Sullivan
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Sullivan's Acquisitions & Dispositions Group has the experience and capacity to service any size commercial transaction across a wide variety of asset classes, from a $5 million single-tenant office building to a $500 million portfolio of hotels throughout the United States and beyond. We develop client teams that get to know the intricacies of the clients in order to most efficiently navigate the client through the transaction in a way that satisfies its business’ objective. We also have developed an extensive network of local counsel to call upon when needed in order to support our national practice.

In a typical year, we help our clients successfully close more than $1 billion in the aggregate in commercial property acquisitions and dispositions across the country.

Representative Client Work

  • The acquisition of a portfolio of 38 senior living rental communities in 16 states for approximately $790 million, including approximately $150 million of assumed mortgage debt, in a RIDEA-compliant structure
  • The sale of 67 hotels in 27 states to 23 separate owners/operators for approximately $560 million in the aggregate over a span of one year, in connection with a client’s disposition program
  • The acquisition of a 49% interest in 46 multi-family properties valued at approximately $450 million on behalf of a Cambridge, MA-based investment manager
  • The acquisition of two biotech medical office buildings in Boston’s Seaport District for approximately $1.1 billion, and the subsequent refinancing and recapitalization thereof
  • The acquisition of a portfolio of three government-leased buildings in two states for a purchase price of approximately $88 million
  • The sale of 15 office buildings in Southern Virginia containing approximately 1.6 million square feet for approximately $167 million
  • The acquisition of an approximately 406,000 square-foot office headquarters campus in a sale-leaseback transaction for a purchase price of approximately $86 million and a lease with an initial term of 12.5 years
  • The acquisition of an approximately 1.3 million square-foot office and manufacturing facility in a sale-leaseback transaction for a purchase price of approximately $73 million and a lease with an initial term of 20 years
  • The acquisition of three government-lease buildings in Idaho for approximately $40 million
  • The acquisition of six senior living communities in Indiana on behalf of a national healthcare and senior living services provider for approximately $123 million, including the assumption of approximately $20 million of Freddie Mac mortgage debt
  • The acquisition of a portfolio of industrial buildings in Honolulu, HI for a purchase price of approximately $480 million
  • The acquisition of a number of New York property holdings on behalf of a UK-based private real estate investment fund
  • The portfolio sale of three skilled nursing facilities containing approximately 537 units in Wisconsin for an aggregate sales price of $11.5 million
  • The acquisition of a headquarters office campus located in Boca Raton, FL with 639,830 square feet for a purchase price of approximately $171 million
  • The acquisition of a full-service hotel in Chicago, IL for $85 million in a RIDEA-compliant structure
  • The acquisition, financing and sale of a 270,000-square-foot, Class A office building constructed on air rights over the Massachusetts Turnpike in Boston’s Back Bay neighborhood
  • The acquisition of nearly 4,000 sites for a tower company in a series of portfolio sales, including a single sale which totaled more than 1,900 sites in 47 states
  • The post-bankruptcy acquisition of a marina in Boston for a purchase price of $10 million
  • The acquisition of a mixed-use property in lower Manhattan for conversion to luxury condominium units for a real estate opportunity fund
  • The acquisition of seven vineyards in Napa Valley, CA for a purchase price of $28 million, together with the long-term lease of vineyards to a winery operator
  • The acquisition of an approximately 1.25 million square-foot office building in New Orleans, LA for approximately $102 million
  • The acquisition of a distressed 16 acre multi-use phased retail, office and theater development project for approximately $140 million
  • The acquisition of a recently developed mall, which was one phase of a multi-use development project, for more than $70 million in a bankruptcy auction

Related Practice Areas

With over 75 years of industry experience in local, national and global real estate matters, Sullivan’s real estate professionals have a track record of addressing and resolving a wide range of issues pertaining to financing, leasing, construction, development, environmental and REIT-related matters that you might encounter in your project.

  • Construction & Development. Our lawyers have earned a reputation for steering complicated projects through to closing. We offer extensive experience working with large and small developers, government agencies and finance sources in coordinating and completing complex, multiparty projects
  • Environmental, Zoning & Land Use. The Acquisition & Disposition Group works closely with the firm’s Environment & Natural Resources Group to ensure that our clients’ projects comply with environmental laws and regulations. Our attorneys are experienced in federal and state environmental permitting requirements and the acquisitions of rights-of-way of projects for all types, including electric transmission lines, pipelines, and fiber optic telecommunications network installations
  • Financing. We provide one-step shopping for lenders and borrowers involved in debt and equity financings, note purchases, conventional and mezzanine financings, straight and takeout construction lending and more
  • Leasing. Working with local and global clients, we coordinate complex, multi-state leasing programs. Our experience in office, medical, high-end retail, shopping center, mixed use, hospitality and other leases has given us unparalleled understanding of the business realities of each industry, as well as local conditions and how they affect lease obligation
  • REITs. We have extensive experience in structuring the operations of real estate investment trusts (REITs) to comply with all applicable tax rules and restrictions. Among our clients are several NASDAQ-listed REITs, including Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust and American Tower Corporation
  • Workouts. The Real Estate Workouts Group finds creative and practical solutions to assist banks, servicers of defaulted loans, owners, developers and investors in the restricting of troubled transactions, including the purchase and sale of distressed real estate assets and loans
Viewpoints
All Viewpoints
Community Opposition to Development Is Common, but There Is a Way Forward
Sullivan's Permitting & Land Use team was featured in the article, "Community Opposition To Development Is Common, But There Is A Way Forward," produced in collaboration with Studio B and published by Bisnow [sub. req.d] on October 22, 2024.  In the article, Gregory Sampson, Permitting & Land Use Partner, discusses the challenge of community opposition in response to commercial developments, particularly for projects involving multifamily housing and renewable energy projects. Greg emphasizes the importance of transparency and education in addressing these community objections, which often arise from concerns about the landscape, increased traffic, and impacts on local services. “One of the most important things we can do is educate,” Greg says. “We use well-documented sources of information to present a fair and objective response. Our track record of moving projects forward shows this is the best way to engage with people who object.” Greg explains that gathering factual data and engaging with local communities, often in collaboration with experts and local planning boards, are useful approaches to alleviating community concerns. “I frequently pull together well-documented sources such as planning studies, master plans and reports from regional agencies,” Greg continues. “These have hundreds of real-case scenarios to compare with people’s supposed problems. In the case of multifamily, we can look at parking requirements and actual parking utilization. These can be very informative for local boards who think a project doesn’t have enough parking.”
Unintended Consequences In Purchase And Sale Agreement Drafting: Liability Caps
Lou Monti authored the article, "Unintended Consequences in Purchase And Sale Agreement Drafting: Liability Caps," which was published by GlobeSt.com on May 4, 2018. In the article, Lou discusses how broad liability caps in purchase and sale agreements for commercial real estate can have a significant impact on potential title insurance claims.

Acquisitions & Dispositions