On December 11, 2013, Kramer Levin client NorthStar Realty Finance Corp. announced plans to spin-off its asset management business into a separate publicly traded company, in the form of a tax-free distribution. The distribution is expected to be completed in the second quarter of 2014 and will be comprised of common stock in NorthStar Asset Management Corp. ("NorthStar Asset Management"), a newly formed company expected to be listed on the New York Stock Exchange. Tax partner Russell J. Pinilis is advising Northstar on the transaction.