Sullivan
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  • The acquisition of thousands of properties valued in the aggregate in the tens of billions of dollars
  • A wide range of financing transactions and structures, including secured and unsecured financings, senior, subordinate and convertible debt offerings, investment grade and sub-investment grade debt offerings, preferred and common equity offerings and sale-leaseback transactions
  • Annually, we advise public REITs in multiple public offerings of equity and debt securities in the billions of dollars
  • Design cross-border REITs and cross-border REIT investments
  • Counsel foreign taxable and tax-exempt investors with respect to structuring investments in U.S. real estate, including in public and private REITs
  • Counsel investment advisors in structuring private REIT funds to invest in blind real estate pools, including funds targeted exclusively to non-U.S. investors
  • Represent investors in dealing with troubled lessees, borrowers and acquisition targets, both in litigation and in bankruptcy
  • Structured six private timber REITs which raised approximately $3 billion in combined equity capital
  • Developed strategies for and implemented novel transactions, including REIT-to-REIT spin-offs and spin-outs

Matters

One of the Largest Global REITs and Its Subsidiary Form a New Joint Venture

Our marquee REIT and Tax teams advised American Tower Corporation (NYSE: AMT), one of the largest global REITs, and its subsidiary CoreSite in the formation of a new joint venture with Stonepeak, a leading alternative investment firm specializing in infrastructure and real property assets, to develop, build and operate an 18-megawatt data center in Denver, Colorado. CoreSite provides IT infrastructure that empowers enterprises and cloud, network and IT service providers to monetize and future-proof their digital businesses. The total estimated development costs for the 18-megawatt data center are expected to be more than $250 million.

Sullivan’s team was led by Ameek Ashok Ponda, director of the Tax Department, with Sullivan Tax partners Joel Carpenter and Sarah Wellings, and associate Connie Lee, contributing to the successful deal.

Ameek Ashok Ponda, Joel R. Carpenter, Sarah D. Wellings and Connie Lee

REIT Acquires Life Science Complex in Boston Seaport District

Sullivan represented Diversified Healthcare Trust (Nasdaq: DHC) in connection with the sale of a 10% equity interest in a two building life science complex located at 11 Fan Pier and 50 Northern Avenue in Boston, MA. DHC sold the interest to an existing joint venture partner for a purchase price of approximately $108 million. The purchase price for the 10% equity interest is based on a property valuation of $1.7 billion, less the $620 million of existing secured debt on the property. Sullivan provided counsel with respect to the initial JV formation and has continued to provide representation to the JV since 2017.

Avinash R. Rao and John M. Steiner

Matters

Matters

  • The acquisition of thousands of properties valued in the aggregate in the tens of billions of dollars
  • A wide range of financing transactions and structures, including secured and unsecured financings, senior, subordinate and convertible debt offerings, investment grade and sub-investment grade debt offerings, preferred and common equity offerings and sale-leaseback transactions
  • Annually, we advise public REITs in multiple public offerings of equity and debt securities in the billions of dollars
  • Design cross-border REITs and cross-border REIT investments
  • Counsel foreign taxable and tax-exempt investors with respect to structuring investments in U.S. real estate, including in public and private REITs
  • Counsel investment advisors in structuring private REIT funds to invest in blind real estate pools, including funds targeted exclusively to non-U.S. investors
  • Represent investors in dealing with troubled lessees, borrowers and acquisition targets, both in litigation and in bankruptcy
  • Structured six private timber REITs which raised approximately $3 billion in combined equity capital
  • Developed strategies for and implemented novel transactions, including REIT-to-REIT spin-offs and spin-outs

Matters

Matters

Matters