Large-Scale Purchases and Sales of Real Estate
Purchases and sales of commercial properties for the Alaska Permanent Fund
As primary outside counsel for the Alaska Permanent Fund during the past 16 years, handled acquisitions, dispositions, joint ventures and restructurings of its multi-billion-dollar real estate portfolio, including:
- Purchases of office buildings in New York City, White Plains, N.Y., East Brunswick, N.J., Atlanta, Austin, Dallas, Denver, Houston, Louisville, Sacramento, San Diego, San Francisco, Santa Monica, Burbank, Chula Vista, Calif., Redwood City, Calif., Juneau, and Northern Virginia;
- Purchases and sales of shopping centers and other retail properties in Chicago (The Shops at North Bridge), Northern Virginia (Tysons Corner Shopping Center), New York City, Austin, Dallas, Houston, Seattle, Ketchikan, and Kauai;
- Purchases and sales of apartment complexes in Florida, Illinois, New Mexico, Nevada, North Carolina, Pennsylvania, Tennessee, Texas, Utah, and Washington
- Purchases and sales of industrial facilities in Anaheim, Dallas, Memphis, Minneapolis, Seattle, and Redlands, Calif.; and
- Establishment or restructuring of investment management relationships with a variety of nationally known real estate investment advisors.
Purchases and sales of apartment complexes throughout U.S.
Represented a New York-based investment advisor and fund sponsor in the acquisition or sale of apartment complexes in California, Connecticut, Florida, Kansas, Massachusetts, Tennessee, Texas, and Virginia.
Sale of shopping center in Honolulu
Represented a Texas public pension fund in the sale of a retail project in Honolulu to a Japanese purchaser. (2010)
Purchase of office building in downtown Seattle
Represented a Texas-based real estate fund in its acquisition of a high-rise office building in downtown Seattle. (2010)
Purchase of San Diego office building
Represented the purchaser of controlling interests in a private REIT owning the Palm Terrace office building near San Diego.
Purchase of Southern California industrial facilities
Represented the institutional purchaser in purchases of industrial facilities in Anaheim, Redlands, and Chula Vista, Calif.
Purchase of interests in San Francisco office building
Represented majority owned in its acquisition of interest of minority member in title-holding entity for office building in downtown San Francisco. (2010)
Purchase and financing of City Center Plaza (Bellevue, WA)
Acted as local counsel for REIT in the $310 million purchase and follow-on $156 million financing of City Center Plaza, a 583,00 square-foot, Class A office building in downtown Bellevue, Wash. (2010)
Real Estate Joint Ventures
Acquisition of office building on Park Avenue in Midtown Manhattan
Represented the purchaser of approximately 50 percent of the joint venture interests (held through a private REIT) in the UBS North American headquarters on Park Avenue in Midtown Manhattan. (2011)
Negotiation of joint venture for acquisition of office building on Madison Avenue in Midtown Manhattan
Represented prospective acquirer of a large minority interest in joint venture owning high-rise, mixed-use project on Madison Avenue in Midtown Manhattan.
Acquisition and restructuring of ownership of Tysons Corner Center (McLean, VA)*
Represented state investment fund in its exercise of a right of refusal to acquire a majority interest in Tysons Corner Shopping Center, and simultaneous resale of a portion of that interest to a new joint venture partner; negotiation of new LLC agreements with joint venture partner and representation of investment fund in connection with subsequent ownership restructuring and additional development projects.
Formation of joint venture to acquire The Shops at North Bridge (downtown Chicago)*
Represented institutional investor in negotiation of joint venture agreement with a public retail REIT to form a joint venture to acquire The Shops at North Bridge on Chicago's Magnificent Mile, and subsequent consummation of purchase and assumption of debt.
Formation of development joint ventures for apartment and condominium properties in the Bahamas, Chicago, New York, Texas and Hawaii
Represented a Texas public employee pension fund in the formation of joint ventures to acquire and develop apartment and condominium properties in downtown Chicago, the Bahamas, the Upper West Side of Manhattan and College Station, Texas.
Acquisition of 50 percent interest in multi-family real estate operating company
Represented an institutional investor in its acquisition from a state-owned pension fund of a 50 percent interest in one of the largest privately held developers and managers of market-rate and affordable multi-family housing projects in the United States, with apartment complexes in 13 states and assets exceeding $3 billion.
Formation of development joint venture for Anchorage shopping center
Represented a large Alaska Native corporation in the formation of joint venture to develop the Tikahtnu Shopping Center in Anchorage.
Formation of development joint venture for San Diego office building
Represented an Alaska Native corporation in the formation of a joint venture to develop an office building in San Diego.
Formation of development joint venture for San Antonio hotel
Represented an Alaska Native corporation in the formation of a joint venture to develop a branded hotel in San Antonio.
Formation of development joint venture for San Antonio residential subdivision
Represented an Alaska Native corporation in the formation of a joint venture to develop several residential subdivisions in Greater San Antonio.
Formation of programmatic joint venture to acquire distressed properties in Southwest
Represented an Alaska Native corporation in the formation of a $100 million series of joint ventures to acquire distressed apartment projects in the Southwest. (2010)
Private equity funding for equity investor*
Represented large equity investor in the private placement of more than $1 billion in infrastructure and other private equity joint ventures.
Joint venture for public employee pension fund
Represented a Texas public employee pension fund in the restructuring of joint ventures owning three apartment complexes in California.
Real estate joint venture for Tampa-St. Petersburg apartment projects
On behalf of primary investor, restructured a joint venture owning eight apartment projects in Tampa-St. Petersburg, FL, subject to approximately $105 million of CMBS debt. (2009)
Joint ventures to develop residential projects in Seattle area*
Represented a private equity investor in the formation of a joint ventures to develop residential condominiums in Seattle and convert an apartment complex in Bellevue, Wash.
Joint ventures to develop office building in downtown Seattle
Represented a private equity investor in the formation of a joint venture to acquire and redevelop an office building in downtown Seattle.
Restructuring of retail development joint ventures
Represented a Texas-based investment manager and fund sponsor in the restructuring of joint ventures for the development and ownership of retail properties in Honolulu.
Development of rooftop cogen facility in White Plains, N.Y.
Represented the owner of an office building in White Plains, N.Y., in the formation of a joint venture to develop a gas-fired rooftop cogeneration facility.
Establishment of credit facilities for Chugach Electric
Negotiated and documented $300 million unsecured liquidity facility for commercial paper program, and other secured and unsecured term and revolving credit facilities, for Chugach Electric, the largest electric utility in Alaska.
Public and private bond offerings for Chugach Electric*
Represented Chugach Electric in registered public offerings and private placements of hundreds of millions of dollars of first mortgage bonds.
Sales and financings for hotel and resort owners and operators*
Represented world-class hotel owners/operators in financings of luxury hotel and resort properties in Seattle (The Fairmont Olympic Hotel), Hawaii (The Fairmont Kea Lani Maui), Arizona (Westin Kierland Resort) and California.
Development of federal courthouse in Coeur d’Alene
Represented borrower in construction and permanent financing for federal courthouse in Coeur d’Alene, Idaho.
Tax-exempt private activity bond financings for borrowers*
Represented borrowers in connection with issuances of tax-exempt private activity bonds to finance redevelopment of an historic Seattle office building into affordable housing and construction of a solid waste transfer station and fertilizer manufacturing facility.
Apartment financing for regional and national developers*
Represented national and regional residential developers (including a publicly traded REIT) in connection with the acquisition and financing of more than 6,000 apartment units in the Puget Sound area.
Financing of cogeneration facilities for lending consortiums*
Represented the leaders of lending consortiums providing construction and operating financing for several major cogeneration facilities serving wood products companies in the Pacific Northwest.
Refinancing of The Shops at North Bridge (Chicago)
Represented state sovereign fund in the $205 million refinancing of The Shops at North Bridge on Michigan Ave. in downtown Chicago, owned by a joint venture between the sovereign fund and a publicly traded mall owner/manager. (2009)
Restructuring of apartment investments by public employee pension funds
Represented a fund comprised of Texas and New Jersey public employee pension funds in the modification of the existing financing for three apartment projects in California.
Hotel Development and Management
Hotel and waterpark joint ventures for developer*
Represented a publicly traded developer of indoor waterpark resorts in formation of joint ventures to construct and operate waterpark resort facilities in Ohio, Tennessee, and Wisconsin.
Hotel management agreements for hotel operator*
Represented internationally-known Canadian hotel operator in the systematic revision of its management agreements in connection with the sale of a large portfolio of historic luxury hotels in Canada and the United States.
Joint ventures for hotel and resort owner/operator*
Represented owners of internationally recognized luxury hotel brands in formation of multiple joint ventures for development of hotels and resorts in the United States and abroad (including in the Bahamas, Malaysia, Japan, and Puerto Rico).
Negotiation of hotel management agreement
Represented an Alaska Native corporation in the negotiation of hotel management agreement for a branded, extended-stay hotel in San Antonio. (2008)
Negotiation of major facilities leases
On behalf of tenants, negotiated headquarters office leases for national technology company, international professional services firm and food manufacturer.
Office leases for national technology company*
On behalf of landlords and property managers, negotiated and drafted office leases for a national technology company based in the Seattle area, and tenants of a variety of urban and suburban office properties in Washington and California.
Tax-Exempt Investors and REITs
Formation of tax-exempt title-holding entities
Formed dozens of tax-exempt title-holding entities for pension funds and state sovereign funds.
Formation of REITs
Formed and dissolved private REITS, and advised investors acquiring substantial ($400 million+) interests in existing private REITs.
* Denotes experience completed at a prior firm