Real Estate

Overview

Arent Fox real estate attorneys have advised lenders, borrowers, investors, developers, contractors and other clients with regards to large and complex workouts, dispositions and acquisitions of distressed loans, and distressed real property. We have engineered and negotiated virtually every type of workout and remedy/enforcement arrangement – including loan modifications; forbearance arrangements; foreclosures; deed-in-lieu agreements; release agreements; lease modifications and renegotiations; loan assignments and take-backs; entity restructurings, recapitalizations and takeovers; subordination and other intercreditor agreements; and settlement agreements. We have significant experience dealing with distressed properties of every type and in virtually every region of the United States.

We advise on one-off transactions and large multijurisdictional portfolio financings of multifamily housing, office buildings, hotels and resorts, senior-living facilities, and retail and leisure properties. Arent Fox also represents non-US entities that are investing in the United States and counsels US clients who are engaging in real estate activities overseas.

Our lawyers are well-known for projects involving government entities and nonprofit organizations. We represent owners and lenders in transactions involving urban renewal plans, land-disposition agreements and long-term net leases of municipally owned development sites. We have extensive experience with the various tax-exemption and tax-abatement programs that are often available for these types of transactions and the local zoning laws and restrictions on use and transferability.

Multifamily housing, museums, schools, concert halls and cinemas, sports arenas, transportation facilities, health care facilities and office, retail, industrial facilities, and hotels and resorts – we do it all.

Rankings

CHAMBERS 2011
REAL ESTATE: DISTRICT OF COLUMBIA

This leading group has over 60 dedicated real estate lawyers who advise clients on acquisitions, financings and joint ventures. Recently it has seen an increase in distressed and equity deals, and it continues to excel in business and commercial real estate. Clients are unanimously impressed by the responsive and cost-effective service that it provides. Sources say: “This team does excellent work; it's thoughtful, capable, creative and diligent. We are extremely pleased.” The "deeply knowledgeable" Richard Newman is well known for the bond work he handles on behalf of nonprofit organizations. Clients agree that he "gets to the heart of the matter promptly; he is a thoughtful and solid attorney in all respects." Managing partner Mark Katz is highlighted for his impressive intellectual capabilities. He acts in joint ventures, transactions and financings, and is the firm's key real estate adviser to Goldman Sachs. Michael Leahy is particularly skilled in transactions, purchases, sales, development projects and tax-related issues. Recently he has represented Quadrangle Development in the development of the new Washington Convention Center Hotel. The highly regarded Kimberly Wachen cochairs the real estate team and is head of the hospitality industry group. She focuses on commercial, financing and corporate real estate transactions, and a major recent client has been Marriott International and its affiliates.

REAL ESTATE: NEW YORK

This esteemed firm provides a full-service real estate practice, spanning both traditional development 'dirt' work and real estate finance. Recent work has included representing BBC Worldwide Americas in the negotiation of the lease for its headquarters in Manhattan. The team was also retained as legal counsel to Fannie Mae in connection with the company's participation in the Obama administration's plan to stabilize the US housing market. Sources say: "It's an excellent group that we keep returning to. The lawyers are extremely creative and always responsive." Jacqueline Weiss is "a very professional, dedicated and skilled attorney," a real estate all-rounder who combines traditional real estate work with real estate finance. She recently represented Rose Associates in the negotiation of its property management agreement for the Peter Cooper Village/Stuyvesant Town residential development.

LEGAL 500 2011

“Arent Fox LLP’s 35-partner real estate group is based in Washington DC and New York. Clients regard the team as ‘superlative, highly professional and extremely good value for money’, as well as ‘responsive and very knowledgeable about the myriad of issues facing a real estate developer’. Keith Styles and Kimberly Wachen co-chair the Washington DC team, while David Dubrow and the ‘pragmatic, diligent and tenacious’ Jacqueline Weiss share the lead in New York. Mark Katz continues to represent Goldman Sachs in various real estate transactions including acquisitions, development and dispositions of commercial single assets and portfolios, and on the workout and restructuring of sub-performing and non-performing loans. One particular deal involved the recapitalization of a six-asset, multi-family portfolio located in four states and valued at $246m. The team has niche expertise regarding sports arenas, and David Osnos and Richard Brand continue to represent the Pollin family, owner of the Washington Wizards NBA franchise and a client of the firm for over 50 years, on all real estate matters. The firm recently represented the family on selling its majority interest in Washington Sports & Entertainment Limited Partnership to Lincoln Holdings. The firm’s strength in the leisure and hospitality field saw Wachen and Joseph Fries called on to represent Marriott International on several developments, financing and joint venture related deals around the US. Gerard Leval represented RLJ Development, a major hotel and real estate developer, on approximately 150 transactions totaling $3bn including multiple hotel acquisitions and financing. Drawing upon the team’s experience in the senior living and long-term care sector, the team represented Sunrise Senior Living – a longstanding client – on the $204m sale of 21 assisted living communities in 11 states to an affiliate of Brookdale Senior Living. The New York-based team recently advised Fannie Mae on its participation in the Obama administration’s $25bn plan to stabilize the US housing market.”