Kelley Drye


Contact Information

Karyn Corlett Fulton
Practice Co-Chair

New York
Phone: (212) 808-7559
Fax: (212) 808-7897

Paul A. Keenan
Practice Co-Chair

Phone: (973) 503-5931
Fax: (973) 503-5950

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Real Estate

Real Estate Practice Recognized By U.S. News& World Report and Best Lawyers ® (Woodward/White, Inc.), 2017

Best Law Firms 2017

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The Real Estate practice group represents clients across a wide range of real estate and capital markets transactions throughout the United States, including acquisitions and sales, construction and permanent mortgage and mezzanine financing, preferred equity investments, fund formation and investments, "side car" investments, joint ventures, leasing and sale-leaseback transactions, as well as development, construction and real estate management.  Our clients include financial institutions, investors, funds, developers, corporations and individuals.  We also represent these clients in commercial real estate workouts and restructurings and the enforcement of rights and remedies in foreclosure, eviction and bankruptcy and other real estate related litigation.  In addition, the firm's real estate attorneys regularly advise our corporate and tax lawyers on the acquisition and financing of businesses where real estate and other fixed assets are involved.

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  • Acquisitions and Dispositions – Kelley Drye represents major financial institutions and other investors and owners in connection with the acquisition and disposition of all types of real property, including office buildings, apartment complexes, hotels and resorts, hospitals, shopping centers and industrial complexes located throughout the United States. In this regard, we have successfully represented real estate equity funds of several Wall Street investment banking firms in the acquisition and sale of numerous properties throughout the country. In addition, we have represented private developers and investors in numerous acquisitions (including ground leasehold estates) and sales involving a wide variety of real estate product types.
  • Financing – Kelley Drye represents commercial banks, insurance companies and other institutional lenders as well as owners and developers in construction and permanent mortgage loan transactions, joint ventures, sale-leasebacks and other forms of real estate financing, involving all property classes and types including office buildings, shopping centers, hotels and resorts, industrial properties and apartment complexes. In addition, we represent numerous leading capital markets lending platforms in the origination of large volumes of mortgage loans intended for securitization as well as mezzanine loans, A/B note structures, participations and other complex structured finance projects.

  • Loan Workouts and Real Property Litigation – Kelley Drye represents financial institutions, servicers and other investors in workouts and loan restructurings as well as litigation involving distressed real estate located throughout the United States. Such matters include refinancings, restructurings of existing loans, workout agreements, foreclosures (both real property and UCC), bankruptcies and deeds-in-lieu of foreclosure.

  • Leasing – Kelley Drye regularly advises both landlords and tenants in connection with the leasing of commercial real property, including office, retail and industrial space. Typical of our representation of tenants is the leasing by a foreign bank of its United States headquarters in New York City; the leasing by a national operator of a retail, entertainment and food operation within shopping malls throughout the United States; and the leasing by a domestic insurance company of space in Orange County, New York for its New York State headquarters.

  • Credit-Tenant Leasing Transactions – Kelley Drye is an influential leader in the credit-tenant leasing market, having been involved in transactions with an aggregate value in the billions of dollars. We have represented numerous clients in all aspects of such transactions, including lessors; credit-tenants; loan originators (both financings to be held in our clients’ portfolios, and those for immediate sale through private placement and other securitization vehicles); purchasers of securitized loan interests; and a major residual value insurer. We have represented clients in traditional sale-leaseback transactions, as well as in the emerging market of financing credit tenant leases that do not qualify as “bondable.” Our involvement in credit-tenant leasing transactions spans all property types, such as corporate headquarters and other principal offices, distribution facilities, financial trading floors, and multi-property pools of banking and various retail properties.

  • Not-For-Profit Corporations – Kelley Drye represents a variety of not-for-profit hospital, educational, religious and other institutions in the acquisition, development, financing and leasing of their properties throughout the United States.

  • Military Housing Privatization – Kelley Drye has been instrumental in the privatization of tens of thousands of family housing units on military installations across the United States. In connection with these complex transactions, Kelley Drye has negotiated a public-private joint venture between the United States and the client to be the tenant of a long term ground lease of thousands of acres of federally-owned land and become the owner of the existing multi-family housing inventory on each base. The joint ventures are responsible for the ongoing operation of all family housing units on each of these bases for up to 75 years and are also responsible for hundreds of millions of dollars of new construction, primarily financed by long term private sector debt which is credit-enhanced by third-party surety bond providers.

Representative Experience

The Real Estate practice group is dedicated to excellent client service. We adopt a business approach to problem solving, and strive to find practical and cost-effective solutions for all issues facing our clients. We pride ourselves on providing creative and timely advice, while staffing matters to be accomplished most efficiently. We also pride ourselves on our tradition of establishing close, long-term relationships with our clients, always looking for opportunities to add value to their business in order to help them compete successfully in today’s competitive marketplace.

Representative matters include:

  • Represented a major life insurance company in connection with an $800 million mortgage and mezzanine financing secured by a portfolio of multi-family apartment complexes in California, District of Columbia, Virginia and New York.

  • Represented a CMBS lender in connection with a $460 million mortgage loan to a private equity real estate fund secured by a portfolio of 100 office buildings located throughout the United States.

  • Development of a 52-story office tower in New York City to be the new international headquarters of The New York Times Company.

  • The origination of a $232 million mortgage loan and a $29 million mezzanine loan secured by office towers located in Dallas, Texas, and the subsequent sale of the mezzanine loan to a third party investor.

  • Sale of the Glendale Galleria Mall in Glendale, California.

  • The leasing by the owner of 1100 Avenue of the Americas in New York City of all of the office space within the building to Time Warner to serve as HBO’s world headquarters.
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