Articles Posted in Real Estate

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The Real Estate and Construction industry may be huge, but ultimately, as with all industries, it comes down to the people who help make it all come together. From time to time, we like to profile some of those people.

R-Poblete-300x171Ryley Poblete is a Senior Designer with global design and architecture firm Gensler, having spent the better part of the last decade working in the company’s Sciences Practice developing a portfolio of work centered around life sciences. An avid runner, urbanist, photographer, artist and policy enthusiast, Ryley can be found, in his spare time, “reading the newest Economist or digging into a project’s context to really define a new piece of architecture in the cities” in which he works. Asked how he’d describe his job to a layperson, Ryley adds, “I work with developers and biotech clients in planning and structuring developments to best suit their situation.”

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Picture of Hydrogen fuel cell (glass-encased with power cord connected)Hydrogen is the new buzzword in every industry, and real estate is no exception. Hydrogen does not emit carbon dioxide when burnt and could therefore help reduce the climate impact of buildings, which in aggregate represent one of the biggest emitters of greenhouse gases after industry and surface transport. To the extent that hydrogen is to become an important power source globally, it will need to enter the domestic power market. The first step appears to be the development of pilot villages.

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smart technology icons overlaid on small house model and hands of people talkingOutfitting a commercial real estate space with smart technology can be a significant cost. While the long-term benefits and strategic improvements we’ve discussed previously can make that investment worthwhile, the evaluation period is critical to ensure an impactful ROI. Property developers, owners, and managers should undertake a rigorous evaluation process to ensure the technology procurement aligns with the project’s overall financial plan. And this is not just about getting the cost right. If the technology does not meet the needs of the space, then all the smart technology in the world will not prevent the project from being a sunk cost.

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Colleague Noa Clark recently joined other industry experts for a discussion of San Francisco office real estate at the panel, The Future of Office in San Francisco: How Will the Office Market Recover? Topics included how office spaces are evolving to accommodate for changing workforce needs, tenant perspective on short-term and long-term leasing, effective changes to leasing strategy and major changes to design, construction and development to keep offices safe. Click here to view the recording.

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One year into the pandemic, courts have almost uniformly found that COVID-19 does not permit commercial tenants to avoid their rent payment obligations. In this case, the court continued that trend, ruling that the pandemic was not a “casualty” that permits a tenant to abate its rent payments or cancel its lease. Authors Patrick J. Potter, Christian A. Buerger, Hugh M. McDonald, Patrick E. Fitzmaurice, and Jonathan Doolittle discuss a new case from the Southern District of New York that extends the trend of courts enforcing leases against tenants forced to close due to the impact of the COVID-19 pandemic in “Court Finds Pandemic Does Not Satisfy Lease’s Casualty Clause.”

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President Biden has now signed the American Rescue Plan Act, a $1.9 trillion investment and stimulus package designed to address the ongoing COVID-19 pandemic, into law. Matthew Oresman, Elizabeth Vella Moeller, Craig J. Saperstein, Brian E. Finch, Alexander B. Ginsberg, Aimee P. Ghosh, Zachary M. Kessler, Rose Fowler Lapp discuss the relief bill which includes a new round of stimulus payments, along with dedicated aid for state and local governments, support to expand COVID-19 vaccination and testing programs, housing support, cybersecurity investments, support for the restaurant industry, and funds for school reopening plans. The alert, Congress Passes $1.9 Trillion COVID-19 Relief Package also provides an overview of how the bill affects  housing, mortgage, rental and utility assistance.

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The American Rescue Plan Act of 2021 permits Shuttered Venue Operators to apply for both Paycheck Protection Program loans and Shuttered Venue Operator Grants. The American Rescue Plan Act, signed into law on March 11, 2021 and summarized here, includes a brief but important section that will permit the recipients of Paycheck Protection Program (PPP) loans issued after December 27, 2020 to remain eligible for grants under the “Grants for Shuttered Venue Operators” (Grants) program, which the Small Business Administration (SBA) has yet to launch. Cecilia C. Wang, Alexander B. Ginsberg, Jenny Y. Liu provide additional insights in “Congress Appropriates New Funds, Extends Eligibility for Shuttered Venue Operator Grants.”

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On March 5, 2021, the SBA published an overview of eligibility requirements and a preliminary application checklist for the Shuttered Venue Operators Grant (Grant) Program. The overview of eligibility requirements clarifies ownership restrictions, prohibited activities, and business, operational and facility requirements for each type of business potentially qualifying for Grants.  Colleagues Alexander B. Ginsberg, David L. Miller, and Toni Suh discuss the SBA recently published requirements in “SBA Issues Eligibility and Application Guidance for Shuttered Venue Grants.”

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Join Pillsbury’s Noa Clark as she moderates Bisnow’s “The Future of Office in San Francisco: How Will the Office Market Recover?” webinar on March 25.

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Covid-Commerical-Lease

Real Estate partner Christian Buerger and Insolvency & Restructuring partner Hugh McDonald discuss COVID’s impact on commercial leases and an overview of the bankruptcy process the latest Swimming Lessons Series presentation.

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