Private sector commercial real estate investors must address increasingly complex issues involved in real estate transactions of all types, especially as more complicated structures are employed and new laws and regulations are enacted.  At the same time, cultural, educational and other nonprofit organizations, are placing greater emphasis on their real estate holdings and are finding that they need as much guidance as their private sector counterparts to manage and develop their holdings.

Working closely with lenders, owners, tenants and brokers to quickly respond to the changes in the local and national real estate markets, Patterson Belknap's real estate attorneys structure and close a wide variety of deals.  We advise clients on the closing of construction, permanent and mezzanine loans; the negotiation of a wide variety of real estate-related contracts; the acquisition and sale of properties for development; and the structuring of leases for office, industrial and retail properties nationwide.

Our Real Estate practice is recognized in Chambers USA. The guide notes that "leasing is widely regarded as the strength of this 'fair-minded, engaged and cordial' group, and its proficiency is exemplified by its presence on several of New York's largest office leasing deals..." and that "Patterson Belknap's real estate team inspires 'the utmost confidence' in its clients."  The guide further offers a client's quote: "The diligent and respected lawyers in this group pay great attention to detail and are always willing to go the extra mile to get the job done."

Solid Advice from the Ground Up

Our focus on innovative solutions to real estate issues, our relationships with our clients and understanding of their businesses and needs, and the establishment of internal systems to increase efficiency all help our clients get the deal done.  Our real estate group has recently negotiated the following select transactions:

Acquisitions and Sales

• Represented purchasers and sellers of several midtown Manhattan office buildings.
  
  
• Represented a private company in the sale of a portfolio of more than 50 retail properties located in Washington, D.C., Florida and the Northeast.
  
  
• Represented an affiliate of UBS Realty Investors in purchase of the Montrose Apartment Building at 308 East 38th Street for approximately $60 million.
  
  
• Represented affiliates of The Winter Organization in connection with the sale of The Craftsman Building, 6 East 39th Street.
  
  
• Represented private investors in the sale of air rights to a key parcel in a high profile midtown luxury assemblage.
  
  
• Represented an investment bank in acquisitions of retail properties.
  
  
• Represented several families selling a development site at Hudson and Renwick Streets to a prominent residential developer.

Financings

• Represented a commercial real estate lender in a $90 million syndicated mortgage loan financing for office buildings in Maryland.
  
  
• Represented portfolio lenders in construction and term loans for office buildings, shopping centers, apartment buildings and industrial properties across the U.S.
  
  
• Represented several well-known families in connection with an $80 million permanent financing  from AIG of a property on 100 West 26th Street.
  
  
• Represented the owner of 555 Madison Avenue in obtaining a $95 million first mortgage loan from a major life insurance Company.
  
  
• Represented Bank of Tokyo-Mitsubishi UFJ, Ltd. in a $30 million loan to Cullman Casting Corporation secured by a mortgage on industrial property located in Cullman, Alabama.
  
  
• Represented PB Capital Corporation, Deutsche Genossenschafts-Hypothekenbank AG, Norddeutsche Landesbank Girozentrale, Allied Irish Banks, p.l.c. and Emigrant Bank in purchases of co-lending interests in loans secured by U.S. properties throughout the country.
  
  
• Represented an offshore investor in its mezzanine loan to the owner of 48 Wall Street.
  
  
• Represented an agent/lead lender in connection with origination and syndication of Shari'ah (Islamic law) compliant loans for office, multifamily and warehouse properties throughout the U.S.

Leases

• Represented The Durst Organization in the largest leasing transaction reported in Manhattan in 2004:  its lease to Bank of America of more than 1 million square feet for its new headquarters at One Bryant Park.
  
  
• Represented Forest City Ratner in its leases with Goodwin Proctor (Forest City portion of 215,000 square feet), Legg Mason (200,000 square feet), Covington & Burling (160,000 square feet), Seyfarth Shaw (100,000 square feet), and Osler, Hoskin & Harcourt (64,000 square feet) at The New York Times' new building at 620 Eight Avenue.
  
  
• Advised Cravath Swaine & Moore in its lease at Worldwide Plaza at 825 Eight Avenue (600,000 square feet).
  
  
• We represented global bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd. in its leasing of 210,000 square feet at 1251 Avenue of the Americas.
  
  
• In the largest reported Downtown Manhattan lease in 2004, our attorneys represented a global law firm in its lease for 460,000 square feet at the World Financial Center.
  
  
• Represented the building owner in connection with LCOR's signing of a 75-year ground lease for 545 Madison Avenue and its plan to redevelop the entire building (17-story, 140,000 square feet and 100% vacant).
  
  
• Represented a major hedge fund in its lease of more than 60,000 square feet in midtown Manhattan.
  
  
• Represented New Jersey-based pharmaceutical company in its long-term lease of 200,000 square foot office building.
  
  
• Represented Dow Jones, SAP America, Inc. and Eisai Inc. in their leasing of office space throughout the United States.
  
  
• Acted as receiver for a New York hotel in foreclosure.
  

Development and Construction

• Represented major non-profit organization in connection with design and construction contracts for various projects at a national sports center in New York.
  
  
• Advised the developer of Time Warner Center on its internet and telecommunications agreements.
  
  
• Served as lead counsel to a major software supplier in the construction and subsequent expansion of its U.S. headquarters outside of Philadelphia.
  
  
• Represented the developer of a condominium project located on a pier in the Hudson River in connection with its design and construction contracts, construction, mezzanine and take-out loans.
  
  
• Represented a pharmaceutical company in connection with procurement of build-to-suit building to serve as its U.S. headquarters.
  
  
• Represented several museums in the redevelopment and expansion of their existing buildings.

Partnerships and Joint Ventures

• Represented sponsor in negotiation of limited liability company agreements with initial co-investors for acquisition of six shopping centers in Pennsylvania, followed by syndication of interests.
  
  
• Represented Assurant, Inc. and its local joint venture partner in the $60 million purchase of three office buildings in Minneapolis, and the assumption of the existing indebtedness held by a conduit lender.
  
  
• Represented Assurant, Inc. in the making of a $25 million equity investment in a real estate investment fund.

Building the Community

As counsel to numerous cultural, religious and educational institutions, foundations and not-for-profit entities, Patterson Belknap has assisted in the development of institutional and cultural facilities in Manhattan and throughout the country.  We regularly counsel museums, foundations, universities, hospitals and other organizations in the expansion and redevelopment of their facilities and in leasing of space necessary to carry out their missions.

For community and cultural organizations, members of our real estate group recently:

• Represented a major modern art museum in its $600 million expansion, handling all architects and construction contracts as well as similar agreements for the construction of a temporary facility in Long Island City.
  
  
• Represented a museum and scholarly research center in the $75 million redevelopment of its landmark property.
  
  
• Guided a major technical university through the expansion of its downtown Brooklyn campus, which included the construction of a dormitory and academic building for $100 million and the renovation of its main building.
  
  
• Represented a major New York hospital in the sale of its Fifth Avenue location for a sales price in excess of $60 million.
  
  
• Represented a major Long Island museum in its proposed relocation to the campus of a local university.
  
  
• Represented Wildlife Conservation Society in connection with its acquisition of 10,000 square miles of land in South America.