Press Release May 14, 2008

Goodwin Procter Advises on Real Estate Forum's Development “Deals of the Year”

 

BOSTON, May 14, 2008Real Estate Forum has awarded two distinct transactions for which Goodwin Procter provided counsel as “Deals of the Year” in 2007. The magazine recognized the top ten transactions in the following categories: “Development,” “Finance,” “Leasing,” “M&A,” and “Sales,” with deals judged on dollar value, square footage, creativity, and impact on the local market. Both winning deals are in the “Development” category.

“We are delighted that Real Estate Forum has recognized deals on which Goodwin Procter worked in Los Angeles and New York City, especially as they were the only two transactions honored in the ‘Development’ category,” said Regina M. Pisa, chairman and managing partner. “The fact that Goodwin Procter was involved in winning developments on both coasts speaks volumes about the reach of the practice and depth of our team’s expertise as well as being illustrative of Goodwin Procter’s unique capacity to work across offices nationwide.”

The first deal honored was the Marriott Ritz-Carlton component of the LA Live Project. On June 1, 2007, Goodwin Procter assisted in the closing of the real-estate joint venture for the development of the LA Live JW Marriott and Ritz-Carlton Hotel and Ritz-Carlton Residences between MacFarlane Partners and Anschutz Entertainment Group. The project will consist of a 54-story building comprised of an 877-room JW Marriott, 124-room Ritz-Carlton, related hotel ballroom space, and 224 Ritz-Carlton condos, and is part of a larger development in downtown Los Angeles known as LA Live. Upon completion of the LA Live entertainment district, in addition to the two hotels and condos, LA Live will contain a new theater (the Nokia Theater), ESPN’s first West Coast studios, dozens of restaurants and a cineplex. The LA Live project is located immediately adjacent to the Staples Center and the LA Convention Center.

Tuan A. Pham served as counsel to AEG. The team representing MacFarlane was led by Dean C. Pappas and included Edward L. Glazer, Mark R. Goldberg, Christopher B. Price, Dani L. Vogt, Timothy J. Courville, Marian George, Rishi K. Sehgal and Benjamin C. Tschann.

The second transaction recognized was the Prudential/11 Times Square deal. SJP TS, LLC, a subsidiary of a joint venture between The Prudential Insurance Company of America and SJP Properties, closed on construction financing from PNC Bank, National Association, as lead lender, for the development of 11 Times Square in New York City. The venture will use the financing to construct a 38-story retail and office tower on the last developable piece of land in Times Square.

Goodwin Procter assisted its client on several transactions related to this property that led to the construction financing described above. On July 5, 2006, Goodwin Procter closed on the acquisition of the parcel of land at 11 Times Square on behalf of a joint venture between Prudential and SJP Properties Company. The joint venture purchased the property from Milstein Brothers 42nd Street. The transaction involved stepping into negotiations with the Empire State Development Corporation and the City of New York for the entitlements to build an approximately 40-story mixed use tower to include primarily office and some ground floor retail/entertainment space.

Led by Minta E. Kay with Siobhan C. Murphy and Eric D. Lemont, the transaction team for this deal consisted of James M. Broderick, John J. ClearyLynda T. Galligan, Ross D. Gillman, Edward L. Glazer, Christopher B. Price, Bruce Tribush, Karen F. Turk, Scott A. Webster, Nathan J. Brodeur, Timothy J. Courville, and Michael R. Fleming.

About Goodwin Procter
Goodwin Procter LLP is one of the nation’s leading law firms with more than 850 attorneys in offices in Boston, Los Angeles, New York, San Diego, San Francisco, Silicon Valley, and Washington, D.C. The firm’s core areas of practice are corporate, litigation and real estate, with specialized areas of focus that include financial services, private equity, technology, REITs and real estate capital markets, intellectual property, tax and products liability. Information may be found at www.goodwinprocter.com.