Olshan Real Estate Law attorneys regularly advise on and represent property owners and lenders in negotiating and structuring finance arrangements for the acquisition, construction, development and exchange of commercial and high-end residential properties. Our team also handles refinancings, loan restructurings and workouts.
Our Broad Experience and Perspective
Representing borrowers, investors, lenders, developers, landlords and tenants across property types, we understand each party’s perspective, issues and concerns, which enables us to offer innovative solutions to achieve our clients’ objectives. We use novel and traditional financial products and creative techniques for financings and refinancings for all types of commercial properties including shopping centers, office buildings, residential real estate developments and properties, hotels and mixed-use facilities.
Our firm believes in taking a collaborative, multidisciplinary approach. We bring together highly skilled real estate, bankruptcy and litigation attorneys to handle real estate loan-related matters and our Tax attorneys advise on and minimize tax implications, as well as assist sellers and purchasers in Section 1031 exchange transactions.
Loan Restructurings and Distressed Assets
Leveraging the knowledge and experience of Bankruptcy & Financial Restructuring attorneys, we guide real estate developers, investors, borrowers, creditors and debtors in making critical decisions when dealing with distressed properties and troubled loans. Our attorneys know the markets, readily assess distressed investing situations and counsel clients in buying and selling distressed properties. Experienced in handling CMBS loans, nonrecourse carveout guarantees, pooling and service agreements and other related agreements, our team understands the complexities of CMBS workouts and can deftly and effectively negotiate with special servicers, controlling class holders and other parties. Our attorneys represent clients regarding bridge and permanent loans, senior and mezzanine financings and preferred-equity arrangements. We also assist with troubled loans including receiverships, foreclosures and bankruptcies.
- Acquisition and Financing of Long Island City Building - Represent client Himmel + Meringoff Properties in the acquisition and financing of an office and warehouse building in Long Island City.
- Acquisition of Amazon.com Office Building for $310 Million - Represented joint venture of Tristar Capital and RFR Holding in acquisition of an Amazon.com Inc. office building in Bellevue, WA from Schnitzer West LLC for approximately $310M.
- Acquisition of Hi-Tech Office Complex for $291 Million - Represented client Tristar Capital in acquisition of a hi-tech office complex for $291 million from Rockwood Capital. The 15-acre office campus, which comprises three three-story office buildings of 350,000 square feet, is located in Sunnyvale, California, the heart of Silicon Valley.
- Acquisition of Amazon.com Mixed-Use Building for $270 Million - Represented joint venture of TriStar Capital and RFR Holding in an acquisition of an Amazon.com Inc. mixed-used building in Seattle, WA from Schnitzer West LLC for approximately $270M. The 12-story, 290,000 square foot building includes an estimated 6,000 square feet of retail space and features distinctive blue glass cube-like door that leads into a two-story entranceway.
- Acquisition of Amazon Phase VII for $244 Million - Represented joint venture of Tristar Capital and RFR Holding in acquisition of Amazon Phase VII from developer Vulcan Real Estate for $244 million. The 12-story, 318,700 square foot office building located in Seattle, Washington features Amazon’s headquarters, Sam’s Tavern on the ground floor and an art installation of suspended blue and white spheres with suction cup-like features. Amazon Phase VII is LEED Gold certified, and was designed by NBBJ.
- Mortgage and Mezzanine Financing - Represented the borrower in a $100M mortgage financing from Bank of the Ozarks and $100M mezzanine financing from a foreign lender.
- Resorts Casino Financing - Represent Resorts Casino Hotel in a credit facility and mortgage financing from Fifth Third.
- Construction Loan for $120 Million - Represented client in mortgage loan, senior and junior mezzanine loan totaling approximately $120M.
- 99-Year Ground Leases on Five New York City Office Buildings from Extell Development - Represented Kaufman Organization on 99-year ground leases that were executed on five New York City office buildings from Extell Development that were part of the portfolio owned until recently by Michael and Frank Ring. The properties are located at 155 West 23rd Street; 119-125 West 24th Street; 13-15 West 27th Street; 19-21 West 24th Street; and 45-47 West 27th Street and the deal value is combined at approximately $180 million. Kaufman joint venture partners included Principal Life, Goldman Sachs and China Orient.
- $700 Million Loan to Purchase Iconic Mobil Building - In one of the biggest financing deals of 2014, Olshan represented the purchaser of the iconic Mobil Building at 150 East 42nd Street, including securing a $700 million loan from Morgan Stanley Mortgage Capital Holdings to complete their acquisition of the leasehold position. The deal included a 99-year ground lease extension with the land owner, purchasing the existing leasehold from Hiro Real Estate, and creating a sub-leasehold condominium to accommodate Mt. Sinai Medical Center. Several Olshan practice groups represented the buyers in the transaction: Tax & Planning, Real Estate and Corporate/Securities. News reports may be found at The Real Deal and GlobeSt.com.
- Citicorp Center - Purchase of Citicorp Center for $ 700 million where, in just a few weeks, Olshan tied up one of the largest office buildings in NYC, involving a complex condominium regime.
- $230 Million Sale of 100-104 Fifth Avenue - Represented a joint venture between Invesco and the Kaufman Organization in the acquisition of the 277,412 sq ft. office condominium unit of 100-104 Fifth Avenue, New York from the bankruptcy estate of Rock US Holdings for $93.5 million including the acquisition loan and a construction loan for improvements; the resolution of various operating issues after acquisition; and the sale of the property to Clarion for $230 million.
- 27 West 24th Street - Represented a joint venture of the Kaufman Organization and affiliates of Lubert Adler Management, in the purchase of an 11-story, 115,000-square-foot office building at 27 West 24th Street, located between Broadway and Avenue of the Americas, in an all-cash transaction valued at $55,500,000.
- 250 West 55th Street - Lead counsel for a joint venture of Boston Properties and Madison Equities for the office building assemblage on Manhattan's 8th Avenue consisting of nine lots, two air rights parcels and three different sellers for more than $200 million.
- 620 Sixth Avenue Acquisition by Tenants in Common - Represented two of three groups of investors, each of which wished to acquire a tenant-in-common interest in a $300,000,000 office building in lower Manhattan to effectuate 1031 tax-deferred exchanges (including two reverse exchanges). Olshan represented the groups in the acquisition, prepared the tenants-in-common agreement and handled the securitized mortgage and mezzanine loans.
- Tenants in Common Agreement - Lead drafting attorney on a complex tenants-in-common agreement for a major Midtown West office building after the publication of IRS Rev Proc 2002-22.
- Florida Office Building - Represented the buyers of the Phillips Point Office tower along the downtown West Palm Beach, Florida waterfront. Olshan’s clients were two New York-based private, family-run, independent investment firms, the Winter Organization and Heller Properties. The buyer paid $138 million for the 425,000-square-foot tower. The seller was the State of New Hampshire through its pension fund adviser, Hart Advisors of Connecticut.
- 130 Prince Street – SoHo District - Represented a joint venture of Kaufman Organization principal, George Kaufman, Bob Savitt and private equity real estate firm KBS Real Estate Advisors in connection with sale to Waterman Interests of 130 Prince Street, an office and retail building in Manhattan's SoHo district, for $112 million.
- 45/46th Streets at 8th Avenue - Represented the seller of one of the parcels to a joint venture of Related and Boston Properties in the assemblage at 8th Avenue and 45/46th Streets.
- Sunset Park, Brooklyn - Represented purchaser of a distressed 100,000 sq ft office building in the growing Sunset Park area of Brooklyn.
- 295 Madison Avenue - Represented the Korein Family, the seller of 295 Madison Avenue in New York City to Moinian for $180 million.
- 275 Madison - Represented RFR in purchase of the ground lease including amendment of the ground lease terms.
- Lever House - Represent the ground lessors under numerous high profile office buildings in Manhattan including Lever House, 100 Wall Street and 608 Fifth Avenue.
