NEW YORK – Feb 1, 2022 – Greenberg Traurig’s award-winning Global Real Estate Practice closed another banner year amid the ongoing pandemic. Outpacing the record volume handled in 2020, the practice represented clients on a record number of transactions that touched all asset classes in the commercial real estate market worldwide.
Even as the global economy shows signs of recovery, the real estate market is still reacting to changes in corporate and consumer demands as well as to new lifestyle preferences that have accelerated in the past two years. Regardless of location, complexity of transaction, or asset class, clients continue to turn to Greenberg Traurig for its market-leading real estate legal representation.
“We continue to represent long-standing clients who are institutional players in the real estate industry, guiding them through a challenging market,” said Stephen L. Rabinowitz, co-chair of the firm's Global Real Estate Practice. “The size of our team is more than a number; it is a reflection of the unmatched resources and experience that our attorneys tap into every day to provide best in class service to our clients.”
While many companies experienced “The Great Resignation,” the real estate team at Greenberg Traurig bolstered its global roster in key markets worldwide by strategically recruiting attorneys with deep experience and real estate sector knowledge.
“In 2021, our team-first culture and strong brand resulted in very little attrition and the opportunity to bring on nearly 50 new real estate attorneys, growing our global bench to a 500-strong team to meet client demand,” said Michael J. Baum, co-chair of the firm's Global Real Estate Practice. “Our ability to recruit top talent is a testament to our reputation in the market and the trust clients place in the firm.”
The team experienced growth on every continent where Greenberg Traurig is located, including North America, Europe, The Middle East, and Asia, representing two dozen markets with new attorneys.
“I am particularly proud that – in times when social distancing remains crucial – our European team has grown together. It now comprises 180 attorneys that have jointly advised in 2021 on more cross-border deals within Europe and across the Atlantic than ever before,” said Christian Schede, co-chair of the Global Real Estate Practice and founding chairman of the firm’s office in Germany. “With our integrated approach, we are perfectly positioned to support our clients in the increasingly interconnected real estate market.”
Regardless of geographic location, growth strategy, complexity of transaction, or asset class, the team continued to guide clients through a turbulent market.
“As the pandemic created more demand for emerging and alternative asset classes, the team utilized its market knowledge to help clients navigate through this new reality,” said Richard J. Giusto, co-chair of the firm's Global Real Estate Practice. “Despite the ongoing uncertainty caused by the pandemic, there has been an increase in demand for real estate investments, and clients continue to trust Greenberg Traurig to support new ventures, partnerships, and funds to continue to compete on a global scale.”
Among the major transactions Greenberg Traurig’s Global Real Estate team handled in 2021 and early 2022, the firm represented:
- AR Global in its recently announced plans to acquire 81 multitenant grocery-anchored shopping centers or power centers in 29 states, totaling a $1.3 billion purchase price.
- Blackstone Real Estate Income Trust as Nevada and Gaming counsel to Blackstone Real Estate Income Trust to acquire the assets of the Aria Resort & Casino and Vdara Hotel and Spa within the Las Vegas CityCenter project for $3.89 billion in a sale-leaseback transaction. Greenberg Traurig also served as water rights counsel to Blackstone in connection with its acquisition of the permitted and certificated water rights associated with the properties.
- British Airways Pension Fund on its investment in a 50/50 joint venture and subsequent acquisition of a 25.5% stake in one of the UK’s largest portfolios of supermarkets. For this long-standing client, the £115 million acquisition from Aviva allows the joint venture to acquire an additional 25.5% interest in a securitised portfolio comprising 26 Sainsbury’s supermarkets.
- Dream Industrial REIT in the €882 million acquisition of a corporate group holding a pan-European portfolio of 31 logistics properties in Germany, France, Spain, the Netherlands, the Czech Republic, and Slovakia from Clarion Europe, which is one of the largest pan-European logistics deals to date. Greenberg Traurig has advised Dream since its European market entry in 2011 and following Blackstone's acquisition of Dream Global REIT in 2019 for €4.2 billion, the firm’s real estate team is advising Dream Industrial REIT on its European expansion in the industrial sector.
- Dalfen Industrial in connection with the acquisition of properties totaling more than $2.3 billion in the past 18 months. Most of the acquisition by Dalfen, one of the most active industrial market players, occurred in 2021 with more than 30 transactions, valued at more than $1.5 billion.
- Deutsche Finance International on a corporate joint venture transaction with CELLS Group to acquire a prime office complex in central Hamburg, Germany. The partnership between Deutsche Finance International and CELLS Group aims to pursue the same value-add strategy throughout Germany, focusing on mixed-use buildings in Munich, Berlin, Hamburg, Düsseldorf, and
- EQT Exeter in the acquisition of a real estate portfolio of nine properties for logistics use in Piacenza and Milan, Italy. The acquisition was made through one of EQT Exeter’s subsidiaries. The seller was Namira SGR p.A., an asset management company specializing in Alternative Investment Funds (AIF) that invest in real estate and receivables, on behalf of the Elisabeth Fund whose main investor is KKR.
- Global Student Accommodations (GSA) in a joint venture with a fund advised by Morgan Stanley Real Estate Investing. GSA brings $1.6 billion of initial seed assets to the joint venture, including nearly 15,000 beds across 21 states and 29 cities. These properties include GSA’s existing U.S. portfolio acquired in 2020, and the recently closed acquisition of more than 8,100 beds across prime locations from coast to coast.
- Greystar Real Estate Partners in more than 70 transactions in 2021 in the United States, including acquisitions, dispositions, and financings of portfolios and individual properties valued at more than $1 billion. The firm recently represented Greystar in the $3.5 billion sale of its ninth U.S. flagship fund to Ivanhoe Cambridge. The assets include 30 properties with nearly 10,000 units.
- Grupo Hotelero Prisma in the sale of its property portfolio to Aimbridge Group Holdings, LP. As a result, Aimbridge Hospitality now manages 42 properties with more than 7,500 rooms throughout Mexico. The transaction implied the payment of 90% of the purchase price in exchange for shares in an Aimbridge affiliate.
- GI Capital Management Limited in the development of a new five-star luxury hotel in Kyoto, Japan, that incorporates new construction, a landmark historic building, and Japanese garden. The hotel is slated to be the first Regent branded hotel in Japan and valued at more than $135 million.
- Heimstaden Bostad, one of the largest European housing companies, on its € 9.1 billion acquisition of the Akelius Group in Germany, Sweden, and Denmark totaling some 29,000 apartments.
- KBS Real Estate Investment Trust REITS and Funds in 24 transactions totaling more than $2.7 billion during the past 12 months, for which KBS Realty Advisors, LLC ,and KBS Capital Advisors act as the advisor The transactions included a mix of acquisitions, disposition, and financings, covering properties located in 11 different states.
- Korean Investor on the acquisition of a large warehouse facility in Poland, marking one of the highest transaction values to date among acquisitions in the logistics sector.
- Invesco Advisors, Inc., a 25-year firm client, on more than 120 transactions in 2021, with a total value surpassing $15 billion. These transactions included representing Invesco as landlord of more than 20 retail locations. Greenberg Traurig also advised the client in bankruptcy proceedings involving Tailored Brands, Inc., Ascena Retail Group, Inc., GNC Holdings, Inc., and Stein Mart Inc., and negotiated favorable lease treatment for multiple locations, with a total value of $1 billion.
- Kimco, a client for more than 20 years, on a joint venture with a major investment bank to acquire a portfolio of six shopping centers from Jamestown Properties, a 50% stake for $425 million transaction. Subsequently, Kimco entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. (BREIT) in which Kimco will own 50% of the portfolio.
- Partners Group in the acquisition of more than €200 million in real estate assets from Kraków-based BUMAGroup. The acquisition was comprised of 11 A-class office properties, including two sites under development, with a total leasable area (GLA) of approximately 125,000 square feet, which are located in Kraków and Wroclaw.
- PGIM in the development, stabilization, and sale of a beneficiary interest in the first phase of an industrial park in Tijuana, Mexico. The transaction also included the acquisition, development, and stabilization of Phase II in the same industrial park.
- Related Group in the sale of Icon Central, a 15-story luxury apartment tower on St. Petersburg’s Central Avenue, for $176 million. Related Group has relied on Greenberg Traurig to handle approximately 50 major condo hotel or apartment projects in the United States, as well as 10 major international deals in Latin America, collectively valued at more than $10 billion.
- SL Green Realty Corp., New York City’s largest office landlord and a client for more than 25 years, in the sale of 410 Tenth Avenue, a 636,000-square-foot Manhattan office redevelopment anchored by Amazon and First Republic Bank, for gross consideration of $952.5 million. The firm also advised SL Green in the sale and attendant seller financing of a Midtown Manhattan office building at 590 Fifth Avenue for $103 million, a transaction completed in two weeks.
- The Ardent Companies in the $500 million purchase of four Piedmont Center buildings, totaling 500,000 square feet in the high-end Buckhead district of Atlanta. This was one of the largest real estate deals in this market last year and resulted in Ardent’s ownership of the entire Piedmont Center development. The firm also represented Ardent in the launch of its equity platform in Europe, with the acquisition of 12 industrial assets and a flagship shopping mall located in England and Scotland.
- Walton Street Capital in the joint venture, acquisition, financing, and successful sale of several multifamily, hospitality, and industrial assets throughout the United States and Mexico.
About Greenberg Traurig's Real Estate Practice: The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and 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 450 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, Latin America, and Asia. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has approximately 2,300 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 25 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 4.0 Plus Certified. Web: www.gtlaw.com