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Spotlight
    Newsletter— Real Estate

    Real Estate

    Contact

    Robert C. Herr
    Partner
    San Francisco   
    +1.415.983.1000

    "The quality of work and timeliness of turnaround are the best that I have seen."

    "Top-flight client service as well as deep commercial awareness."
    - Chambers USA



    "...The firm's real estate practice group has an excellent group of partners and associates utilizing the right ratios and mindset for transactional work in the current difficult economic climate. The firm's billing practices are accommodative and reasonable. For most transactions particularly complex deals, Pillsbury adds value."

    Source: Best Lawyers, 2010

    Pillsbury has a unique history of deal-making throughout the United States, with leading real estate practices for more than 50 years on the East and West Coasts, and a recent international expansion in London. Because of its size and geographic reach, our Real Estate practice group is one of the few national practices capable of handling the full range of assignments, from multi-jurisdictional portfolio transactions to single-asset deals in local markets.

    Pillsbury has distinguished practitioners in each of its offices with decades of diverse and substantive experience and an appreciation of the cyclical nature of real estate markets. We have skillfully advised our clients through prior downturns and have deep workout experience to assist on both sides of such matters.

    Real estate is a core focus of our law firm and our attorneys share a deep commitment to every segment of the industry, including office buildings, shopping centers and retail developments, universities and colleges, industrial and warehouse facilities, hotels, resorts and sport complexes, affordable and military housing, mixed-use and condominiums, hospitals, senior living and health care facilities, schools, transportation, brownfields and green buildings, and energy and utility projects.

    Our clients span the globe and include developers, contractors, property owners, joint venturers, managers, investors, landlords and tenants, as well as lenders, borrowers, credit providers and enhancers, equity funds, non-profit sponsors, public entities, and institutions.

    Traditional Real Estate
    Pillsbury offers the complete range of legal services, including acquisitions and dispositions, construction, bridge and permanent financing, equity placement, leasing and sub-leasing, capital markets, land use and entitlement, planning and development, environmental assessment and regulation, tax advantaged investing, REITs, public finance, partnerships and joint ventures, fund formation, structured finance, securitizations and mezzanine debt, portfolio transactions, and government-sponsored programs and initiatives.

    Representative Engagements:

    • Represented the seller of the largest-ever portfolio of tax-advantaged multi-family properties throughout the United States.
    • Lead counsel for one of the nation’s largest pension funds in real estate investments throughout the world.
    • Represented a client raising $800 million in financing for a major REIT in multiple transactions in 2009.
    • In one of the largest transactions in the UK in 2009, represented a brokerage firm in the purchase of a City of London office property.
    • Managed the $2.3 billion sale of a portfolio of office and residential buildings in the Mid-Atlantic.
    • Represented the buyer in the acquisition and related financing for a portfolio of 49 office buildings totaling 4.1 million square feet and three development sites in Portland, OR.
    • Represented the developer in a $175 million construction loan for the expansion of a casino in Las Vegas, NV, and a related $10 million senior secured revolving credit facility.
    • Represented the lender in a $125 million senior secured line of credit and a $5 million unsecured line of credit to finance the management buyout of a development company.
    • Represented a large manufacturer and marketer of processed foods in a new 153,000-square-foot headquarters lease in San Francisco. The company’s new headquarters will be 27% larger than the company’s current space and will centralize operations, bringing together 400 workers from two locations. The deal is the largest lease in San Francisco this year, with Pillsbury handling the negotiation of the 10-year lease and related tenant improvement agreement, the interior architect contract, and the company's SEC filings related to the lease.
    • Represented the developer in connection with the entitlement, development and rehabilitation of a 20-story contemporary office building with 300,000 square feet of office and 10,000 square feet of retail space, including rehabilitation and reuse of an existing historic structure, in downtown Oakland, CA.
    • Obtained entitlements for the right to construct a 550,000-square-foot office building and 450 high- and mid-rise residential structures, and reentitlement of the residential portion for a 23-story, 610,000-square-foot high-rise commercial building in Oakland, CA.
    • Represented one of the world’s largest hotel companies on entitlement, development, construction, operation, tax, governance and employment considerations for a 40-story ultra-luxury mixed-use development in downtown San Francisco, CA.

    Distressed Real Estate and Troubled Assets
    No law firm is more qualified to advise clients responding to the current capital crisis, economic uncertainty and governmental intervention. Our attorneys have experience with every type of forbearance, enforcement, settlement, modification, refinance, release, foreclosure, deed-in-lieu, restructure, assignment and take-back, partner removal or other proceeding, negotiation or arrangement.

    Our geographic diversity and practice depth allow us to advise on everything from a loan payment default affecting a single building to a multi-jurisdictional CMBS portfolio workout involving hundreds of properties and layers of complex debt and equity. Our position as a nationally seasoned market leader equips us to handle the most troubled situations and assets, including multi-party disputes and complex financial structures and products.

    Representative Engagements:

    • Representing one of the world's largest banks in the workout of a $300 million loan secured by more than 50 hotel properties and involving multiple trusts, lenders, servicers and borrowers.
    • Represented the acquirer of 100 commercial real estate loans, more than 2,000 residential mortgages and several billion dollars of mortgage-backed securities.
    • National workout counsel for a major financial institution restructuring partnership investments and complex multi-family financings.
    • Advising a financial institution on workouts of distressed loans that are the subject of Truth in Lending Act violations.
    • Represented the equity partner in successfully restructuring an at-risk joint venture for a mixed-used project in Tennessee.

    Multidisciplinary Teams
    Our real estate clients often require integrated teams of attorneys as the business of real estate becomes increasingly complex and multi-faceted. Interdisciplinary collaboration leads to the crafting of innovative strategies and solutions for our clients. Attorneys with experience in multiple areas, including Tax, Securities, Corporate, Structured Finance and Derivatives, Environmental, Litigation, Dispute Resolution and Insolvency work closely with our Real Estate lawyers on a daily basis.

    Representative Engagements:

    • Working with the firm’s Insolvency, Finance and Global Sourcing practices, represented a counterparty in a pre-bankruptcy structured buyout of a major multi-family loan originator, servicer and technology provider.
    • Working with the firm’s Tax practice, acted as investment counsel to the largest acquirer of tax-advantaged properties in the U.S.
    • Working with the firm’s Tax, Environmental, and Public Policy teams, represented a developer on land use, development and capital financing issues (including qualifying for multiple sources of federal stimulus funding) for two mixed-use projects that will be LEED certified and use installed solar panels.

    Public-Private Partnerships and Programs
    Our prominent presence in the nation's capital allows us to work effectively with our Legislative, Regulatory and Government Contracts colleagues in DC. As Wall Street and Main Street depend more and more on direction from Washington, our clients increasingly rely upon our knowledge of the Federal Government and its programs. We have been involved in sophisticated public-private partnerships for many years and have extensive experience in representing and working with federal agencies, such as GSA, HUD, FHA, FDIC, and the GSEs, as well as many state and local government agencies.

    Representative Engagements:

    • Counsel to a respondent to the Treasury's RFP under TARP, including the negotiation of a financial agency agreement.
    • In one of the largest U.S. Navy privatizations to date, represented a public-private joint venture with the issuance of $584 million in military housing revenue bonds tied to 5,700 homes on 11 bases in three states.
    • Representing a large private equity fund in acquiring FDIC and other government agency loan portfolios.
    • Advised a provider of residential mortgage restructuring services to the U.S. Treasury.
    • Represented the master developer selected by the District of Columbia for the $1 billion redevelopment of the 50-acre Southwest Waterfront, including negotiation and documentation of the development agreements, ground leases and other transaction documents.


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