The Property Line is a brief and lively discussion of the biggest issues facing the commercial real estate industry. The podcast will deliver insights from Seyfarth’s real estate lawyers and other industry leaders on current market trends and how they impact all facets of commercial real estate.
A Wake Up Call For Commercial Landlords: Caffé Nero and Frustration of Purpose
Old common law doctrines are not dormant and may enable tenants to avoid the payment of rent due to government shutdown orders during the pandemic. As more cases are tried, a jurisprudence regarding these doctrines and their applicability to the pandemic is being developed. In this episode, Mark Johnson, partner and co-chair of Seyfarth’s Real Estate Litigation practice, joins hosts James O’Brien and Eric Greenberg to discuss frustration of purpose and force majeure as applied by the court in UMNV 205-207 Newbury LLC v. Caffé Nero Americas Inc., where a landlord sued its retail tenant for damages in order to recover unpaid rent for the period during which the tenant was closed due to a COVID-19 shutdown order in Massachusetts.
What Makes Data Center Deals Different?
Data centers are unique assets with specialized security, communications, cooling, and power needs. Data center leases are structured to address these needs and include rental and other provisions that differ from more conventional leases.
In this episode, Mike Rechtin, chair of Seyfarth’s Data Center Services practice, and Michael Merar, a Real Estate partner with significant data center experience, join hosts James O’Brien and Eric Greenberg to dissect these differences and walk through the structure of a data center leasing transaction, including details such as rent, capital costs, critical infrastructure redundancy, electricity pass throughs, and more.
State of the Data Center Market & the Impacts of COVID-19
Over the past few years, cloud-based data storage and data center development has grown rapidly. The current pandemic has further stimulated the demand for data storage as more and more tasks are being done virtually, rather than in-person.
Mike Rechtin, chair of Seyfarth’s Data Center Services practice, and Michael Merar, a Real Estate partner with significant data center experience, join hosts James O’Brien and Eric Greenberg to discuss the basics of data centers, how companies manage their data storage in data centers and in the cloud, and how the data center market fared during COVID-19.
Annual Real Estate Market Sentiment Survey Indicates Optimistic Outlook for 2021
In Seyfarth’s recently released 6th annual Real Estate Market Sentiment Survey, commercial real estate executives weigh in on the outlook for the industry as it grapples with the lingering effects of the pandemic and a change in political power.
James O’Brien, Christine Kim, and Ronald Gart discuss the survey and its methodology, as well as some of this year’s key findings. Topics covered in this episode include:
- the real estate industry’s view of the new presidential administration;
- the real estate sectors expected to recover quickly from the pandemic; and
- the survey respondents’ generally optimistic outlook for the real estate industry in 2021.
S2E6. The State of Mezz in NY State
The pandemic’s impact on real estate is well documented, but how have current events affected the less-publicized mezzanine loan market? How have courts addressed the New York mortgage foreclosure moratoria in the mezzanine loan context? What is clogging the equity of redemption and why is it important now? Seyfarth Real Estate partners Willard Moore and Megan Vallerie join to discuss all this and more.
S2E5. Nuts and Bolts of Loan Modifications
In today’s volatile market, commercial real estate loan modifications are an important tool to address loans that are, or may soon be, in default. They can also be valuable in connection with routine servicing requests. Seyfarth Real Estate partners Arren Goldman and Tobi Pinsky return to discuss:
- Initial steps for loan modifications and the importance of pre-negotiation agreements
- Obstacles that lenders and borrowers may face when modifying a loan, including costs, timing, and pandemic-related issues
- Key takeaways for when a loan modification does not work