Articles Posted in Real Estate

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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. PotterChristian A. BuergerHugh M. McDonaldPatrick 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 OresmanElizabeth Vella MoellerCraig J. SapersteinBrian E. FinchAlexander B. GinsbergAimee P. GhoshZachary M. KesslerRose 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. WangAlexander B. GinsbergJenny 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. GinsbergDavid 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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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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Kitchen with smart home icons overlaid“Hey Siri…” “Alexa…” “Okay Google…” These are just some of the buzzwords and phrases that have entered day-to-day vocabulary as a result of the explosion of smart technology. Internet of Things (IoT) devices are in our cars, in our workplaces and on our bodies. But nowhere is smart technology more prevalent than in our homes. The array of services that are available coupled with the growing number of companies and service providers eager to innovate, should only grow this technology’s market share in the coming years.

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In episode #26 of Industry Insights podcast, Steve Hamilton joins host Joel Simon to discuss certain segments of the real estate market and related financing that remained robust in the midst of the pandemic.

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Over the past year, our attorneys have explored numerous insolvency topics affecting real estate. Together, the alerts in this series tackle many facets (and potential applications) of the Bankruptcy Code as potential balm and bane for owners, landlords and lenders trying to navigate a landscape made exponentially more treacherous by COVID-19 in Insolvency Issues, Real Estate and COVID-19.

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