square foot warehousing, logistics, and distribution center occupied by one of the world’s leading retailers (Amazon).
A leading investment bank in a joint venture with a national developer in connection with the sale of four office buildings in New Jersey and Michigan for a combined purchase price in excess of $100M.
The New Jersey Sports and Exposition Authority in the disposition of more than 700 acres of undeveloped lands located within the Meadowlands corridor, which included coordinating the closure, and ongoing operation and management, of four landfills, and facilitates repositioning of the land for warehouse and logistics-based redevelopment. This transaction marked the conclusion of an approximately 20-year effort to close landfills and redevelop the surrounding uplands.
A real estate investor in connection with a $42M acquisition, as controlling investor, of a commercial design center in San Francisco's Inner Protrero neighborhood of SoMa. The transaction included negotiation of a “Tenancy-in-Common” agreement, a “1031 exchange,” $35M in CMBS acquisition financing and property and asset management agreements.
A national developer in connection with its acquisition and redevelopment of more than 25 contiguous parcels of land along the Hudson River waterfront in an assemblage transaction valued at more than $115M.
A Santa Barbara, California winemaker in the acquisition of a 115-acre vineyard which produces award winning Syrah.
A national developer in connection with its build-to-suit development, construction financing, net lease, and the ultimate sale of three warehouse/office/retail buildings for Crate and Barrel totaling approximately 950,000 square feet (development undertaken in three phases).
A leading national developer in connection with the joint-venture acquisition and development of a 40-story residential condominium on Manhattan’s Upper West Side.
A life sciences company which is the owner of over 150 acres of commercial property near Princeton, New Jersey, in connection with the phased sale and redevelopment of the property for commercial and multifamily uses, including the build-to-suit construction and leaseback of an office building and a research and development facility for our client.
A national developer in connection with its ground lease of government-owned land, development and construction financing of a mixed–use office and retail complex on 125th Street in Manhattan (Harlem Center) that was made possible by New York State (Empire State Development Authority) and New York City (NYC Economic Development Corporation) incentives.
A leading developer in its bid to form a joint venture to acquire land and up to 2,000,000 square feet of commercial and residential space along the East River in Queens, New York.
Filene’s Basement and Syms in connection with the leasing of their flagship retail location at 530 Fifth Avenue. The deal was recognized as one of New York City’s most creative and significant retail deals by the Real Estate Board of New York and was awarded the 2010 “Retail Deal of the Year.”
One of the nation's largest commercial banking institutions as tenant in connection with its branch expansion, including the leasing and development of new branch locations across the northeastern United States.
A prominent real estate fund manager as landlord in connection with all facets of its New York City property-related asset management matters, including office and retail leases and property management agreements.
The owner/developer of 432 Park Avenue in New York City, the tallest residential building in the world, in connection with management agreements and an agreement for exclusive club/restaurant dedicated to residents.
One of the largest flexible office providers in Manhattan as tenant, in connection with a 10-year, 60,323 square foot lease at 61 Broadway.
A publicly-listed (Australian) global industrial property developer in the negotiation of a lease for a 100,000 square foot warehouse and distribution facility to an international logistics provider and freight-forwarder serving the luxury fashion industry.
A community-focused real estate owner and developer, as landlord, with the lease of approximately 236,000 square feet of "building within a building" office space in midtown Manhattan to WeWork, the largest office tenant in Manhattan.
A publicly-traded REIT in the leasing of several properties, including:
Represented a national quality sheets and bedding accessory company in the negotiation of both retail and office leases over the past 18 months including locations in Philadelphia, San Francisco, Brooklyn, Santa Monica, Portland, and Washington, DC.
A hedge fund, as lender, in connection with its $300M+ mortgage loan facility secured by casinos in Nevada and card rooms in the State of Washington.
An international manufacturing company in connection with $640M of fixed asset financing for its U.S. subsidiaries’ manufacturing sites, in addition to its $280M term loan for the acquisition of a chemical plant located in the southeastern United States.
A national developer in connection with its $220M construction financing of its joint venture development with a major investment bank and The New York Times Company of a 52-story office tower in Manhattan that serves as the new international headquarters of The New York Times.
A leading private equity firm in connection with its joint venture investment in triple-net leased, credit-tenant operated retail locations across the United States.
A national developer in connection with the conveyance of its joint venture interests in a 1,000,000 square foot industrial and retail facility.
A family office in the purchase of an 85% equity interest in an Embassy Suites hotel and a Doubletree hotel located near Wilmington, Delaware, including amendments to the respective hotel franchise agreements, the negotiation of new management agreements for the hotels and new mortgage and mezzanine loans totaling $42M for funding PIP improvements and the operation of the hotels.
A national self-storage operator in its joint venture with a global real estate investment management firm in connection with a $105 million acquisition of a building near the Brooklyn Navy Yards.
As part of our continuing involvement in the Privatization of Army Lodging (PAL) project over the past decade, in 2019 we represented the developer that has privatized a portfolio of over 14,000 hotel rooms on 41 active Army installations across the United States in connection with the increase, extension and restructuring of the project’s $815M construction loan facility with Bank of America and the modification of the project’s 50-year ground lease with the United States Army and hotel management and franchise agreements with the InterContinental Hotels Group. Since 2008, we have represented the PAL project’s developer in connection with the multi-phased ground lease acquisition and development of the portfolio, including multiple financing rounds and junior and subordinate loan facilities from Behringer Harvard and Lendlease (US) Capital Inc. Over the first 11 years of the project, the developer incurred over $1.6B in development and construction costs as it executed its initial development plan for the portfolio. As a result of the 2019 loan restructuring transaction, the developer will now be able to invest upwards of $1.2B in further development and construction costs over the project’s next 10 years. The first phase of the PAL project was awarded the “North American Real Estate Deal of the Year” by Project Finance Magazine.
A leading public university in connection with in connection with public/private financing and land swap arrangements for a major campus expansion project, in addition to privatized student housing developments.
A principal investor in connection with the purchase of a university dormitory, in one of the first full dormitory privatizations in New Jersey.
New York City’s largest port terminal operator in connection with lease modifications and Port Authority approvals necessary to complete the sale of port operations to leading infrastructure fund.
A leading private equity firm in connection with the sale of a full-service boutique hotel in Manhattan for over $70M.
A hotel chain headquartered in Mumbai in connection with its potential acquisition of the Carlyle Hotel located on the Upper East Side of New York City.
An investment management firm in connection with the workout and restructuring of a construction loan for a boutique hotel in the Chelsea neighborhood in Manhattan.
One of the largest mutual life-insurance companies as lender of a $140M partially securitized mortgage loan secured by the Chicago Marriott Hotel.
One of the largest privately-held real estate companies in the United States in connection with the purchase of distressed senior mortgage debt secured by several hotel assets.
The parent company of several leading national retail chains in connection with obtaining local land use approvals for the rehabilitation and redevelopment of 182,000 square feet of office buildings and improvements for its new headquarters location.
A university in connection with obtaining land use entitlements for the construction and expansion of various on-site facilities, as well as the acquisition of off-campus properties for conversion to student housing.
A developer in obtaining local land use approvals, including subdivision and site plan approvals, for the redevelopment of a long-underutilized and contaminated 30-acre industrial site. The development plan included the demolition of all existing structures, remediation of past contamination, and the new development of a mix of approximately 300,000 square feet of warehouse/distribution space, 20,000 square feet of office and retail space, and a thoughtfully-designed, 102 unit mid-rise multifamily building.
A subtenant of prime showroom space on 5th Avenue in New York City in litigation with its sublandlord which defaulted under the prime lease and resulted in the subtenant’s being named in eviction proceedings. The matter concluded with the successful negotiation of a direct lease on behalf of our client with the prime landlord on the terms of the sublease and a favorable settlement with the sublandlord.
The owner/operator of privatized hotels on U.S. military bases in connection with real property tax appeals in several jurisdictions resulting in full exemptions.
A leading private equity firm in connection with litigation concerning the sale of a boutique hotel in Manhattan’s SoHo neighborhood.
John S. Stolz, Chair of Lowenstein’s Real Estate practice, tells Of Counsel: The Legal Practice and Management Report that there may be “instability on the horizon” for real estate law practitioners “due to a collision of market forces, including the prolonged effects of rising interest rates, creeping inflation, and ongoing supply chain woes.” Stolz adds: “This unstable environment has led to underwriting uncertainty and proliferated the ongoing disconnect between buyers and sellers on pricing. As a result, given the rising cost of funds, clients are increasingly hesitant to deploy capital for fear of catching a falling knife. The industry is in a ‘wait-and-see’ mode.’” However, Stolz expects his practice to remain active: “With tightening credit markets, we have also seen an uptick in real estate joint venture and sale/leaseback activity—alternative ways of doing business when the cost of funds is too high. In the near term, we would expect to see more real estate joint venture activity to enable higher cost projects with upside to proceed.”
Comments by Daniel A. Suckerman are included in LexisNexis’ 2021 Commercial Leasing Report Year in Review, which examines last year’s commercial leasing market, the continuing impact of COVID-19, and other hot topics in commercial leasing. Suckerman says: “Back through the initial several months of dealing with COVID, we saw landlords and tenants working together as much as possible to salvage the deal in the hopes of better days ahead. Almost two years into the pandemic has changed that perspective. There is no longer an acute sense of financial uncertainty arising out of the pandemic, and more of a sense that this will be an endemic situation that all tenants will need to adjust to, if they haven’t already.”
The Global Legal Chronicle covers Lowenstein’s role representing PJW Restaurant Group, an American restaurant holding company with 26 restaurants and six different brands throughout Southern New Jersey and Eastern Pennsylvania, in its sale to Garnett Station Partners. The deal team was led by Nicholas San Filippo IV.
Real Estate NJ notes the elevation to partner of Daniel A. Suckerman of Lowenstein’s Real Estate practice. The article includes a quote by the group’s Chair, Ted Hunter: “Dan has been an integral part of our real estate team for many years. He has handled numerous headquarters leases, major acquisitions, financings and development transactions — all with equal skill and savvy.”
In Real Estate NJ, partners Matthew J. Platkin and Peter Slocum discuss how the New Jersey real estate sector should prepare for legal recreational marijuana, noting that “the market for real estate will be fierce when recreational use comes online … particularly … in urban communities, where drug-free school zones greatly limit the options for dispensary locations.” Based on their experience representing medical cannabis clients, they caution landlords and tenants against signing leases too quickly, and they warn about “new requirements that are sure to be imposed by municipalities, including potential ‘host community’ fees levied as a condition of local approval.”
Lowenstein's representation of Traub Capital, an investment firm specializing in building value in consumer companies using its unique combination of strategic, operational, and financial expertise, in the company’s purchase of MANA Products, a premier beauty contract manufacturer based in Long Island City, New York, is noted in the Global Legal Chronicle. The Lowenstein deal team included Michael A. Brosse, Lauren M. Troeller, Lowell A. Citron, Doreen M. Edelman, Darren Goodman, Ted Hunter, Marc S. Kurzweil, Gavin J. Rooney, Jeffrey M. Shapiro, Michael Walutes, James C. Shehan, Norman W. Spindel, Daniel A. Suckerman, David Toma, Stuart S. Yusem, Abbey E. Baker, Eric Jesse, Stacey C. Tyler, Naomi D. Barrowclough, Matthew P. Hintz, Manali Joglekar, Kimberly E. Lomot, Kathleen A. McGee, Megan Monson, Zachary L. Berliner, Christian C. Contardo, Mark S. Heinzelmann, Amanda C. Lutick, Michael T. Melchiorre, Joshua A. Rabinovits, Stephen Tanico, Jenna-Marie Tracy, Joseph Mignone, and Keith Janowitz. View Lowenstein's news announcement about this transaction.
NJBIZ mentions Kimberly E. Lomot and Jesse S. O’Connell in an article about small businesses and nonprofits seeking help with applying for government relief in the wake of the COVID-19 pandemic. Julie Murphy, executive director of Partners for Women and Justice, an organization that provides legal assistance to survivors of domestic violence, sought pro bono advice about the Paycheck Protection Program. Lomot and O’Connell answered her questions about the application and connected her to Northeast Bank, facilitating a smooth and successful loan process. The loan, most of which will be forgiven, will help keep this critical organization in operation throughout the pandemic.
In Built In, Ed Zimmerman, Kathleen A. McGee, and Kimberly E. Lomot discuss the confusion regarding startups' eligibility under PPP for SBA loans, including how venture capital-backed growth companies should consider certifying “need” under the CARES Act. “The reporting in the press was, ‘Startups are totally ineligible or almost totally ineligible,’” says Zimmerman. “But that’s not what the law says. That’s analysis under Section 103, and the proper way to do the analysis is under 301.” He goes on to clarify under what conditions “negative control” by minority owners may constitute affiliation so as to bar PPP loan eligibility, and how to avoid this through irrevocable waivers or amended charters.
Both Zimmerman and McGee emphasize the importance of documentation. McGee, former Bureau Chief at the New York State Attorney General’s Office, explains the potential risk of future prosecution for companies applying for PPP without having properly assessed the “necessity” certification: “If it is demonstrable on the budget in the Excel spreadsheet you’re keeping that things are going to get much tighter because of COVID-19, then I think you’re justified. … But you have to have that good faith justification. If you have a year of bank, it’s probably going to be a flag raised for regulators.”
Lomot, who has years of experience counseling both borrowers and lenders on SBA loans, also urges caution in taking the certifications seriously: “eagerness to claim available funds…could get startups in trouble if they’re not applying in good faith.”
Max Karpel's arrival at Lowenstein as a partner in the Investment Management group is noted in Bloomberg Law – Big Law Business, General Counsel News, NJBIZ, Reuters, and The Deal. (subscription required to access certain content) View Lowenstein’s news announcement about Karpel joining the firm.
Edward J. "Ted" Hunter provides perspective in a Detroit News article on the recent sale of a historic hotel on Mackinac Island to a private equity firm. He observes that “the acquisition comes during a recent growing trend of private equity firms purchasing boutique hotels. They're following the money. … Travelers over the last five years have been demanding a more unique destination type of hotel experience rather than just a bed, clean towel, and a pillow. It’s more of a millennial preference than the generation before."
Edward J. “Ted” Hunter comments in National Real Estate Investor on the WeWork IPO, noting that “[t]o its credit, WeWork has been a fantastic innovator in an industry that had seen very little innovation … Investors, particularly institutional investors, are quite enamored with innovators, and tenants seem to like the product that WeWork is selling, which is a compelling combination for an IPO.” On the other hand, he says that landlords find WeWork’s credit “nearly impossible” to underwrite. Finally, in light of increased reporting requirements and investor expectations, “the primary challenge for WeWork and its competitors in going public may be the culture shock that goes along with becoming a public company,” adds Hunter.
Lowenstein Sandler’s representation of Thailand’s leading global chemical company, Indorama Ventures (IVL), in its $2.1 billion acquisition of Huntsman’s chemicals units was featured in numerous media outlets including The Wall Street Journal and The Deal, which highlighted Nicholas San Filippo IV’s role in the transaction and previous work with IVL since 2003. The Nation Thailand called the transaction “a game changing acquisition for IVL, its largest ever and one of the biggest by a Thai company in the last decade.” The acquisition was also featured Bloomberg Law – Big Law Business, The Deal, The Associated Press, the Global Legal Chronicle, Business Wire, citybizlist, Bakersfield.com, The American Lawyer, and Law360. The Lowenstein Sandler deal team included Nicholas San Filippo IV, Sam E. Khan, Stuart S. Yusem, Nicholas G. Mehler, Christine Osvald-Mruz, Doreen M. Edelman, Brian Silikovitz, Norman W. Spindel, Mark S. Heinzelmann, Mitchell McDonald, Megan Monson, Sami Najib, Sunita Patel, Alex H.Rosenthal, and Niral T. Shah. The Valence Group acted as exclusive financial adviser to IVL, and KPMG provided financial due diligence support. (subscription required to access certain content) View Lowenstein's news announcement about this transaction.
Lowenstein congratulates client New Jersey Sports & Exposition Authority on the successful $42.5 million sale of a 718-acre tract of undeveloped land located within the Meadowlands corridor, as reported by Real Estate NJ. This sale marks the conclusion of approximately 20 years of effort to see to the closure of landfills and redevelopment of the surrounding uplands. Lowenstein aided in coordinating the wind-down and closure of four landfills and facilitating the repositioning of the land for warehouse and logistics-based redevelopment. Developers are now poised to construct a modern warehouse and distribution complex near the New Jersey Turnpike, thereby creating jobs and opportunities for this New York City suburb. Lowenstein attorneys included John S. Stolz, James Stewart, Daniel A. Suckerman, and Stacey C. Tyler.
Kathleen A. McGee is quoted in CNET discussing the rising popularity of smart homes and internet-of-things (IoT) devices among apartment landlords. The article analyzes the benefits and risks that face landlords and tenants when it comes to the use of these innovative products. McGee notes that “landlords are, in theory, in your apartment every day collecting information; tenants suddenly have to choose between no home and a place where they perceive themselves to be spied on.”
Edward J. “Ted” Hunter discusses the recent trend of private equity firms acquiring boutique hotels, as published in LODGING Magazine. The increased interest in a more unique travel experience has reshaped the industry, resulting in higher occupancy rates and average daily rates than in recent history.
The PE Hub Network, The Deal, and Law360 (December 12, 2018; January 24, 2019) note Lowenstein Sandler as lead counsel to Cerberus Capital Management, L.P. in its acquisition of Sparton Corporation (NYSE: SPA). (Lowenstein deal team: Marita A. Makinen, Robert G. Minion, Jeffrey Blumenfeld, Mary J. Hildebrand, Nicholas G. Mehler, Christine Osvald-Mruz, Matt Savare, Jeffrey M. Shapiro, James C. Shehan, Michael Walutes, Jack Sidorov, Norman W. Spindel, Stuart S. Yusem, Manali Joglekar, Sabrina Cua, Allison Gabala, Megan Monson, Alex H. Rosenthal, Bryan Sterba, Matthew Tippy, Lauren E. Killeen, and Lauren M. Troeller.) (subscription required to view certain content) View Lowenstein’s news announcement about this transaction.
Knotel, the second-largest coworking company in Manhattan, finalized a ten-year, 60,323 square foot lease at 61 Broadway. This deal reflects the growing opportunities in the Lower Manhattan market for flexible real estate. The 61 Broadway deal has been featured in such publications as The Real Deal, Globe St., and Commercial Observer. Knotel was represented by Edward J. “Ted” Hunter and Daniel A. Suckerman.
CIM Group, a community-focused real estate owner and developer, recently inked a deal leasing 236,000 square feet of space at 1440 Broadway to WeWork, the largest office tenant in Manhattan. The deal has been reported in publications including The Real Deal, Globe St., Commercial Observer, Connect New York, and Business Wire. CIM was represented by Lowenstein Sandler attorneys Edward J. “Ted” Hunter and Daniel A. Suckerman. Lowenstein is proud to have played a role in this momentous deal.
The Real Deal highlights Lowenstein Sandler client CIM Group, who signed a 51,050 square foot leasing agreement with tenant WeWork. The co-working firm will occupy 11 floors of the 67 Irving Place location, which is expected to open in the first half of 2019. This deal, handled by Lowenstein attorneys Edward J. “Ted” Hunter and Daniel A. Suckerman, further expands the presence of the largest office tenant in Manhattan.
Knotel’s blog post, “The Fall of the Lease,” discusses key takeaways from Daniel A. Suckerman and Stacey C. Tyler’s article, “Pros and Cons of Shared Space Agreements,” published in the Lexis Practice Advisor Journal. Knotel’s post summarizes the main points from the article’s explanation of the difference between leases and licenses and the advantages and disadvantages of licenses in shared space agreements.
Edward J. "Ted" Hunter comments on the opening of Lowenstein Sandler's new office space and how work spaces are evolving. Commercial Property Executive.
