Seyfarth Shaw Real Estate Attorneys Play Key Role in Meadowlands Xanadu Development Negotiations

Seyfarth Shaw LLP, a national full-service law firm with a leading real estate practice, played an integral role in negotiating the terms of the $1.3 billion Meadowlands Xanadu development that was approved by The New Jersey Sports and Exposition Authority in late December.

John Napoli and Stephen Epstein, partners in Seyfarth Shaw's New York office, led the team that represented Mack-Cali Realty Corporation in structuring its joint venture with development partner Mills Corporation. Seyfarth also advised Mack-Cali Realty Corporation with regard to the negotiation of the terms of the redevelopment agreement with the New Jersey Sports and Exposition Authority. Both companies are real estate investment trusts (REITs), which played to one of the Seyfarth team's strengths as a leading law firm in structuring transactions on behalf of REITs.

"Very few law firms have attorneys such as John Napoli and Stephen Epstein who possess the knowledge and skill required to negotiate a transaction as large and complex as the Meadowlands Xanadu development," said David Ross, managing partner of Seyfarth Shaw's New York office. "Seyfarth Shaw's presence in New York continues to grow, thanks to expertise of these talented attorneys."

"Meadowlands Xanadu is another noteworthy achievement for a team that has established an outstanding reputation in the industry for structuring major real estate transactions," said Gregg Dorman, national real estate practice group leader for Seyfarth Shaw. "This transaction further demonstrates that Seyfarth Shaw's real estate practice group, now comprised of more than 60 real estate attorneys nationally, has established one of the most dynamic and fastest growing real estate practice groups in the country."

The joint venture's development plan for the approximately 100-acre Meadowlands Xanadu project includes four class "A" office towers comprising approximately 1,760,000 square feet; approximately 2,200,000 square feet of entertainment, retail and recreation facilities; a hotel consisting of approximately 520 rooms; and an approximately 12,500-car parking facility. As part of the development plan, the joint venture will develop a minor league sports stadium and a sports entertainment complex that will include the country's first indoor ski slope and an extreme sports park with a surfing pool and a mini-Formula One racing oval.

"Meadowlands Xanadu is a unique development opportunity, and we are honored to be a part of its inception," Napoli said. "The vision displayed by Mack-Cali, its partners and the New Jersey Sports & Exposition Authority will benefit the entire region for decades to come."

For more information about Seyfarth Shaw's real estate practice, visit our website at www.seyfarth.com.