August 20, 2026
–Press Release
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Sarah Wellings was interviewed for a video segment titled "Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs," published by Nareit on April 27, 2026. The conversation was recorded at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, held March 24-26.
In the interview, Sarah outlined key operational risks REITs face with taxable REIT subsidiaries (TRSs), emphasizing that using TRSs can simplify compliance compared to relying on independent contractors for non-customary services and can help mitigate tax exposure on asset transfers. She also highlighted the importance of robust transfer pricing documentation and noted that while technology is improving compliance, implementation and user adoption challenges persist.
Sarah Wellings was interviewed for a video segment titled "Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs," published by Nareit on April 27, 2026. The conversation was recorded at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, held March 24-26.
In the interview, Sarah outlined key operational risks REITs face with taxable REIT subsidiaries (TRSs), emphasizing that using TRSs can simplify compliance compared to relying on independent contractors for non-customary services and can help mitigate tax exposure on asset transfers. She also highlighted the importance of robust transfer pricing documentation and noted that while technology is improving compliance, implementation and user adoption challenges persist.
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
Sarah Wellings was interviewed for a video segment titled "Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs," published by Nareit on April 27, 2026. The conversation was recorded at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, held March 24-26.
In the interview, Sarah outlined key operational risks REITs face with taxable REIT subsidiaries (TRSs), emphasizing that using TRSs can simplify compliance compared to relying on independent contractors for non-customary services and can help mitigate tax exposure on asset transfers. She also highlighted the importance of robust transfer pricing documentation and noted that while technology is improving compliance, implementation and user adoption challenges persist.
Richard Jones will speak on a panel discussion titled "Practitioner Feedback" on October 8, 2026, at the 46th Annual National Conference of State Tax Judges at the Lincoln Institute of Land Policy in Cambridge, Massachusetts. The Conference meets annually to review recent state tax decisions, consider methods of dealing with complex tax and valuation disputes, and share experiences in case management. Rich's practitioner-focused panel will explore practical strategies and best practices
Molly Depew will co-present “Estate Tax and the Gross Estate,” a webinar hosted by the American Bar Association’s Section of Real Property, Trust and Estate Law, on October 8, alongside Preston Channing Demouchet. The first session in the ABA’s “Basics of Estate, Gift, and Generation-Skipping Transfer Tax” webinar series will review the application of the federal estate tax. Topics will include the tax rate and unified credit for residents and non-residents,
Geoffrey Wynne was quoted in the article "When the Price Is High and There’s Limited Supply," published in Financial World [sub. req'd], the monthly digital magazine of Walbrook Institute London, in October 2026. The article discusses growing concerns over access to critical raw materials and other essential goods, and how those concerns are reshaping global supply chains. It also explores how trade finance can be used to support supply chain resilience and help
On September 16, 2026, the Securities and Exchange Commission (SEC) issued two proposals that, if adopted, would represent significant changes to the federal proxy rules for U.S. public companies. The first proposal would eliminate Rule 14a-8 under the Securities Exchange Act of 1934 (Exchange Act). Rule 14a-8 currently requires companies to include qualifying shareholder proposals in their proxy materials and has been part of the federal proxy rules for more than
On September 29, 2026, the staff of the U.S. Securities and Exchange Commission (the “SEC”) Division of Investment Management (the “Staff”) issued a no-action letter to the Mutual Fund Directors Forum stating that it would not recommend enforcement action under Rules 14a-3(a), 14a-4(d)(2), 14a-4(d)(3), 14a-4(f), 14a-6(o), 14a-10, and 14a-12(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), if an investment company registered under the Investment Company
Sullivan & Worcester (Sullivan) has welcomed Veronika Koroleva as counsel in its market-leading Trade & Export Finance practice in London. Joining from Hill Dickinson, where she was Head of Trade Finance, Veronika brings extensive experience in trade and commodity finance, including structured trade, receivables and supply chain finance. Veronika’s arrival builds on the expansion of the practice following the additions of Robert Parson and Matthew Cox as partners in 2025 and
Michael Palmisciano will return to Bentley University on October 8 to deliver a guest lecture on intellectual property law and emerging AI-related issues. The session will provide students with a practical introduction to trademarks, copyrights, and the role intellectual property plays in building and protecting valuable business assets. Drawing on real-world examples from his practice, Mike will discuss brand protection, copyright ownership, licensing and commercialization strategies, and the enforcement of intellectual
The Massachusetts Appeals Court recently issued a useful reminder that aggressive discovery positions risk negative consequences far beyond facing motions to compel. In Old Ironsides Energy LLC v. Marsh & McLennan Agency LLC[1], the court affirmed summary judgment against a plaintiff seeking approximately $20 million in damages after concluding that the plaintiff lacked admissible expert testimony necessary to prove its claimed damages. The $20 million kicker? Expert testimony would have been admissible
On Friday, September 18, 2026, the Massachusetts Supreme Judicial Court (the “SJC”) affirmed the dismissal of the Town of Marshfield’s challenge to the MBTA Communities Act (the “Act” or “Section 3A”).[1] The decision confirms that covered municipalities must adopt and maintain zoning that permits multifamily housing as of right in at least one district. It also rejects Marshfield’s four principal theories for avoiding that obligation, which are explored in more
Richard Jones will speak on a panel discussion titled "Practitioner Feedback" on October 8, 2026, at the 46th Annual National Conference of State Tax Judges at the Lincoln Institute of Land Policy in Cambridge, Massachusetts. The Conference meets annually to review recent state tax decisions, consider methods of dealing with complex tax and valuation disputes, and share experiences in case management. Rich's practitioner-focused panel will explore practical strategies and best practices
Molly Depew will co-present “Estate Tax and the Gross Estate,” a webinar hosted by the American Bar Association’s Section of Real Property, Trust and Estate Law, on October 8, alongside Preston Channing Demouchet. The first session in the ABA’s “Basics of Estate, Gift, and Generation-Skipping Transfer Tax” webinar series will review the application of the federal estate tax. Topics will include the tax rate and unified credit for residents and non-residents,
Geoffrey Wynne was quoted in the article "When the Price Is High and There’s Limited Supply," published in Financial World [sub. req'd], the monthly digital magazine of Walbrook Institute London, in October 2026. The article discusses growing concerns over access to critical raw materials and other essential goods, and how those concerns are reshaping global supply chains. It also explores how trade finance can be used to support supply chain resilience and help
On September 16, 2026, the Securities and Exchange Commission (SEC) issued two proposals that, if adopted, would represent significant changes to the federal proxy rules for U.S. public companies. The first proposal would eliminate Rule 14a-8 under the Securities Exchange Act of 1934 (Exchange Act). Rule 14a-8 currently requires companies to include qualifying shareholder proposals in their proxy materials and has been part of the federal proxy rules for more than
On September 29, 2026, the staff of the U.S. Securities and Exchange Commission (the “SEC”) Division of Investment Management (the “Staff”) issued a no-action letter to the Mutual Fund Directors Forum stating that it would not recommend enforcement action under Rules 14a-3(a), 14a-4(d)(2), 14a-4(d)(3), 14a-4(f), 14a-6(o), 14a-10, and 14a-12(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), if an investment company registered under the Investment Company
Sullivan & Worcester (Sullivan) has welcomed Veronika Koroleva as counsel in its market-leading Trade & Export Finance practice in London. Joining from Hill Dickinson, where she was Head of Trade Finance, Veronika brings extensive experience in trade and commodity finance, including structured trade, receivables and supply chain finance. Veronika’s arrival builds on the expansion of the practice following the additions of Robert Parson and Matthew Cox as partners in 2025 and
