Joint Ventures

Our capabilities are best showcased through real examples of our work. Examples of recent transactions include:

• Represented a Fortune 100 financial services company in its programmatic joint venture with a foreign pension fund and subsequent joint ventures with major domestic mall REITS (including a $1 billion real estate joint venture in four superregional shopping malls).
• Represented a commercial real estate investor, as equity investor, in the formation of a $400 million joint venture for the acquisition of 13 multifamily projects located in multiple states. Our representation included negotiation of the master ownership joint venture entity and the master developer joint venture entity, as well as the formation and negotiation of a separate investor entity consisting of multiple investor individuals and entities.
• Represented a public pension fund in a $430 million purchase of 19.81% limited partnership interests in a mixed-use office building located in Hudson Yards, New York City. The transaction structure included a domestic REIT, a taxable REIT subsidiary, multiple levels of partnership agreements, public transportation authority restrictive covenants, and IDA PILOT agreements. The deal involved built-in gain and other tax issues and used representation and warranty insurance to protect against existing REIT, tax, and ongoing entity risks.
• Represented a real estate investor, as joint venture partner, in the $253 million sale of an office building located in the financial district in downtown New York. The property had 545,000 of rentable square feet and was approximately 81% leased at the time of the sale.
• Represented a public pension fund on a three year forward contract for a $170 million acquisition of limited partnership interests for a waterfront Brooklyn mixed-use market rate and affordable rental apartment development project. The project was structured with two condominium regimes and a homeowners’ association. The capital stack included low income housing tax credit investors and 421-a and brownfields tax credits.
• Represented a real estate investment company in the $40+ million acquisition of 16 warehouses for a newly created joint venture between the client and a large equity partner.
• Represented a family investor in the restructuring of its $100 million equity position in a joint venture for the redevelopment of a hospital site in New York. The redevelopment is a $1 billion project of townhomes, condominiums, retail and office space, an emergency care facility, and public space. Our client’s entity stack included a US limited partnership, as the joint venture member with a US corporate general partner, a US corporate guarantor for future equity contributions to the joint venture, and a German limited partnership that provided a pledge of assets securing the equity guaranty.
• Represented a commercial office, industrial, and retail real estate developer in a joint venture in a public-private partnership with a transit authority to construct 305 residential apartments in five buildings, including a common area complex, and a 517-stall parking structure to serve both the apartment residents and users of the light rail system serving the Salt Lake City metropolitan area.
• Represented a discretionary equity co-investment joint venture between state pension funds in an $180 million acquisition of a 212-unit multifamily apartment complex in Washington, DC.