Page 6 - RE-NJ

Jack Fersko
Co-Chair, Real Estate Department
Robert S. Goldsmith
Co-Chair, Redevelopment & Land Use Department
Sean R. McGowan
Co-Chair, Real Estate Department
Steven G. Mlenak
Co-Chair, Redevelopment & Land Use Department
75 Livingston Avenue Roseland, NJ 07068
YEAR FOUNDED: 1914
NUMBER OF REAL ESTATE ATTORNEYS: 21
AREAS OF EXPERTISE IN REAL ESTATE:
Acquisitions, Sales, Leasing; Environmental; Financing, Incentives; Redevelopment; Land Use, Zoning; Planned Real Estate, Community Associations; Public- Private Partnerships; Downtown Revitalization; Transit- Oriented Projects; Alternative Energy; Commercial Property Tax Appeals; Construction Contracting; Real Estate Litigation; Cannabis Industry
continuing to see an increase in property owners and solar providers taking advantage of federal
and state incentives to facilitate New Jersey’s push toward ever-increasing usage of alternative energy. Finally, as the recreational cannabis market begins to mature, we are increasingly working with clients opening all types of cannabis facilities, with our team well positioned to meet the needs of this growing industry sector on the licensing, real estate, corporate and employment fronts.
PROJECT SPOTLIGHT
The firm’s real estate team, led by our partner Kenneth T. Bills, represented Avis Budget Group in the relocation of its world headquarters to Latitude, a state-of-the-art four-building office development in Parsippany, New Jersey. Avis was committed
to owning its own headquarters, but also desired the benefit of Class A office amenities. This goal was able to be accommodated by the conversion of the existing Latitude office development to condominium ownership. The unit created for
Avis is a four-story office building above a shared amenity space. The firm negotiated the purchase agreement and the condominium master deed
and related governing documents and closed the purchase. As counsel to Avis, we also prepared and negotiated the construction and related contracts for the improvement of the new headquarters. We are proud to include that the New Jersey chapter of NAIOP recognized this unique transaction as its 2023 Office Deal of the Year.
OUR CLIENTS
We represent local, regional and national clients active in the New Jersey market, including developers, REITs, private equity investors, property owners, lenders and governmental entities. We provide strategic counseling and litigation support related to the acquisition, development, financing, leasing, construction, operation and disposition of multifamily, mixed-use, commercial and industrial real estate, with strong expertise in complex ground leases and alternative energy projects.
ON THE HORIZON
With no immediate signs of high interest rates substantially subsiding, we anticipate that 2024
will likely see a continuation of the transition of
the commercial real estate sector into a more challenging marketplace, a trend that began in earnest during 2023. For our practice, that likely means growth in work on challenging refinancing transactions and engaging in loan workouts on behalf of borrowers and lenders resulting from decreases in cash flow and property values. However, we also have many clients who are poised to take advantage of buying opportunities resulting from newfound value after the general cooling of real estate prices. Additionally, due to the upcoming fourth-round affordable housing obligations
and the continuing lack of housing supply, our representation of clients developing residential projects will continue to provide substantial work for the firm. On the renewable energy front, we are
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