New York Real Estate

Venable / 9 8 / Venable Partnerships and Joint Ventures Partnerships, limited liability companies, and real estate investment trusts (REITs) form the basis for commercial real estate investment. The Venable Real Estate Group works with the firm’s tax department to structure, draft, and negotiate tax-efficient ownership structures that address the client’s operating needs, business objectives, and financing and funding requirements. Our experience includes representation of the following clients: • Canadian sovereign and pension fund investors in the formation of a joint venture involving a domestically controlled REIT for the investment of up to $1 billion in the acquisition and construction of distribution facilities throughout the U.S. • Canadian investors in the formation of a $1.3 billion joint venture for the acquisition of Class A multifamily properties throughout the southern U.S. • A non-U.S. investor in the acquisition of a major stake in a 1.3 million square foot mixed-use complex in Los Angeles, which was acquired by the project sponsor in a bankruptcy sale. • A German insurance company in creating a joint venture by which it acquired a 50% interest in one of Boston’s largest Class A office buildings, valued at $450 million. • Family partnerships that own New York City commercial properties in the conversion of the partnerships to limited liability companies and restructuring of the entities’ governance. • A major Japanese insurance company in the formation of a real estate investment trust, to which it contributed over $600 million in Class A office properties. • A family-owned shopping center operator in connection with the restructuring of intercompany debt. • A non-U.S. investor in the negotiation of a co-investment vehicle for U.S. real estate acquisition and redevelopment. • A non-U.S. investor in the formation of a joint venture by which it acquired initially a 51% interest, and subsequently a 92.5% interest for ownership of a Class A office building in New York City. • A non-U.S. retail company in the formation of a joint venture to establish a retail business in China. • A non-U.S. real estate investor in the formation of a 50% joint venture interest in a company to invest in industrial warehouse and logistic facilities in Romania. Commercial Leasing Venable attorneys have a strong record of negotiating and documenting commercial leases from the perspective of both the property owner and the tenant, including ground, net, office, retail, restaurant, build-to-suit, government, and subleases, and other occupancy agreements of all kinds, in New York and worldwide. We also advise on all types of property management and brokerage agreements. We represent numerous owners in the leasing, operation, and management of office buildings with ground-floor retail locations throughout New York City and in other major U.S. metropolitan markets. This includes negotiation of property management agreements, such as a form of agreement for a portfolio of multifamily properties throughout the southeastern U.S., and agreements for office properties, including a 1 million square foot Class A office building in Chicago. Owner-side transactions include a 35-year triple net lease of a 110,000 square foot New York City office building and a sale-leaseback transaction involving industrial facilities located in Texas and Louisiana. On the tenant side, our team’s experience includes advising: • Two New York State public authorities in the negotiation of a long-term commercial office lease of over 100,000 square feet for their headquarters in New York City. The transaction involves the creation of a leasehold condominium structure to allow such authorities to realize the benefits of real property tax exemption. • A health insurer in the negotiation of a build-to-suit net lease and construction contracts in connection with the ground-up construction of a medical facility in East New York, Brooklyn. • The New York Road Runners (sponsors of the New York City Marathon), as tenant, in connection with the leasing of a 55,000 square foot warehouse space in the Bronx and a retail and race administration facility at the landmarked Hearst Building. • A Middle Eastern investor in the negotiation of a 99-year ground lease of a landmark office building in midtown Manhattan. • A national fashion chain in negotiating workouts for more than 15 retail and office leases in a wind-down of company operations. • An energy company in negotiating a ground lease of property located in the state of Washington, to be developed as a power plant. • The tenant in the negotiation of a long-term triple-net lease with purchase options for an industrial building in Long Island City. • A university and its research foundation in negotiating a long-term ground lease to the foundation – and ground sublease to a developer – for the construction of a technology center adjacent to the university campus. • A major insurance company’s triple net lease of a 1,400,000 square foot office building, and a sublease back of 250,000 square feet. • Numerous tenants in the negotiation of luxury retail leases, restaurant leases, and other store leases, including: ◦ Hackett USA in the negotiation of its U.S. retail leases. ◦ An international luxury retailer in leasing matters in Hong Kong, China, and Europe. ◦ A luxury designer eyeglass company in the negotiation of its New York retail leases. ◦ A luxury bathroom and kitchen retailer in the negotiation of its leases in the U.S. • Foreign banks in the leasing of commercial branch banking space in New York City. We also negotiate leases and licenses for publicly owned property, including a long-term lease for a museum, a license for a theater in Central Park, a lease in a City laboratory building for a nonprofit life sciences research institute, a lease amendment for the Billie Jean King National Tennis Center on City parkland, a license amendment for a theater, and development leases on behalf of such government entities such as the New York City Economic Development Corporation and the Brooklyn Navy Yard Development Corporation.