April 6, 2022
Stroock attorneys continued to drive new, innovative deals across the real estate space last week, with projects ranging from the acquisition of a 1970s research complex built on the California Coast and renovated for the 21st century to the purchase of the latest addition to a growing portfolio of Class A Green Globe buildings used exclusively for medical and health services provided by the Department of Veterans Affairs.
Here’s a taste of the latest from the firm’s Real Estate Group:
- Represented a major U.S. bank in connection with the formation of a joint venture and obtaining construction financing to develop a multi-family project in Fort Worth, Texas.
- Closed the purchase of a mezzanine loan in connection with the over $600 million acquisition of a major Dallas skyscraper in the Texas city’s Arts District.
- Assisted a major national asset management company in the acquisition of the ground tenant interest of 11 MetroTech Center in Brooklyn, New York. Located in the heart of Downtown Brooklyn, 11 MetroTech is home to the NYPD 911 Emergency Dispatch Center, which receives and manages over 12 million emergency calls annually.
- Advised a joint venture in relation to the acquisition of the life sciences research and design office complex known as “Space + Craft” in Carlsbad, California. The sprawling, modernist complex was built in the 1970s and, with recent renovations and design updates, now serves as a national hub for high-tech, action sports, clean tech, med-device and golf businesses.
- Closed on a $125 million credit facility securing 19 industrial properties in California, Tennessee, Ohio, Georgia, Florida, Colorado, New Jersey, Nevada, Maryland and Pennsylvania.
- Assisted with the acquisition of an approximately 77,000 square foot building in Birmingham, Alabama — the fifth acquisition made as part of a ten-part, multi-state portfolio for the client featuring state-of-the-art, Class A Green Globe Certified facilities. All ten acquisitions are to be leased exclusively to the Department of Veterans Affairs and will provide a facility for a wide range of medical and health services to hundreds of thousands of veterans.
- Advised a joint venture in its acquisition of an office and laboratory building in Westwood, Massachusetts to be fully converted for laboratory use by life sciences tenants.
- Guided the preferred equity investment of a major national capital management group in the acquisition and redevelopment of two properties in Washington, D.C., both of which will be converted to multi-family housing.
- Assisted a joint venture in obtaining a joinder to an existing $150 million credit facility. A second joinder to the facility will finance six industrial properties across Virginia, New Jersey, Georgia and Tennessee.
- Represented a fund managed by a major U.S. bank in the acquisition of land in Houston, Texas to be developed into a four building, 1.75 million square foot industrial project.
- Represented a fund managed by a major U.S. bank in connection with obtaining a $200 million unsecured term loan to help ensure the fund’s liquidity for future acquisitions.