The Property Line

With evolving tenant expectations, higher operating costs, and a growing focus on sustainability, commercial property owners and operators are increasingly turning to smart building technologies to improve performance and enhance the tenant experience. From wireless sensors to integrated tenant apps, these tools can drive down expenses, boost NOI, and reduce insurance premiums when implemented thoughtfully. In this episode, Rob Murchison, CEO of Intelligent Buildings, and Devon Newton, vice president of property management at Stiles, join Arren Goldman, partner in Seyfarth's Real Estate department, to discuss practical strategies for deploying PropTech including how data, automation, and cybersecurity can help future-proof assets and streamline property operations.

As demand for data centers continues to rise, access to reliable power has become one of the biggest challenges facing developers. Skyrocketing costs, lengthy grid connection delays, and increasing competition for energy resources are reshaping site selection and project feasibility across the United States. At the same time, new technologies and alternative energy strategies—such as on-site generation and energy-first site selection—are emerging to help operators navigate these constraints and rethink how data centers secure and manage their power needs. In this episode, Jeff Zygler, founder and CEO of Active Infrastructure, and Shawn Cutter, co-founder of EnergiAcres, join hosts Denice Tokunaga, partner in Seyfarth's Real Estate department, and Chris Cottrell, partner in Seyfarth's Corporate department and leader of the firm's Energy practice, to discuss the evolving landscape of energy infrastructure for data centers. Read the full transcript of this episode here: https://www.seyfarth.com/dir_docs/podcast_transcripts/ThePropertyLine_PoweringProgress_OvercomingEnergyChallenges.pdf

Rooftop solar leases are gaining traction as a way for commercial property owners to generate passive income while utilizing unused roof space. With falling solar costs, rising electricity prices, and new state programs driving demand—particularly in the industrial sector—these long-term agreements can provide a steady revenue stream with no upfront costs, making them an attractive opportunity for property owners. However, correctly navigating lease structures, development timelines, and maintenance responsibilities is essential to avoiding pitfalls. In this episode, Josh Newell, senior vice president of Project Delivery at SolarKal, joins Chris Palmese, partner in Seyfarth's Real Estate department, to break down the key factors property owners need to consider before moving forward with a rooftop solar lease. Read the full transcript of today's episode here: https://www.seyfarth.com/dir_docs/podcast_transcripts/ThePropertyLine_SolarRooftopLeases.pdf

In Seyfarth's 10th annual Real Estate Market Sentiment Survey, commercial real estate executives express optimism for 2025, with 87% expecting a year of opportunity driven by improving market fundamentals and anticipated rate reductions. However, rising costs remain a significant concern, with respondents narrowing in on inflation, interest rates, and property insurance as factors that could drive up the cost of acquiring and operating real estate. In this episode, Eric Greenberg and James O'Brien break down key findings from the survey, exploring market expectations, top challenges, surprising investment trends, and the expanding role of AI in real estate.

As market uncertainties continue into 2025, lenders are seeking ways to adjust to changing conditions and get back to business. While the office sector faces significant challenges with a sharp decline in property values, the multifamily sector is experiencing high demand and a large pool of equity ready to acquire assets. In this episode, Mike Comparato, head of commercial real estate at Benefit Street Partners, joins John Domby and Dan Evans to discuss the current state of the commercial real estate market and forecast what lenders should expect in the near to mid-term.

At this year's Real Estate Roundtable State of the Industry meeting, policymakers, economists, and industry leaders shared a generally positive outlook, with expectations of increased deal volume, a focus on data centers and infrastructure, and potential regulatory shifts under the new administration. However, concerns remain over inflation, high interest rates, and geopolitical risks, particularly regarding global trade disruptions and access to critical resources. In this episode, James O'Brien joins Eric Greenberg to discuss key takeaways from the meeting, including emerging investment trends, the impact of economic policy changes, and challenges that could shape the real estate market in 2025.

The REIT industry is a major force in real estate, with public REITs holding approximately $2.5 trillion in assets and more than 170 million Americans invested in REITs. Despite difficult headwinds coming out of 2023, REITs have been on the rise in 2024, showing resilience in diverse sectors, including surprisingly positive performance in the office sector. REITs provide key insights into market trends and are an attractive option for investors seeking diversified portfolios. In this episode, Abby McCarthy, senior vice president of investment affairs at Nareit, joins James O'Brien and Eric Greenberg to discuss the fundamentals of the REIT industry, factors driving REIT growth, and the potential for convergence in public and private real estate valuations.

The Build America Bureau at the US Department of Transportation recently expanded its credit programs, TIFIA and RRIF, to include real estate projects, broadening the scope of federal support for infrastructure development. Both programs provide substantial advantages for sponsors but come with specific requirements that may limit their applicability for certain projects, making it essential for potential applicants to fully understand eligibility criteria and the application processes. In this episode, Dr. Morteza Farajian, executive director of the Build America Bureau, joins Ron Gart to explore this development, the opportunities it offers for applicable commercial real estate projects, and initial steps to begin the application process. For related webinar recordings, FAQ documents, and additional resources, please visit the Build America Bureau website.

High interest rates, escalating costs, and rising vacancy rates have taken a toll on real estate assets, particularly in the office sector, with buildings in key markets selling at significant discounts. At the same time, refinancing options have become increasingly elusive. How can those interested in acquiring distressed assets capitalize on current market conditions? In this episode, Jason DeJonker, partner in Seyfarth's Corporate department and chair of the firm's Restructuring & Insolvency practice, joins hosts Eric Greenberg and James O'Brien to discuss the process of buying distressed real estate, including initial best practices, key players, and opportunities to gain a competitive advantage.

As new technologies evolve, the risks of title and wire fraud continue to grow. To successfully navigate closing and funding processes, real estate professionals must stay informed and protect against current risk factors — doing so is crucial to ensure a smooth, safe, and secure closing. In this episode, Adam Chaudhary, president of FundingShield LLC, joins Arren Goldman to explore the key drivers of title and wire fraud risk in today's market. Adam and Arren discuss how parties to a real estate transaction can protect themselves and mitigate against liability and losses, particularly with the rise of AI and related technology advancements.

Commercial Property Assessed Clean Energy (C-PACE) is a state-enabled financing solution designed to help building owners and developers obtain funds for energy-efficient improvements in new construction and existing commercial property buildings. With its affordable and accessible nature, C-PACE has established itself as a rapidly growing funding source over the last decade. In this episode, Kate Cusack, managing director, head of production for Nuveen Green Capital, joins Dan Evans and Chris Palmese to define C-PACE and discuss the funding strategy's use, role in the market, and future prospects.

Special purpose entities (SPEs) are frequently employed in commercial real estate transactions to mitigate bankruptcy risks associated with borrowers or their properties. To qualify as bankruptcy remote, these entities must meet specific requirements, such as appointing "independent directors" and "springing members." With the Corporate Transparency Act (CTA) now in effect, mandating the disclosure of beneficial owners, SPEs must ensure compliance to avoid severe penalties for non-reporting or false reporting. In this episode, Cameron Weil and Dustin Lauermann join Jay Wardlaw to explore the intersection of the CTA and SPEs and discuss how those affected can ensure compliance.

Amidst a challenging office market and tempered growth in the industrial and life sciences sectors, the retail landscape stands resilient. As retailers, owners, developers, brokers, and other industry professionals gather for the International Council of Shopping Centers (ICSC) annual conference in Las Vegas, anticipation grows for revelations on the future trajectory of retail in 2024 and beyond. In this episode, Greg Covey, senior managing director at Newmark, joins Eric Greenberg and James O'Brien to discuss the current state of retail, observed trends, and more.

As many states continue to ease regulations and the Food and Drug Administration considers moving cannabis to Schedule III, commercial real estate is increasingly buzzed with interest in properties for use by cannabis businesses, from agricultural land and warehouses to retail spaces. Despite this seemingly abundant opportunity, investors currently find themselves navigating the still murky waters of federal illegality. In this episode, Stan Jutkowitz joins James O'Brien and Eric Greenberg to discuss the cannabis industry landscape, hurdles faced when securing and investing in suitable real estate, and risks and liabilities for owners leasing to cannabis businesses.

In Seyfarth's 9th annual Real Estate Market Sentiment Survey, executives across the commercial real estate sector weigh in on their top concerns and investment priorities as they navigate a delicate balance between hope and caution, mindful of impacts stemming from potential rate adjustments, persistent scarcity in debt financing, the looming specter of an economic slowdown, new workplace norms, and a lack of consensus in real estate valuations. In this episode, Ron Gart and James O'Brien join Eric Greenberg to discuss what they found to be most revealing from the results.

As the trend of working from home solidifies and the number of office vacancies continues to rise, many office building owners are looking for alternative uses for their properties. While converting those buildings to residential spaces could reinvigorate central business districts and help ease the housing crunch, there's no straight line to success. In this episode, Neil Weisbard, a partner at Seyfarth focused on zoning and land use, joins Eric Greenberg and James O'Brien to discuss a few key obstacles, potential workarounds, and where affordable housing requirements come into play.

The development and construction of a new real estate project can be a long and winding road, with many traps for the unwary along the way. Having an experienced real estate attorney to quarterback the process from site selection through to completion and delivery can help owners and developers save time and money and avoid headaches. In this episode, Jami Balint and Catherine Burns, co-chairs of Seyfarth's Real Estate Development practice group, join hosts James O'Brien and Eric Greenberg to discuss letters of intent, feasibility considerations, zoning and permitting, and how to efficiently manage the real estate development process.

As lenders continue to sell sub- and non-performing loans in today's market, buyers should consider important legal, financial, and commercial analyses to avoid “buyer's remorse.” Whether a single loan or a portfolio, reviewing loan documentation, examining security measures, verifying the status of original notes, assessing lender transfer restrictions, navigating relevant regulations, and ensuring compliance with usury laws, among other best practices, can help distinguish which prospective purchases have the highest potential for profitability. In this episode, Bill Hanlon, partner in Seyfarth's Bankruptcy & Restructuring practice group, joins Dan Evans and Jay Wardlaw to share insights on a risk-averse course of action for approaching loan acquisitions.

Artificial intelligence and large language models have had an impact on many industries during the past year, including commercial real estate. Despite lingering concerns about data confidentiality and AI hallucinations, among other things, this new technology has showcased remarkable potential to streamline transactions when used with proper oversight. As real estate professionals and their attorneys navigate the evolving AI landscape, collaboration, experimentation, and creativity will be pivotal to harnessing the full spectrum of benefits. In this episode, Tamaron Houston, partner in Seyfarth's Real Estate department, and Byong Kim, senior director of Technology Innovations at Seyfarth, join Eric Greenberg and James O'Brien to share tales from the front lines of AI's use in client service, including its current role in real estate law and potential to further transform the delivery of services as related technologies develop at a rapid pace.

The Corporate Transparency Act (CTA) was passed in 2019 to address the use of legal entities in money laundering, the financing of terrorism, and other illegal activities. Commencing on its effective date of January 1, 2024, the CTA will require affected legal entities to disclose information about their beneficial owners and controlling parties to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). The CTA is set to impact an estimated 32 million companies, including most commercial real estate entities. In this episode, Russ Robertson and Trevor Tullius join James O'Brien for a discussion on what this means for the industry and why commercial real estate owners should begin preparing now in order to comply with the reporting requirements.

Amidst rising interest rates and lower asset values, many borrowers find themselves struggling to refinance existing commercial mortgage loans. As a result, both borrowers and lenders are confronting a surge in distressed mortgage debt. In this episode, Arren Goldman and James Sowka return to join James O'Brien and Eric Greenberg for a discussion on the early stages of the loan restructuring process — including due diligence considerations, pre-negotiations agreements, and bankruptcy strategies — as well as best practices for both borrowers and lenders when tackling a troubled loan workout.

Distressed loans are becoming increasingly relevant across all sectors for borrowers, lenders, and servicers, but is this distress a result of economic conditions, over-extended sponsors, poor management, or a combination of all of these factors? In this episode, Richard Fischel, partner at Brighton Capital Advisors, joins Arren Goldman and James Sowka to share his perspective on loan modification trends, approaches and demands from servicers and sponsors compared to prior years, and strategies to alleviate the inherent risks involved.

When a borrower faces financial distress, a deed in lieu allows it a voluntary path to transfer ownership of the property in question back to the lender. Though this can help avoid the lengthy and expensive traditional foreclosure process, both borrowers and lenders should be aware of potential cons depending on the circumstances of the situation before proposing or agreeing to the arrangement. In this episode, Ron Gart and Mitchell Kaplan join Dan Evans and Jay Wardlaw to discuss the basics of a deed in lieu in addition to benefits and pitfalls for both parties involved.

Across the US, retail tenants, landlords, and customers are grappling with the detrimental effects of organized retail theft, which involves groups of individuals stealing goods to finance criminal activities. As the issue continues to grow in both scale and complexity, property owners and retailers are seeking ways to protect the safety of customers and employees while minimizing profit losses. In this episode, Alesha Shemwell and Carl Kleinknecht of Kemper Development Company join Brian Atherton and Eric Greenberg to discuss their experiences with organized retail theft, as well as technologies and resources that landlords and tenants can employ to help deter such crimes.

Foreign sovereigns frequently engage in real estate transactions in the United States, ranging from embassies and consulates leasing property for their offices to sovereign wealth funds investing in real estate. Owners of real estate might interact with foreign sovereigns for other reasons as well — for example, if your neighbor is an embassy or consulate, you may need to negotiate access during construction or repair work. Because foreign sovereigns are generally immune from lawsuits in the U.S., property owners negotiating leases and other contracts should be aware of certain key points regarding sovereign immunity. In this episode, Owen Wolfe and Eddy Salcedo join James O'Brien to discuss the key points that property owners should keep in mind when dealing with foreign sovereigns. View Owen and Eddy's related blog post here: https://www.internationaldisputeresolutionlaw.com/2023/03/new-york-state-court-decision-provides-practice-guidance-for-sovereigns-and-landlords/

Build-to-suit (BTS) leases have become increasingly popular, especially with users of industrial real estate, but they present certain development-related issues not found in standard commercial leases. Budget development and reconciliation, bidding, allocation of cost savings, and late delivery are all important items for tenants to understand in order to effectively manage costs and protect against delays in the development schedule. In this episode, Ian Sutton joins Eric Greenberg and James O'Brien to discuss what differentiates and complicates a BTS lease, how a development budget is generated, additional terms that can help protect tenants, and other important cost considerations.

Over the past week, first Silicon Valley Bank and then Signature Bank fell victim to bank runs and were taken over by the FDIC. These bank failures have riled financial markets both domestically and abroad, leading to concerns that other banks may be in trouble. How does this affect owners and occupiers of real estate? In this episode, Bill Hanlon and David Bizar join hosts Eric Greenberg and James O'Brien to shed light on what happened and how it all impacts the commercial real estate industry.

In Seyfarth's 8th Annual Real Estate Market Sentiment Survey, executives across the commercial real estate sector shed light on their top concerns and investment priorities for 2023. Though many industry media outlets remain focused on high inflation rates and a potential decline in economic activity, survey respondents were cautiously optimistic about developing opportunities in the coming months. In this episode, Ron Gart and James O'Brien join Eric Greenberg to discuss what they found to be most revealing from this year's survey and what the results indicate for the CRE industry in context of the economy's current state.

Retail bankruptcies are back, driven by high labor costs, rising inflation, and maturing debt. Even if a bankruptcy is a “financial restructuring,” you can count on the bankrupt tenant using the bankruptcy code to reject, renegotiate, or sell some of its leases. Additionally, there may be a “going out of business sale” on your property or you may end up with a new tenant. In this episode, Eric Greenberg and James O'Brien talk with Bill Hanlon about what you can do before, during, and after a bankruptcy to minimize harm to your operations.

Discussions of rising interest rates and inflation coupled with other hurdles are largely behind the feeling of uncertainty that persists across the real estate finance market. However, opportunities are there for those ready to seize them. In this episode, Dan Evans and Jay Wardlaw talk with Willard Moore and James Sowka about anticipated top lending trends for the year ahead and what that means for the sectors.

Despite indicators signaling a coming downturn, retail remains on the rise as companies expand at a brisk pace across the country. Are consumers making up for time lost during the pandemic? How long can this last given the coming economic headwinds? In this episode, hosts Eric Greenberg and James O‘Brien talk with Greg Covey, Senior Vice President at CBRE, about the current state of the retail market and what retailers can expect in 2023.

Cannabis continues to be one of the fastest-growing industries, with exponential growth predicted over the next decade. Commercial real estate transactions in this space still face many hurdles and question marks, however, due to constant shifts in the legal landscape. In this episode, hosts Stanley Jutkowitz and Christopher Palmese are joined by Benjamin Clack, Corporate Counsel at Curaleaf, to discuss some of the biggest challenges and topics negotiated when entering into leases with landlords, hurdles when financing buildouts, types of landlords that tend to be receptive to cannabis-related tenants, and whether the market for renting has started to become more mainstream. Curaleaf is a leading international provider of consumer products in cannabis.

Over the past few years, the economy in general, and commercial real estate markets in particular, have proved remarkably resilient – absorbing the shock of the pandemic and its lingering after effects, contending with climate change, and managing through a challenged supply chain, all while maintaining growth and a strong job market. 2022 has looked a little different with retreating equity markets, inflation, and rising interests rates threatening to derail economic growth. In this episode, hosts James O'Brien and Eric Greenberg discuss the current state of the commercial real estate market with David Aisner, Principal and Head of the Mid-Atlantic region at NorthBridge, as well as his thoughts on the fundamentals of industrial real estate investing. NorthBridge is a Massachusetts-based private real estate investor with a strategic focus on “final mile” industrial facilities located near major urban centers.

What is the “metaverse”? It's touted as a place online where in the future we'll all be working and socializing, but why is it seen as an investment, or even a place to own and rent property? Paul Haswell joins host James O'Brien to provide an overview of the metaverse and the risks and opportunities presented by investing in digital property.

Following two years of relatively stable and historically low interest rates, the commercial real estate industry now finds itself in the throes of a challenging market for closing transactions. In this episode, hosts Jay Wardlaw and Dan Evans and guests Ron Gart and Tobi Pinsky take a look at the current environment through a finance lens, including: • transaction lifecycles as cap rates increase and prices decrease in most sectors • if certain areas – construction, retail, multifamily – have been hit harder than others • the market's effect on the scope of recourse carve-outs

In this episode, partners Jay Wardlaw and Gordon Peery discuss challenges stemming from the successful adoption of the Secured Overnight Financing Rate (SOFR) and cessation of 24 of 35 settings of the London Interbank Offered Rate (LIBOR). At the end of 2021, we saw the close of the first phase of LIBOR cessation with the remaining LIBOR settings scheduled to cease at the end of June 2023. Between now and then, market participants are handling legacy contracts (those loans and other agreements referencing LIBOR without addressing its demise), adjusting agreements through negotiation, contending with amendment by state law fiat, and synchronizing related interest rate products like caps and swaps along the way.

With uncertainties regarding the economy, interest rates rising, the cost of real estate development soaring, and financial distress resulting from the pandemic weighing heavy on many, real estate investors and users may find themselves in financial distress and exploring bankruptcy as a necessary step. In this episode, we offer a primer on some of the more common bankruptcy issues faced by those in the real estate industry. Ryan Pinkston, a bankruptcy specialist in Seyfarth's Litigation department, joins hosts James O'Brien and Eric Greenberg to discuss what happens to unexpired leases in bankruptcy, why parties to a lease may want to negotiate for cash security deposits or letters of credit, and the usefulness of personal guaranties and single-asset real estate owners.

Environmental, Social, and Governance (ESG) issues are becoming increasingly important to real estate investors. With more media coverage of the environmental and social issues affecting society, there is greater awareness of the need to address sustainability and social impacts in real estate investment strategies. In this episode, Seyfarth partners Ameena Majid and Rebecca Davis join hosts James O'Brien and Eric Greenberg to provide an overview of ESG, explore current ESG trends, and explain how ESG is an enterprise-wide financial value proposition.

Driven by pent-up demand coming out of the pandemic, retail is on the rise. After a two-year hiatus, the ICSC retail real estate conference returned to Las Vegas in May with 20,000+ attendees from leading retailers, developers, and real estate companies. In this episode, partner Eric Greenberg and senior associate Annie Malo highlight key takeaways and new trends spotted as the industry got back to making deals and pursuing future growth.

It's 5:00 PM on Monday, May 23, 2022. Do you know how interest is calculated on your loan? As the remaining settings for interest and swap payments based on the London Interbank Offered Rate (LIBOR) cease in June 2023, and as markets continue to get comfortable with the Secured Overnight Financing Rate (SOFR) as a LIBOR replacement, uncertainty insofar as interest and hedge payments are concerned persists. In this episode, partners Jay Wardlaw, Daniel Evans, and Gordon Peery raise questions and make recommendations for determining whether caps and swaps may become unmoored from the loans which they were designed to hedge – and the steps and costs associated with amending CRE hedge documentation. “Springing caps” and other solutions are also presented in the current rising interest rate environment.

The commercial real estate (CRE) executives who responded to Seyfarth's recently released 7th annual Real Estate Market Sentiment Survey are optimistic about investment opportunities in 2022 despite inflation and rising costs. In this episode, real estate partners James O'Brien, Christa Dommers, and Ron Gart discuss key sentiments from this year's survey, including: • a generally optimistic outlook for the CRE industry in 2022, notwithstanding unease over deteriorating fundamentals; • concern over the impact of the work-from-home trend on company culture; and • skepticism about investing in the suburbs despite predicting a rough time ahead for the downtown office market. Access the 2022 Real Estate Market Sentiment Survey results: https://www.seyfarth.com/real-estate-market-sentiment-survey.html

A high-level understanding of opinion letters is a useful tool for anyone working in commercial real estate (CRE)—including businesspeople and next generation attorneys. Guest hosts Daniel Evans and Jay Wardlaw, co-chairs of Seyfarth's Real Estate Finance practice, are joined by Cameron Weil, counsel in Seyfarth's Real Estate department, to discuss the foundational basics of delivering opinion letters to lenders in CRE transactions, including: • What are opinion letters? • Who provides the opinion letters for a given transaction and to whom are they addressed? • What are the main types of opinion letters typically delivered in connection with an ordinary CRE finance transaction? Notably, Cameron, who serves as chair of the Finance and Development subcommittee on the NYC Bar Association's Real Property Law Committee, was recently part of a group that published a model legal opinion which can be used by CRE attorneys in New York.

The industrial real estate market has experienced high demand during the COVID-19 pandemic and will continue to hold strong as the development of e-commerce, warehouse, and logistics facilities remains robust. While the accelerated buildout of industrial facilities is expected to alleviate supply pressure over the next year, markets remain tight and challenges with shortages of materials, supply chain disruptions, and congestion persist. Jami Balint and Katie Yuen, partners in Seyfarth's Real Estate department, join hosts James O'Brien and Eric Greenberg to discuss trends in industrial real estate transactions and development, including: • increased appetite for zoning and permitting risks to lock down land in a tight market; • impact of continued material shortages and supply chain issues on force majeure provisions; and • negotiation of rights of first refusal in light of developers increasing interest in realizing near term gains on their developments.

The COVID-19 pandemic emerged in 2020, but its impact was felt throughout 2021. The real estate industry faced unprecedented challenges this year, including rapid shifts in demand and changing expectations, but the real estate markets remained surprisingly buoyant with high levels of investment activity. In this episode of the Property Line, we examine key real estate trends that emerged in 2021, focusing on those that will endure into 2022 and beyond. Hosts James O'Brien and Eric Greenberg, co-chairs of Seyfarth's Real Estate Leasing practice, discuss the renewed emphasis on flexibility in the use of real estate, the impact of the work from home movement on office use and the residential market, and the ways that proptech is driving innovation in real estate management and investment.

Despite dire predictions and a slowing of the return-to-work movement due to the delta variant, certain sectors of the office market remain strong—perhaps most notably (and understandably) life sciences spaces. These combination office/lab environments have proven to be more resilient than traditional office space due to (a) the vaccine push and (b) the need for physical proximity for the development and testing of such biomedical products. And, while it is anyone's guess as to exactly when the traditional office workforce will return in any great percentage, the recent spike in occupancy rates for city center apartments and condos in urban centers like Chicago suggest that at least some people are ready to get back into the office as soon as companies deem it safe. That said, few predict the return of the five-day week in the office; rather, studies suggest most companies are going to hold onto a hybrid model (e.g., three days in; two days out) moving forward. Kevin Woolf, real estate partner, joins host Eric Greenberg to discuss the future of office leasing.

There are a variety of ways to structure an investment in commercial real estate, which might be held by a single bankruptcy remote entity, by a joint venture, or by an operating company. Cameron Weil, Real Estate counsel, joins host James O'Brien to discuss organizational structures for real estate transactions and the different types of legal entities that are used to implement those structures, including a discussion of single purpose entities. They also discuss non-consolidation opinions and other entity-related deliverables that are required when financing a real estate investment.

The Committee on Foreign Investment in the United States (CFIUS) has been in existence since 1975, but it was not until February 2020 that CFIUS adopted regulations specifically targeting the real estate industry. CFIUS now has the express power to review standalone real estate leases, purchases, sales, and other property transactions that are not part of a larger merger or acquisition. Under certain circumstances, CFIUS can delay, alter, or unwind real estate transactions. In this episode, Gordon Peery, chair of Seyfarth's Derivatives practice group, joins hosts Eric Greenberg and James O'Brien to discuss the types of real estate transactions that will attract CFIUS review and how to spot CFIUS issues, as well as strategies for managing the risks related to a CFIUS review.

When construing lease obligations, courts generally attempt to enforce what the parties intended at the time of contract formation. Now that a pandemic like COVID-19 is foreseeable, landlords and tenants must carefully draft their leases to give effect to the business deal that the parties intend. Building on the last episode, Elizabeth Schrero returns alongside hosts Eric Greenberg and James O'Brien to discuss key insights learned from recent retail rent decisions, as well as strategies that can be adopted for drafting and negotiating both sides of leases, and what lease parties can anticipate going forward.

As retailers and restaurants begin to open doors and welcome back customers, the lawsuits between landlords and tenants that started during the pandemic are still working their way through the court system. Although most decisions so far have skewed toward landlords, there have been a few tenant-friendly outliers. Elizabeth Schrero, co-chair of Seyfarth's Real Estate Litigation practice group, joins hosts Eric Greenberg and James O'Brien to discuss recent notable court decisions, including some that address tenant claims that go beyond frustration of purpose, impossibility, and other common law doctrines.

Business disruption was a common theme in 2020, particularly for franchisors in the retail/restaurant space. While these companies were forced to confront unprecedented challenges brought on by the pandemic, there's a whole new set of hurdles ahead for the franchisor/franchisee relationship. As the economy reopens, consumer patterns and demographics have shifted and work from home trends have affected many urban retailers and restaurant chains. Andrew Sherman, Corporate partner and co-chair of Seyfarth's Franchise & Distribution practice group, and Daniel Blumenthal, Corporate counsel, join hosts James O'Brien and Eric Greenberg to discuss how retail/restaurant spaces are evolving to remain competitive and what franchisors need to think about when assessing their growth strategy.

Building on the last episode's look at recent federal relief, Paul Mattingly and Thomas Michaelides return alongside hosts James O'Brien and Eric Greenberg to discuss the Centers for Disease Control and Prevention's (CDC) residential eviction moratorium—which has recently come under fire in federal court, notably in the US District Court for the District of Columbia. They discuss the scope and eligibility of the CDC order, legal challenges to its validity, long-term effects of eviction moratoriums on landlords and tenants, and potential actions for mitigating financial risk and losses.