Greenberg Traurig's Global Real Estate Practice saw a significant increase in deal activity over the course of 2024 as interest rates and asset valuations stabilized in the second half of the year, building a strong foundation for 2025.
NEW YORK, Jan. 16, 2025 /PRNewswire-PRWeb/ -- Greenberg Traurig's Global Real Estate Practice saw a significant increase in deal activity over the course of 2024 as interest rates and asset valuations stabilized in the second half of the year, building a strong foundation for 2025.
In the past year, the market-leading real estate practice represented a wide range of clients in major projects and transactions covering the spectrum of property asset classes, including digital infrastructure, office-to-residential conversions, condominium high-rises, and resort hotels.
"Despite high interest rates and other economic headwinds that suppressed transactional activity for nearly two years, we remained focused on serving clients and guiding them through their complex legal issues," said Michael J. Baum, co-chair of the Global Real Estate Practice and senior vice president of the firm. "This has positioned us well now that deal flow is picking back up and clients increasingly are turning to us for help in navigating a rapidly evolving real estate environment."
The team's representations in 2024 included advising Vertical Bridge REIT in a definitive agreement to obtain the exclusive rights to lease, operate, and manage 6,339 wireless communications towers from Verizon subsidiaries for about $3.3 billion – the largest U.S. tower transaction in almost a decade.
Additionally, Greenberg Traurig attorneys helped Related Group secure over $2 billion in construction loans for six new condominium developments in South Florida and served as co-counsel to Mast Capital in its $600 million deal to finance the construction of an 80-story Cipriani condo tower in Miami.
"Real estate has been a cornerstone practice at Greenberg Traurig since the firm's founding 58 years ago in Miami," said Richard J. Giusto, co-chair of the firm's Global Real Estate Practice. "Today, with more than 700 industry-focused attorneys worldwide – including nearly 500 in the United States – our real estate team has the depth and breadth of experience to guide clients through every phase of a project's lifecycle and beyond."
Greenberg Traurig continued to strengthen its real estate capabilities in 2024 with new hires in key markets across the United States and globally, including the addition of four real estate lawyers in Tokyo, where the team was recognized with a 2024 Japan Law Firm Award by Asia Business Law Journal.
"With offices in the United States, Latin America, Europe, the Middle East, and Asia, Greenberg Traurig has the necessary reach and platform to effectively serve clients on a worldwide scale," said Christian Schede, co-chair of the Global Real Estate Practice and founding chairman of the firm's office in Germany. "Our extensive global resources and capabilities, coupled with our uniquely collaborative culture, enable us to provide holistic counsel to clients across time zones and continents to help them capitalize on new opportunities, diversify their assets, and grow."
The team's work in 2024 spanned the full gamut of transactions and matters, including asset management, fund formations, joint ventures, property development, litigation, and restructurings.
"Our clients in the real estate industry rely on our ability to adapt and be proactive in the face of change. I'm very proud of how our team rose to the challenge in 2024 and demonstrated our resilience, creativity, and dedication to excellence in client service," said Stephen L. Rabinowitz, co-chair of the firm's Global Real Estate Practice. "As we begin 2025, we look forward to working closely with our clients to help ensure their continued success."
Among the major transactions handled by Greenberg Traurig's Global Real Estate Practice in 2024, the team represented:
- Amundi Investment Solutions and Koramco Asset Management in their €240 million refinancing of the Atrium office properties in Amsterdam's business district.
- Berkshire Residential Investments in providing $225 million in financing through two mortgage transactions for New York City's One38, a 448-unit apartment complex in the Bronx.
- Blackstone and QTS in the acquisition of a 250-acre+ former Britishvolt gigafactory site in Northumberland, UK, for the potential development of a hyperscale data center campus.
- Boardwalk at Bricktown in various key matters related to the development of a planned multibillion-dollar mixed-use project featuring a 134-story skyscraper in Oklahoma City.
- CEDARst Companies in a joint venture with Bridge Investment to acquire a 2.3-acre site in Las Vegas for the development of Flats Arts District, a $112 million multifamily project in a qualified opportunity zone.
- Cromwell Property Group Poland in the €285 million sale of a real estate portfolio consisting of six retail centers in Warsaw, Szczecin, Wroclaw, Łódź, Toruń, and Bydgoszcz.
- Eastnine AB in the €280 million acquisition of the Warsaw Unit office building in Warsaw's Wola district – reportedly the largest office transaction in Europe last year.
- Fidelity International in its investment in logistics assets for its real estate logistics climate impact fund in Europe.
- Fortress Investment Group in acquiring the Phoenix Seagaia Resort on the east coast of Japan's Kyushu Island.
- Hydrogen Development Corp. in a definitive purchase agreement for the right to lease land and develop a $17 billion hydrogen hub on the Cahuilla Indian Reservation in Southern California in partnership with the Cahuilla Band of Indians.
- IDI Logistics in the sale of an industrial business park in Pompano Beach, Florida, for $101.15 million.
- Kervis SGR S.p.A. in its capacity as the management company for the AIF denominated KREF II in relation to the acquisition of an office property in Milan, Via Tortona, with a view to repositioning it as residential.
- Kimco Realty in its $322 million acquisition of Waterford Lakes Town Center, a 976,000-sq.-ft. shopping center on 70+ acres in Orlando.
- Kushner Cos. in various matters related to its $190 million acquisition of the 276-unit Hamilton apartment tower in Miami, including financing, preferred equity, and land use matters.
- Metropolitan Government of Nashville and Davidson County in closing the financing for a new $2.1 billion Tennessee Titans football stadium.
- Nuveen Real Estate in the downstream investments of a fund targeting senior living and care facilities, mostly located in the greater Tokyo and Osaka areas of Japan.
- Oak Row Equities in land use matters related to the $520 million acquisition of a waterfront land assemblage in Miami's Brickell Financial District – reportedly a new price record for Miami real estate.
- Peach Property Group AG, a real estate investor specializing in German residential properties, in the divestment of an approximately 5,200-unit residential portfolio.
- Related Cos. in its sale of the 346-room W Fort Lauderdale hotel in Florida for $153 million.
- Remedy Medical Properties and Kayne Anderson Real Estate in the acquisition of 20 Novant Health facilities in North Carolina.
- RIDA Development and Ares Management in the acquisition of the 1,641-room Hyatt Regency Orlando and a 45-acre parcel of adjacent land for approximately $1.07 billion – the largest single-asset sale in Hyatt history.
- Insolvency administrator of the SIGNA group in the insolvencies of various SIGNA companies, in particular regarding the liquidation of assets in the context of distressed M&A transactions.
- SL Green Realty, New York City's largest commercial landlord, in its acquisition of a $224 million senior loan backed by 522 Fifth Avenue, a 23-story, 600,000-sq.-ft. office building in Manhattan.
- Starwood Capital Group in its sale of 1 Hotel Central Park in Manhattan for $265 million.
- Villa d'Este group in relation to the acquisition of the Miralago hotel in Italy's Cernobbio, Lake Como area.
- Westwind Capital in connection with the establishment of an investment vehicle that raised €150 million of commitments from several European institutional investors, including anchor funding from CBRE Investment Management, and the subsequent acquisition of four London build-to-rent assets.
- Witkoff Group in a $273 million deal to finance the construction of Shell Bay, an Auberge-branded condo and hotel project in Hallandale Beach, Florida.
- Zinfandel Holdings in its sale of the oceanfront Eau Palm Beach Resort & Spa in Manalapan, Florida, for $317.5 million
About Greenberg Traurig's Global Real Estate Practice: The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and a recognized leader in the industry. The firm's real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 700 real estate lawyers from around the world, serving clients from key markets in the United States, Europe & the Middle East, Asia and Latin America. The group's clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The real estate practice advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and hybrids.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 48 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2024 BTI "Leading Edge Law Firm" for delivering on client expectations for the future and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA's Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: http://www.gtlaw.com.
Media Contact
Amy Martinez, Greenberg Traurig, LLP, 305.579.7762, [email protected], https://www.gtlaw.com/en
SOURCE Greenberg Traurig, LLP
Share this article