Sullivan & Cromwell's Commercial Real Estate Group occupies a unique leadership position in global commercial real estate transactions. As an industry-based Group, its real estate attorneys utilize a multidisciplinary approach to offer clients expertise in public and private market joint ventures, acquisitions and dispositions, financings and capital markets issuances, leasing, bankruptcy and creditors' rights, the structuring and formation of private equity funds, separate accounts and other real estate investment vehicles, complex restructurings of family-owned businesses and assets, and stadium development financing and other sports-related matters.

For more information about the Group's work and specific areas of expertise, please see the below links:

SELECTED REPRESENTATIONS

Notable selected representations include:
  • Alexander’s Inc., in connection with its $500 million CMBS refinancing of its office condominium unit at 731 Lexington Avenue, New York, including the negotiation of lease modifications with Bloomberg L.P., primary tenant of the unit.
     
  • American Casino & Entertainment Properties, in its $850 million acquisition by Golden Entertainment.
     
  • AT&T, in its conveyance to Crown Castle International and in its concurrent partial leasebacks of approximately 9,700 wireless communications sites for approximately $4.85 billion in upfront cash proceeds.
     
  • Broad Street Principal Investments, in connection with numerous development joint ventures involving hotel, office, student housing, multifamily and mixed-use projects valued in excess of $2.5 billion in total.
     
  • Canada Pension Plan Investment Board, in numerous acquisitions, joint ventures and other transactions, including its joint venture with Boston Properties and $627.5 million acquisition of Santa Monica Business Park, $1.2 billion acquisition of Houston-based REIT Parkway Inc. and acquisition of a substantial interest in a portfolio comprising approximately 720 U.S. industrial properties and subsequent stage dispositions.
     
  • Clipper Realty, in its initial public offering and listing on the New York Stock Exchange.
     
  • Cole Holdings, in the approximately $3.7 billion merger of Spirit Realty Capital and Cole Credit Property Trust II and American Realty Capital Properties' unsolicited $9 billion offer for Cole Credit.
     
  • Colony NorthStar, in its $475 million sale of The Townsend Group to Aon.
     
  • Deutsche Wohnen, in its acquisition of all outstanding ordinary shares in GSW Immobilien by way of a public tender offer.
     
  • Dune Real Estate Partners and Whitehall Street Real Estate Funds, in their $350 million construction loan and $120 million preferred equity investment to fund the construction of 56 Leonard Street in Manhattan.
     
  • Fairholme Capital Management, in the $1.7 billion sale of its 11% stake in GGP to Brookfield Asset Management, and Fairholme and Pershing Square in their $3.925 billion capital commitment for the stand-alone plan of reorganization of GGP.
     
  • Forest City Realty Trust, in its $11.4 billion acquisition by Brookfield Asset Management and in connection with the elimination of the company’s dual-class share structure and its support agreement with Scopia Capital Management.
     
  • Frank McCourt, in the $2.15 billion sale (including $412 million to pay down debt) of the Los Angeles Dodgers out of bankruptcy to Guggenheim Baseball Management.
     
  • GGP, in its $28 billion acquisition by Brookfield Property Partners.
     
  • GF Investments, in various joint venture investments in development projects in Florida, Missouri and Texas and in connection with a sponsorship investment in HighBrook Income Property Fund and its general partners and the related management company.
     
  • Giants Development Services (an affiliate of the San Francisco Giants), in connection with its 28-acre, mixed-use development adjacent to AT&T Park.
     
  • The Goldman Sachs Group, in partnership with Greystar and two institutional investors, in its purchase from Equity Residential of a portfolio of 27 multifamily properties for $1.5 billion, including both the acquisition and joint venture work among the various investors.
     
  • Highgate Hotels, in its $192 million first lien credit facility including a term loan and revolving credit facility.
     
  • ING Groep, in the sale of the majority of its real estate investment management business in three separate transactions for a combined price of approximately $1 billion.
     
  • Jujamcyn Theaters, in connection with the $115 million financing of its Broadway theater business. 
     
  • Kennedy Wilson Europe Real Estate, in its merger with Kennedy-Wilson Holdings.
     
  • KKR & Co., in its agreement with the Related Companies and Oxford Properties to purchase approximately 343,000 square feet, the top 10 office floors, at 30 Hudson Yards.
     
  • LEG Immobilien, in its $1.58 billion Rule 144A/Reg. S IPO.
     
  • Lexington Building Co., in its $1.775 billion sale of the Crown Building at 730 Fifth Avenue in New York to GGP and Jeff Sutton.
     
  • Madison Square Garden Companies, in connection with various arena and franchise-related developments and financings.
     
  • New York Football Giants and New York Jets, in connection with matters related to the ownership and ongoing operation and management of the professional football stadium known as Met Life Stadium in East Rutherford New Jersey, including in connection with their claims and litigation against the New Jersey Sports and Exposition Authority and affiliates of Triple Five Group Worldwide related to the $3 billion American Dream/DreamWorks entertainment and retail development at the Meadowlands Sports Complex.
     
  • Normandy Real Estate Partners, in its acquisition of the upper unit of the 880-888 Broadway condominium in the Flatiron District and its acquisition of the long-term leasehold interest in the adjacent building (the ABC Building).
     
  • NorthStar Asset Management Group, in its merger with Colony Capital and NorthStar Realty Finance in an all-stock merger of equals transaction, creating a world-class, internally managed, diversified real estate and investment management platform. The transaction is a rare example of a merger-of-equals transaction involving three public companies and is the largest real estate merger announced in 2016.
     
  • Northstar Realty Finance, in its spin-off from NorthStar Realty Europe and NYSE listing and in multiple SEC-registered equity and debt offerings.
     
  • Ontario Teachers’ Pension Plan Board, in its acquisition of GCT Global Container Terminals, which included four terminals in the U.S. and Canada, from Orient Overseas (International) and subsequent representations for GCT in numerous strategic transactions, including a debt refinancing for the holding company that owns the terminals and ongoing real estate and Port Authority matters related to the terminals.
     
  • PointState Capital, in its $105 million acquisition of the Sheraton Buenos Aires Hotel and Convention Center, the Park Tower Hotel and adjacent development property located in Buenos Aires, Argentina, from Marriott International.
     
  • A majority of the Pritzker family beneficiaries, in connection with the $950 million IPO of Hyatt Hotels and ongoing monetization of their Hyatt investment.
     
  • Quality Care Properties (QCP), in its agreement with HCR ManorCare to transition the ownership and leadership of HCR ManorCare, including its skilled nursing, assisted living, hospice and homecare businesses to QCP.
     
  • Counsel for underwriters of Regency Centers, in numerous SEC-registered note and common stock offerings.
     
  • Related Companies, in multiple representations including:
    • the ongoing work in the development, construction and financing of Hudson Yards in New York, including representing HY Manhattan Tower LLC, the joint investment vehicle owned by The Related Companies and Oxford Properties.
    • in over $1.5 billion of financing for the platform over the Eastern Rail Yards.
    • the construction of the 10 Hudson Yards, 30 Hudson Yards and the Shops and Restaurants at Hudson Yards, the largest private real estate development in the nation’s history.
    • a portion of the financing of Hudson Residences, which is comprised of two residential projects along the High Line in New York.
       
  • The St. Joe Company, in multiple representations including:
    • a highly publicized putative shareholder class action brought under the federal securities laws concerning the valuation of real estate assets and disclosure issues.
    • its agreement to sell 382,834 acres of non-strategic timberland and rural land in Northwest Florida to AgReserves for $565 million.
       
  • Standard Industries, in connection with its subsidiary, Marsella Holdings’ $2.1 billion acquisition of Braas Monier Building Group.
     
  • Sullivan & Cromwell LLP, in its purchase of 16 floors of 125 Broad St., the office tower that serves as the Firm’s headquarters in New York City’s financial district, in a $202 million deal (to finance this transaction, the Firm secured a $215 million loan facility). This additional 560,000 square feet of space gives the Firm ownership of substantially all of the building as a result of prior purchases.
     
  • TF Cornerstone, in its acquisition of Grand Central Terminal and the related 1.2 million transferrable development rights (air rights) granted in conjunction with the land marking of the terminal.
     
  • Tishman Speyer Properties, in multiple representations including:
    • its joint venture for the development of a $540 million residential project in San Francisco’s Central SoMa neighborhood.
    • its $1.87 billion construction financing for The Spiral in Hudson Yards, NY.
    • a number of other financings, including the: $330 million refinancing of One Federal Street, Boston, MA; and its construction loan for the development of 422 Fulton Street, the Brooklyn location of Macy’s department store.
       
  • Vornado Realty Trust, in multiple representations including:
    • the spin-off of its Washington, D.C. business formerly known as Vornado / Charles E. Smith, and its agreement to merge it with the operating company and certain select assets of The JBG Companies to form JBG SMITH Properties, a publicly traded REIT, in an $8.4 billion transaction.
    • 50% joint venture with the Related Companies to acquire from the Empire State Development Corporation a 99-year lease for the commercial space at the historic Farley Post Office building, and subsequent acquisition of an additional 44.9% interest, increasing its ownership interest to 95%
    • $1.3 billion acquisition, along with other partners, of 650 Madison Avenue.
    • $278 million acquisition, through a like-kind exchange, of a 92.5% stake in 655 Fifth Avenue.
    • assemblage of a 472,000-zoning-foot site for a luxury residential condominium development on Central Park South and the related land loan.
    • $2.5 billion revolving credit facility, in a $325 million mortgage loan refinancing of Manhattan Mall, New York City.
    • $97.5 million construction loan financing for the redevelopment of a retail complex in Georgetown, Washington, D.C.