- Practices
- Real Estate
Shipman has extensive, diverse experience in real estate law, with more than twenty-five lawyers in our Hartford, Stamford, Manhattan, New Haven and Greenwich offices. The real estate practice at Shipman has been ranked in Band 1 by Chambers USA America’s Leading Lawyers for Business 2022, the nation’s preeminent guide to law firms and individual lawyers.
The Shipman real estate team possesses sophisticated knowledge, skill and experience in large, multi-jurisdictional, multi-party, structured transactions across the commercial real estate spectrum, including:
- acquisition and disposition
- condominium
- construction
- debt and equity financing (including preferred equity)
- development
- energy
- environmental
- federal and state-based financing
- joint ventures
- land use
- leasing
- low-income housing tax credits
- zoning
Additionally, Shipman provides clients with complete coverage in matters ancillary to commercial real estate, such as tax, litigation, bankruptcy and employment.
Shipman partners with real estate clients located in markets across the country, from New York’s tri-state area to the West coast, including private developers/sponsors, institutional owners, banks, REITs, national lessees, health care facilities, hospitals, insurance companies, educational institutions, investment and sovereign wealth funds, governmental entities and individuals. The Shipman real estate team handles matters concerning every asset class, including multi-family, student housing, affordable and supportive housing, industrial, technology/data centers, office, warehouse, medical, hospitality and retail.
Detailed descriptions of Shipman’s real estate practices in various sectors are set forth below.
Common Interest Ownership
Shipman's common interest ownership representation includes extensive experience in residential and commercial, and financing condominium developments, representing lenders, developers and unit owner associations. Since 1998, Shipman has represented the largest and most valuable homeowners association in the State of Connecticut, covering more than 1400 acres and having an assessed value in excess of $1 billion. The team includes Barry Hawkins, one of the co-authors of the Connecticut Condominium Manual, the definitive source of the most widely used documents and commentary for common interest community development.
Commercial Leasing
Shipman leasing lawyers have extensive experience in all types of commercial leasing, including shopping centers, office buildings, medical facilities, industrial and technology parks, parking garages, restaurants, commercial airports, apartments and condominiums, and collateral issues such as environmental due diligence and compliance, assignments, subleasing, brokerage agreements and subordination and non-disturbance issues. Shipman’s leasing team also has in-depth experience with ground and air-rights leasing and sale-leaseback transactions. Clients include landlords and tenants throughout Connecticut, the northeast region and nationally.
Construction
Shipman’s team of construction lawyers is invested in the success of our clients and committed to helping them achieve their goals with respect to each construction project they undertake. We assist clients during all phases of a construction project from project conception to closeout. We provide guidance in the selection of a project delivery method, bidding and procurement of design professionals and contractors, contract preparation and negotiation, and avoidance and resolution of construction related disputes.
Development
Shipman has been involved in every aspect of large-scale, public and private deals, including the development of parks and stadiums (including naming rights), housing, retail and entertainment centers, and parking facilities. In addition to assisting clients with rating agency and bond insurance requirements and procedures, Shipman has experience drafting and negotiating development agreements, leases and management agreements for various state and quasi-governmental agencies. Additionally, Shipman has served as underwriter’s counsel in the construction of a privately funded stadium.
The Shipman environmental law team provides guidance for the environmental issues that inevitably arise in development projects, and regularly works with clients to design and implement specialized environmental insurance.
Shipman has negotiated and drafted, among other things:
- General Obligation Bonds
- Revenue Bonds and Notes
- Indentures
- Loan Agreements
- Lease-Purchase Agreements
- Mortgages
- Bond Purchase Agreements
- Ground Lease Agreements
- Security Agreements
- Guarantees
- Swap Agreements
- Letters of Credit
- Reimbursement agreements
- Stadium Development Agreements
- Lease and Management Agreements
- Environmental Risk Management Insurance Plans
The Shipman environmental law team provides guidance for the environmental issues that inevitably arise in development projects, and regularly works with clients to design and implement specialized environmental insurance.
Shipman has negotiated and drafted, among other things:
- General Obligation Bonds
- Revenue Bonds and Notes
- Indentures
- Loan Agreements
- Lease-Purchase Agreements
- Mortgages
- Bond Purchase Agreements
- Ground Lease Agreements
- Security Agreements
- Guarantees
- Swap Agreements
- Letters of Credit
- Reimbursement agreements
- Stadium Development Agreements
- Lease and Management Agreements
- Environmental Risk Management Insurance Plans
Environmental
Virtually all companies in all industry sectors are faced with myriad of federal, state and local laws and regulations related to environmental, health and safety (EHS) matters. Shipman’s multidisciplinary environmental team advises clients on not only existing EHS requirements, but also industry standards, and emerging developments with respect to environmental legislation, regulation, policy, and management on a national, regional and local level.
Land Use
Our experience in land use encompasses eminent domain, inverse condemnation, exactions and other constitutional property rights claims, affordable housing, fair housing, drafting and enforcement of regulations, historic preservation, mineral rights and earth materials, specific performance, landlord and tenant, common interest ownership communities, quiet title, tax appeals, and foreclosures. We represent clients before state and local agencies in administrative proceedings, and in civil actions in the state and federal trial and appellate courts, involving permitting, injunctions, compensation and damages, and enforcement. We represent businesses, associations, individuals, non-profits and government agencies in these matters.
Lease Restructuring
As a result of the COVID-19 crisis, both landlords and tenants are struggling to deal with the myriad issues arising under their leases, not least the uncertainty surrounding how businesses will use space following the crisis. Shipman’s cross-disciplinary team addresses all forms of leasehold obligations, including rent reduction, lease renewal, assignment/sublease, premises contraction and expansion, and lease termination. Our practice spans multiple asset classes, including retail, office, industrial, medical facilities, hotel, technology parks, and commercial airports, among others. Our team’s knowledge draws from lawyers across the firm, with practitioners from our real estate, litigation, restructuring, employment, insurance and tax practices working together to provide companies with sound business-focused legal advice.
Opportunity Zones
Shipman’s multidisciplinary Opportunity Zones Team includes Tax, Business and Finance and Real Estate lawyers experienced in advising clients on the federal Qualified Opportunity Zones program. The program, included in the Tax Cuts and Jobs Act of 2017, offers significant tax incentives to investors in specific investment vehicles formed to attract funding for projects and businesses.
Public and Private Partnerships
As a Connecticut-based firm, we are particularly proud of our Connecticut presence, and the firm has regularly represented many agencies and departments of state government for more than 30 years. These include the Office of the Governor, the Office of the Treasurer, the Office of Policy and Management (OPM), the Department of Construction Services, the Department of Transportation (DOT), the University of Connecticut (UConn), the Office of Legislative Management and others. The firm has also represented quasi-public agencies as either general counsel or special counsel, including the Connecticut Housing Finance Authority (CHFA); the Connecticut Health and Educational Facilities Authority (CHEFA); Connecticut Innovations, Incorporated (CI); the Connecticut Green Bank (CGB); the Capital Region Development Authority (CRDA); the Connecticut Health Insurance Exchange (CHIE); and the Connecticut Port Authority (CPA).
Real Estate Finance
Shipman represents both lender and borrower clients in a variety of financing arrangements including first mortgage financing, mezzanine financing, intercreditor and co-lender arrangements, CMBS, revenue bond and other tax-exempt financing, equity investment, including preferred equity, and secondary market transactions.
In addition to helping clients secure and originate financing, Shipman provides guidance when such financing requires modification, working out and enforcement.
Real Estate and Land Use Litigation
Our experience in real estate and land use litigation encompasses eminent domain, inverse condemnation, exactions and other constitutional property rights claims, affordable housing, fair housing, drafting and enforcement of regulations, historic preservation, mineral rights and earth materials, specific performance, landlord and tenant, common interest ownership communities, quiet title, tax appeals, and foreclosures.
Transactions
Our firm has a deep and varied team of experienced lawyers and paraprofessionals who devote their full time to complex real estate transactional matters, including:
- Commercial acquisitions, dispositions and other transactions
- Commercial financing backed by real estate
- Commercial leasing (including ground leasing and turn-key construction)
- Condominiums and other common interest ownership communities
- Conversion of underutilized real estate for last mile purposes
- Data centers and colocation facilities
- Development of affordable housing and supportive housing
- Easements, restrictive covenants, licenses and other interests in real property
- Eminent domain
- Environmental due diligence and risk management
- Foreclosure
- Historic preservation
- Historic Rehabilitation Tax Credit transactions
- Hotel and hospitality
- Low-Income Housing Tax Credit transactions
- New Markets Tax Credit transactions
- Opportunity Zones
- Property tax appeals
- Public/private redevelopment projects
- Title matters
- Syndications
- 1031 Like-Kind Exchanges
Experience
Real estate litigation
General
University of New Haven Purchase of 130,000 square-foot Building and 12-Acre Lot
Primary Contacts
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