REITs and Limited Partnerships
Wolf Haldenstein is uniquely qualified to represent investors, investment funds, investment managers and entrepreneurs in all matters concerning Real Estate Investment Trusts (“REITs”), limited partnerships and other direct investments. We are equipped to handle: (1) formation of investment and syndication vehicles, (2) transactions involving direct investments in entities that are not publicly traded, and (3) class action and derivative litigation on behalf of REIT shareholders and limited partners.
Owners or syndicators of valuable real estate assets need to navigate the complex regulatory and financial environment in deciding whether to utilize REITs, Limited Liability Companies (“LLCs”), partnerships, tenancies in common (“TICs”), or other direct investment vehicles. We devise syndication or investment vehicles, for both public and private offerings, that best suit our clients’ tax and other financial objectives. Through our full service practice, the firm helps our clients address problematic conduct by management without resort to litigation, such as through the submission of shareholder proposals. We think strategically in urging management to take steps designed to maximize the value of our clients’ investments. We also represent investors seeking to acquire either minority or controlling interests in REITs and limited partnerships.
The firm has also acted as special counsel to investors’ committees in efforts to assert the investors’ interests. For example, the firm served as Counsel to the Courtyard by Marriott Limited Partners Committee for several years in its dealings with Host Marriott Corporation, and as Special Counsel to the Windsor Park Properties 7 and 8 limited partners to ensure the fairness of their liquidation transactions.
Our litigation department has been a leader in REIT and limited partnership class and derivative actions, including those involving the Empire State Building roll-up, Inland Western, CNL Hotels, Lehman Brothers, Paine Webber, Insignia (DeForest Tender Offer), General Electric (Polaris Aircraft), Cencom (cable TV), Jones Intercable, Nooney and Sierra Pacific (American Spectrum roll-up), McNeil Real Estate, Realmark, Damson Birtcher, Real Estate Associates (NAPICO roll-up) and Marriott (Marriott Hotel Properties, Atlanta Marriott and Courtyard by Marriott). In addition, we have brought numerous private cases throughout the nation demanding inspection of corporate and partnership information, including: Gramercy Park Investments v. Airfund International, No. 97-22734B (Super. Ct. Mass.); Gramercy Park Investments v. The Krupp Realty Fund, No. 97-1612 (Super. Ct. Mass.); Geodyne Resources v. Gramercy Park Investments, No. CJ-96-05548 (Dist. Ct. Okla.); Gramercy Park Investments v. Wells Real Estate Fund, No. 97-A-0241-3 (Super. Ct. Ga.); Gramercy Park Investments v. Swift Energy, No. 96-61729 (Dist. Ct. Tex.); and Lexington Family Investments v. Dean Witter, No. 15217-96 (Sup Ct. N.Y.). We bring or defend any kind of litigation dictated by our clients’ needs.
Wolf Haldenstein partner Lawrence P. Kolker has spoken at numerous conventions and seminars sponsored by the Investment Program Association, the primary trade organization of the REIT and limited partnership industry. He has also published articles concerning limited partnerships in Standard & Poors’s Review of Securities and Commodities Regulation.