- Category
- Defining Matters
- Date
- Dec. 19, 2023
- Title
-
Kramer Levin Advises VICI in Expanded Investment With Existing Partner Chelsea Piers
On Dec. 19, 2023, Kramer Levin client VICI Properties Inc. (VICI) announced that it has acquired the leasehold interest of Chelsea Piers in New York City. The transaction with Chelsea Piers represents VICI’s first conversion of an initial loan investment into real estate ownership. Chelsea Piers, the premier sports and entertainment complex in New York City, comprises over 780,000 square feet of real estate on 28 acres. The Chelsea Piers triple-net lease agreement will have an initial term of 32 years, with a 10-year extension option that Chelsea Piers is obligated to extend provided all conditions have been met. In connection with the transaction, VICI’s existing loan facility to Chelsea Piers was repaid in full and terminated.
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