Editorial: Real Estate in Georgia

01 April 2007

The city is now in the midst of its second real estate boom, spurred on by expanding business, tourism and residential growth (with population growth of 1 million in the past decade). Currently, 45 high-rises are proposed for the Downtown, Midtown and Buckhead districts; 16 are already under construction, and a further 16 have gained approval. Clearly deserving of its status as the commercial hub of the US south-east, Atlanta is also a thriving centre for commercial real estate, from which we highlight nine firms engaged in this highly competitive market. 

Making a strong claim for pre-eminence, King & Spalding LLP fields three attorneys in the chapter, led by the “extremely able” Mason Stephenson, whose recent credits include the formation of a series of strategic ventures between GE Real Estate and JPI, Storage USA, Cabot Industrial Trust and Kimco Realty Corporation among others. Previously leader of the commercial real estate team, Stephenson is now managing partner of the firm’s Atlanta office. He is joined by head of the real estate capital markets group, William Fryer, who divides his time between the Atlanta, New York and London offices. According to one source, Fryer has recently handled “some pretty complex real estate securitisations”. He has also acted in the $2.2 billion acquisition from Crow Holding Realty Partners III by GE Real Estate and related disposition to Kimco Realty, as well as the $4.8 billion acquisition of Arden Realty by GE Real Estate. Our research picked out Scott Arnold, who leads the firm’s team of real estate lawyers. He has been active in the formation of Brookdale Investors Five, with aggregate capital commitments in excess of $450 million, and Paladin Realty Latin America Investors II (aggregate capital commitments of $140 million), and advised in the sale of Brookdale Investors’ portfolio of 21 office properties (in excess of $550 million). Another firm represented here by a trio of lawyers is Kilpatrick Stockton LLP. Peter Glass, a senior partner in its capital markets practice, concentrates on representing domestic and international investors, REITs and financial institutions in all aspects of commercial, industrial and mixed-use real estate situated through the south-eastern US. Recent projects include BankAmerica Tower, SunTrust Tower, Monarch Center, and Tyco Healthcare Regional Distribution Center, to name but a few. Tim Carssow was described as “a very good lawyer with a great local development practice”; he also deals extensively with land use and troubled real estate projects. Andrew Kauss is another “highly regarded” lawyer, specialising in the development of major investment and corporate real estate projects, headquarters office leasing transactions and the organisation of investment funds for institutional investors totalling some $800 million in real estate assets nationwide. 

Powell Goldstein LLP can rely on the services of John Parks, one of the most frequently nominated attorneys. His practice covers commercial and corporate real estate matters, from acquisition, development, finance and leasing (landlord and tenant) to real estate issues arising out of mergers and acquisitions. Well-known thanks to his prolific writing, William Thompson was said to be “excellent for lending, and strong on the transactional side too”. His practice also includes zoning, debt restructuring and land use. 

Hyatt & Stubblefield was established in 1973 to represent the legal needs of condominium and homeowner associations. This original focus, supplemented by expertise in other aspects of real estate law, has allowed it to become “one of the leading sources of advice and counsel” in the city, and “a real player in the market”. Flying the flag on this occasion are Wayne Hyatt and Jo Ann Stubblefield, who both write and teach frequently on real estate law. One source said the firm should also be recognised for “obvious strengths in planned communities and resort development”. From Sutherland Asbill & Brennan LLP, we highlight Alfred Adams Jr and James Jordan. 

John Morris at Morris Manning & Martin LLP performed well in the research. A founding partner and senior member of the real estate group, his practice covers commercial and corporate real estate, including capital markets. John Griffin, of Troutman Sanders, also has a “broad practice” representing developers and investors in commercial real estate, including office and retail leases. He is a past chair of the firm’s commercial development and real estate investment practices. At Holland & Knight, Summey Orr was recommended for recent work on behalf of investors acquiring real estate interests in office and retail real estate in Georgia and other states, and for representation of developers in diverse projects across the US, usually with office and industrial uses. Another considerable aspect to his practice is advising borrowers in the negotiation of loans for large projects. Finally, this publication recognises Mark Rusche, from Alston & Bird LLP. He specialises in acquisitions and dispositions, joint venture work, senior housing transactions and commercial office leasing, and can count among his clients the likes of Bank of America, Equant, Northern Trust, HomeBanc, Six Continents Hotels, Fortis and Prudential Real Estate Investors.

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