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Title

Real Estate Acquisitions and Sales

Description

We have represented clients in many of the most complex real estate purchases and sales across the country.

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  • Kramer Levin’s Real Estate lawyers are known for offering practical solutions to complex problems. We know the market; think, react and mobilize quickly; and get our clients’ deals done. In our representation of owners and investors with respect to a wide range of properties in New York City and throughout the country, we help clients acquire and sell development sites, assemblages, office buildings, mixed-use projects, entertainment venues, hotels, residential buildings, industrial and warehouse facilities, shopping centers, corporate campuses, and luxury properties.

    Our lawyers have played an integral role in representing clients in many of the most complex and impressive real estate purchases and sales, including:

    • VICI Properties Inc. in numerous acquisitions since 2017 across asset classes such as gaming and hospitality, water parks, bowling entertainment centers, spas, and other experiential assets
    • Brookfield Property Group in connection with multiple acquisitions and dispositions of properties throughout the United States
    • A global insurance company in numerous acquisitions and dispositions around the United States, including office, multifamily and industrial assets
    • BlackRock Inc. in numerous dispositions and acquisitions of properties located in New York City and elsewhere
    • The Walt Disney Co./ABC in the $1-billion-plus sale of its upper West Side campus as well as its relocation to Tribeca
    • The Peebles Corporation/El Ad Group joint venture’s acquisition and financing of 108 Leonard St. (formerly known as 346 Broadway), which was at the time the most expensive building ever sold by New York City
    • A Westbrook Partners affiliate’s $161 million purchase of the 10-building Hall Street Industrial Complex across from the Brooklyn Navy Yard
    • New York Life Investment Management LLC’s $510 million sale of 575 Lexington Ave.
    • Saint Vincent Catholic Medical Center’s sale of its main hospital campus
    • Clipper Equity’s acquisitions of 50 Murray St. for more than $550 million and 1955 First Ave. for approximately $100 million
    • The Nederlander Organization’s sale of the land underlying the Palace Theatre in Times Square

    Working with our renowned Land Use team and Environmental group, we provide full-service coverage on issues such as zoning, permitting and variances, development rights transfers, landmark status, contamination, and environmental impact reviews and remediation.

    Defining Matters

    • Kramer Levin Advises VICI in Acquisition of Four Properties in Alberta Canada in Sale-Leaseback Transaction

      On May 17, 2023, Kramer Levin client VICI Properties Inc. (VICI) announced that subsidiaries of VICI will acquire the real estate assets of four casino properties in Alberta, Canada, from subsidiaries of Century Casinos Inc. (Century) for a total purchase price of CAD 221.7 million ($164.4 million).

      Simultaneous with the closing of the transaction, the real estate assets will be added to the existing triple-net master lease between subsidiaries of VICI and Century, with an annual rent increase of CAD 17.3 million ($12.8 million).

    • Kramer Levin Advises Sedesco on $77.5 Million Purchase on Billionaire’s Row

      Kramer Levin represented Sedesco in the latest addition to its Billionaire’s Row assemblage, the $77.5 million purchase of a 13-story office property at 37 W. 57th St.

      The Real Deal reported on the transaction.

    • Kramer Levin Represents Rithm Capital in Acquisition of 50% of Senlac Ridge Partners

      Kramer Levin represented Sedesco in the latest addition to its Billionaire’s Row assemblage, the $77.5 million purchase of a 13-story office property at 37 W. 57th St.

    • Kramer Levin Advises VICI in $432.9 Million Acquisition of Bowlero Bowling Centers

      On Oct. 19, 2023, Kramer Levin client VICI Properties Inc. announced that it acquired the real estate assets of 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for an aggregate purchase price of $432.9 million. Bowlero is a global leader in bowling entertainment, media and events and is the largest operator of bowling centers in North America. Simultaneous with the closing of the transaction, VICI entered into a triple-net master lease agreement with Bowlero. 
    • Kramer Levin Client VICI Completes Acquisition of the Venetian Resort’s Real Estate in Las Vegas

      On Feb. 23, 2022, Kramer Levin client VICI Properties Inc. (NYSE: VICI), an experiential REIT, announced that it completed the transactions announced on March 2, 2021, with Las Vegas Sands Corp. (NYSE: LVS) (LVS) pursuant to which VICI acquired all the real estate assets associated with the Venetian Resort Las Vegas and the Venetian Expo and Convention Center Las Vegas, located in Las Vegas, Nevada (collectively, the Venetian Resort), for $4.0 billion in cash. An affiliate of certain funds managed by affiliates of Apollo Global Management Inc. (the Apollo Funds) acquired the operating company of the Venetian Resort for approximately $2.25 billion. Simultaneous with the closing of the transaction, VICI entered into a triple-net lease agreement for the Venetian Resort with an affiliate of the Apollo Funds.

    • Kramer Levin Advises VICI in $17.2 Billion Acquisition of MGM Growth Properties

      On April 29, 2022, Kramer Levin client VICI Properties Inc. announced that it acquired MGM Growth Properties for a total consideration of $17.2 billion, adding 15 Class A entertainment resort properties to the VICI portfolio. Simultaneous with the closing of the transaction, VICI entered into an amended and restated triple-net master lease with MGM Resorts for an initial annual rent of $860 million. Upon completion of the merger, VICI had an estimated enterprise value of $45 billion, solidifying VICI’s position as the largest experiential net lease REIT.

    A really good team that is strong across lots of disciplines within real estate — whether acquisitions, zoning or financing.
    – Client quote, Chambers USA

    Practice Contacts

      • Daniel Ross Berman

        • Partner
        • Managing Partner, Real Estate, US
        • New York
        • dberman@kramerlevin.com
        • T 212.715.9482
        • F 212.715.8137
      • vcard
      • James P. Godman

        • Partner
        • New York
        • jgodman@kramerlevin.com
        • T 212.715.9466
        • F 212.715.8284
      • vcard
      • Jay A. Neveloff

        • Partner
        • Partner, Chair of Real Estate, US
        • New York
        • jneveloff@kramerlevin.com
        • T 212.715.9290
        • F 212.715.8290
      • vcard
    • Perspectives

      Search More
      • Category
        Defining Matters
        Date
        Oct. 19, 2023
        Title
        Kramer Levin Advises VICI in $432.9 Million Acquisition of Bowlero Bowling Centers
        Read More
      • Category
        Defining Matters
        Date
        Aug. 24, 2023
        Title
        Kramer Levin Advises VICI in $140 Million Canyon Ranch Mortgage Financing
        Read More
      • Category
        Defining Matters
        Date
        July 27, 2023
        Title
        Kramer Levin Advises VICI in Acquisition of Rocky Gap Casino Resort in Flintstone, MD
        Read More
      • Category
        Defining Matters
        Date
        July 27, 2023
        Title
        Kramer Levin Advises VICI in Preferred Equity Investment in Canyon Ranch and Anticipated Mortgage Loan for Canyon Ranch Tucson and Canyon Ranch Lenox
        Read More
      • Category
        Defining Matters
        Date
        April 27, 2023
        Title
        Kramer Levin Advises Sedesco on $77.5 Million Purchase on Billionaire’s Row
        Read More
      • Category
        Defining Matters
        Date
        Feb. 24, 2022
        Title
        Kramer Levin Client VICI Completes Acquisition of the Venetian Resort’s Real Estate in Las Vegas
        Read More
      • Category
        Defining Matters
        Date
        Dec. 14, 2021
        Title
        Kramer Levin Advises VICI Properties in Agreements Relating to the Mirage Hotel & Casino
        Read More
      • Category
        Defining Matters
        Date
        March 03, 2021
        Title
        Kramer Levin Advises VICI in Pending Acquisition of the Venetian Resort’s Real Estate in Las Vegas
        Read More
      • Category
        Announcements
        Date
        Dec. 01, 2020
        Title
        Kramer Levin Recognized by Law360 with Practice Group of the Year Designations for Real Estate and Bankruptcy and Restructuring
        Read More
      • Category
        COVID-19 Legal Resource Guide
        Date
        Oct. 05, 2020
        Title
        COVID-19 Relief Further Extended for Condo Developers
        Read More
      • Category
        COVID-19 Legal Resource Guide
        Date
        Aug. 06, 2020
        Title
        New Executive Order from Gov. Cuomo Extends and Expands COVID-19 Relief on Offering Plan, Condo Conversion and Mortgage Recording Tax Credit Deadlines
        Read More
      • Category
        Defining Matters
        Date
        Aug. 05, 2020
        Title
        Kramer Levin Advises VICI in Property Acquisitions and Lease Modifications Related to the Eldorado-Caesars Merger
        Read More
      • Category
        Announcements
        Date
        Oct. 16, 2019
        Title
        James P. Godman and Tzvi Rokeach Named to Real Estate Weekly’s 2019 Real Estate Dealmakers List
        Read More
      • Category
        Announcements
        Date
        Aug. 20, 2019
        Title
        Seth R. Niedermayer Named One of Connect Media’s Next Generation Honorees
        Read More
      • Category
        Defining Matters
        Date
        June 24, 2019
        Title
        Kramer Levin Advises VICI on Transformative Partnership with Eldorado Resorts Related to Proposed Combination with Caesars Entertainment
        Read More
      • Category
        Defining Matters
        Date
        April 25, 2019
        Title
        Kramer Levin Advises CIM Group in Connection with Acquisition of Hanley Condominium
        Read More
      • Category
        Defining Matters
        Date
        Feb. 28, 2019
        Title
        Kramer Levin Advises Ponte Equities in Connection with Purchase of 15 Condo Units at 70 Vestry Street
        Read More
      • Category
        Defining Matters
        Date
        Dec. 11, 2018
        Title
        Kramer Levin Represents Seller in the Sale of Hotel Wales
        Read More
      • Category
        Defining Matters
        Date
        Nov. 14, 2018
        Title
        Kramer Levin Advises Amalgamated in Sale of Albuquerque Studios
        Read More
      • Category
        Defining Matters
        Date
        Oct. 16, 2018
        Title
        Kramer Levin Represents Purchaser in Acquisition of Two Projects
        Read More
      • Category
        Defining Matters
        Date
        2018
        Title
        Hudson Yards puts far west Manhattan back on the map
        Read More
      • Category
        Defining Matters
        Date
        2018
        Title
        The revitalization of Brooklyn, Queens and the Bronx
        Read More
      • Category
        Defining Matters
        Date
        2018
        Title
        The sun rises in the East: East Midtown experiences a renaissance
        Read More
      • Category
        Defining Matters
        Date
        May 15, 2018
        Title
        Kramer Levin Advises VICI in LOI Regarding Asset Sale Leaseback, Lease Modifications with Caesars Entertainment
        Read More
      • Category
        Sponsorship
        Date
        Nov. 06, 2017
        Title
        Ascent East Forum - Miami, FL
        Read More
      • Category
        Media Mentions
        Date
        Oct. 01, 2017
        Title
        The Real Deal: The Verdict on NYC’s Top Real Estate Law Firms
        Read More
      • Category
        Media Mentions
        Date
        Aug. 03, 2017
        Title
        Commercial Observer: Condition Red: How to Vet a Multimillion-Dollar Deal
        Read More
      • Category
        Defining Matters
        Date
        May 03, 2017
        Title
        Kramer Levin Represents Atlantic Street Capital in Investment in GAT Airline Ground Support
        Read More
      • Category
        Speaking Engagement
        Date
        April 20, 2017
        Title
        The Commercial Observer: Financing Commercial Real Estate Forum
        Read More
      • Category
        Defining Matters
        Date
        April 12, 2017
        Title
        Kramer Levin Represents JEMB in $250M Refinancing of 75 Broad Street
        Read More
      View More
    • Recognition

      Year
      2024
      Name
      Commercial Observer's Breakthrough Awards
      Description
      Law Firm of the Year – Real Estate Group
      Year
      2009 – 2024
      Name
      Legal 500 US
      Description
      Recognized for Real Estate
      Year
      2005 – 2024
      Name
      Chambers USA
      Description
      Recognized for Real Estate
      Year
      2008 – 2025
      Name
      U.S. News & World Report and Best Lawyers’ Best Law Firms
      Description
      Ranked in Top Tier for Real Estate (New York: 2008 – 2025); Real Estate Litigation (National, New York: 2016 – 2025)
      Year
      2012, 2014, 2018, 2020
      Name
      Law360 Practice Group of the Year: Real Estate
      Year
      2011
      Name
      DealMakers Law Awards
      Description
      Named Real Estate Law Firm of the Year
      Year
      2008-2009
      Name
      Best Lawyers in America
      Description
      Top-ranked New York Law Firm for Real Estate

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    Related Practices

    • Real Estate
    • Real Estate Development
    • Real Estate Finance
    • Real Estate Investment Trusts (REITs)
    • Real Estate Joint Ventures
    • Real Estate Litigation
    • Real Estate Workouts, Restructurings and Distressed Debt
    • Commercial Real Estate Leasing
    • Condemnation
    • Environmental
    • Land Use
    • Condominiums
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