Commercial Real Estate
Commercial real estate is the core of ASF's practice.
The firm represents owners, developers, investors, landlords, tenants, and operators in a broad range of transactions involving retail, office, restaurant, hospitality, medical office, mixed-use, and other commercial properties.
The practice includes matters arising throughout the lifecycle of a real estate asset, from acquisition and development through leasing, operation, and disposition.
Commercial Leasing
ASF represents both landlords and tenants in the negotiation and documentation of commercial leases and related agreements.
The firm's leasing experience includes:
- Retail leases
- Office leases
- Restaurant leases
- Medical office leases
- Hospitality-related leases
- Ground leases
- Letters of intent
- Lease amendments
- Extensions and renewals
- Assignments and subleases
- Tenant improvement and construction matters
- Guaranties
- Letters of credit
- SNDAs and estoppels
- Lender consents
- Relocations
- Lease restructurings
- Lease terminations
- Ongoing lease administration and operational matters
Representing both landlords and tenants provides the firm with perspective on the commercial considerations affecting each side of a lease transaction.
The objective is to identify and address material legal and business issues while maintaining focus on the overall transaction.
Acquisitions and Dispositions
ASF represents buyers and sellers in the acquisition and disposition of commercial real estate.
The firm's work includes:
- Letters of intent
- Purchase and sale agreements
- Due diligence
- Title and survey review
- Lease and contract review
- Entity and ownership structuring
- Coordination with lenders, title companies, consultants, and other transaction participants
- Closing documentation
- Post-closing matters
ASF works closely with clients and the other members of the transaction team, including brokers, lenders, title companies, consultants, and accountants.
Development
ASF advises clients in connection with the development and redevelopment of commercial real estate.
The firm's development work includes:
- Ground leases
- Development agreements
- Easements
- Reciprocal easement agreements
- Declarations and restrictive covenants
- Shared access and parking arrangements
- Construction-related agreements
- Development management arrangements
- Ownership structures
- Mixed-use projects
- Project-level operating agreements
The firm assists clients in structuring these arrangements with consideration for leasing, operations, ownership, and future disposition.
Joint Ventures and Real Estate Investments
ASF advises sponsors, investors, developers, and capital partners in connection with real estate joint ventures and investment structures.
The firm's work includes:
- Limited liability company agreements
- Joint venture agreements
- Capital contribution arrangements
The focus is on documenting the parties' economic and governance arrangements clearly and in a manner consistent with the underlying business deal.
Asset-Level and Ongoing Real Estate Matters
In addition to transaction-specific work, ASF advises property owners and operators on legal matters arising during the ownership and operation of commercial real estate.
These matters include:
- Lease amendments
- Renewals
- Assignments
- Tenant requests
- Tenant default: dispute resolution
- Estoppels
- SNDAs
- Lender consents and related property-level matters
- Operating expense issues
- Construction and repair matters
- Insurance matters
- Vendor agreements
- Property management issues
- Lease terminations
- Portfolio-level legal matters
For a number of clients, the firm serves as an ongoing legal resource in connection with the management of their real estate portfolios.