Deal marks DLA Piper's eighth in-bound US real estate transaction for Israeli institutional investors in 2012; aggregate deal value approaches $900 million
DLA Piper served as lead counsel to eight significant in-bound US real estate transactions closed last year on behalf of Israeli institutional investors, with an aggregate deal value of US$862 million. These assets include office buildings, retail outlets, student housing facilities, and residential complexes in locations across the US, including Atlanta, Jacksonville, Houston, Washington, DC, Chicago, Las Vegas, and New York. Examples of the deals include:
- Clal Insurance Enterprising Holdings Ltd.’s joint US$221 million acquisition of a 40-story, Class A office building in Chicago, partnering with Harbor Group International;
- Menora Mivtachim Insurance and Migdal Insurance Company’s joint US$95 million acquisition of 180 Peachtree, a wholesale data center in Atlanta, Georgia, partnering with Carter Validus Mission Critical REIT;
- Menora Mivtachim Insurance and Psagot Pension’s joint US$131 million acquisition of One City Centre, a Class A office property in Houston, Texas, partnering with Beacon Investment Properties;
- Harel Insurance Company’s joint US$110 million acquisition of 33 Beekman, a ground-up dormitory development project for Pace University in New York City, partnering with SL Green;
- Migdal Insurance Company’s joint US$107 million purchase of the CNN Building, a Class A office property in Washington, DC, partnering with Harbor Group International;
- Migdal Insurance Company’s joint US$28 million acquisition of Walgreens on the Strip, a single tenant, triple-net leased asset in Las Vegas, Nevada, partnering with Harbor Group International;
- Harel Insurance Company’s joint US$80 million acquisition of three residential complexes in Jacksonville, Florida, partnering with Landmark Residential and OP Trust, a Canadian pension fund.
The DLA Piper lawyers who led each of the above referenced transactions on behalf of Israeli investors include Naftali Weg, a Tax partner in Baltimore, and Jeremy Lustman, a Corporate and Securities partner in Washington, DC. The uptake in Israeli-US transaction volume follows DLA Piper’s strategic decision to implement a focused Israel Practice Group three years ago, led by Lustman who spends much of his time in Israel. The firm now represents over ten Israeli real estate clients, in addition to a broader client base of over 80 Israeli investors and companies.
DLA Piper will be hosting its inaugural marquee global real estate event in Israel next month, bringing together elite Israeli real estate investors who have invested abroad (including several of the firm’s clients), senior real estate professionals from around the world, and a number of real estate partners in the firm (from the US, Europe, and Asia Pacific regions).