We help buyers create value when they take on the risks of ownership and development. And we help sellers realize the returns they have earned for shouldering the risks of holding and developing their properties. All good real estate lawyers do those things.
What makes Venable stand out is our ability to identify and manage risks that others may miss. We know what risk means to each player—developer, investor, lender, Real Estate Investment Trust (REIT), pension fund, insurance company, owner and user—because we’ve represented every type of player in every type of market.
SEE THE RISK AND MANAGE THE RISK
REPRESENTATIVE EXPERIENCE
From concept to lease-up, we know real estate cold.
For owners, investors and corporate users of real estate, we cover the full spectrum—from straightforward local transactions to complex, multifaceted projects and sophisticated financings involving hundreds of portfolio properties.
To make deals that might not otherwise happen, we provide creative problem-solving skills that enable the parties on both sides to manage the risks in complex transactions. We bring to the table just the right people for the task—attorneys whose skills precisely match the issues at hand.
Rockville, Maryland: extreme makeover.
Maryland’s second-largest city got it right, but it took foresight and courage—demolishing four blocks in the center of town, establishing a public-private partnership, coordinating city, state, federal and private investments—to create an award-winning mix of residential, retail, restaurants, cultural institutions, a business incubator and public spaces.
Venable played a leading role in the $350 million project from concept to dedication. Highlights included creating multiple condominium regimes and sub-condominium regimes; clearing environmental hurdles; overcoming state and local tax issues; and gaining regulatory approvals of many kinds, including clearing the way for a citywide wireless network.
Marriott: $1.45 billion hotel portfolio acquisition.
Marriott and its affiliates acquired 35 hotels on 4 continents in one transaction. At the same time, Marriott restructured its relationships with the sellers in 30 other hotels. The closing included transfer of 16 properties to new owners who gave long-term management contracts to Marriott. The transaction closed on schedule—after extensive due diligence, structural and environmental studies of each property, negotiation of management contracts and consent agreements with ground lessors, all orchestrated by Venable.
White Lodging: largest-ever sale of a hotel portfolio.
In a multi-state sale of 100 properties, we represented White Lodging in a transaction valued at $1.7 billion. Many of the properties had loans that required defeasing and coordination with loan servicers. Other properties required negotiation with investor-owners not affiliated with White Lodging, and all required examination of structural and environmental concerns, as well as negotiation of responsibility for remediation. Venable handled all of these issues and many other aspects of the transaction.
Station Place: aggregating more than 1.5 million square feet.
A three-phase office development owned by affiliates of Louis Dreyfus Property Group, Station Place will total more than 1.5 million square feet. The first phase was a build-to-suit project leased to the U.S. Securities and Exchange Commission. Venable negotiated the restructuring of complex public-private air rights easements, which afforded the direct, secure, pedestrian access to Union Station and its retail amenities and the primary vehicular access necessary for the project to proceed. Venable also assisted in structuring and negotiating the construction and permanent financing for each of the buildings in the project.
In hundreds of deals each year, we help clients navigate the complexities of governmental approvals and project financings. Our experience guides them in anticipating the hurdles of each phase of development and helps avoid pitfalls that might otherwise cause delay and increase costs.