Editorial: Real Estate in Texas

01 May 2007

The firm covers all aspects of real estate for a wide range of clients, including Fortune 500 companies, public and private real estate investment trusts, domestic and foreign financial institutions and multinational companies. The firm’s practice was noted for its breadth and depth. “Superb” Sanford Weiner in the Houston office gained the most recommendations in this year’s research. Rated one of the “finest” real estate lawyers in the state, his experience includes leveraged and synthetic lease transactions, private placements, equity relationships, hybrid debt-equity transactions such as mezzanine loans and private placements. He recently represented private equity firms as real estate counsel, and as Texas finance counsel, on a $2.5 billion acquisition financing of a company that owns 11 power plants in Texas. Randy Jurgensmeyer was praised for his “innate feel for the market”, noted especially for structuring complex equity deals. Jurgensmeyer represents investment management firms such as ING Clarion Real Estate Securities LP as well as individual investors and REITs in forming joint ventures and acquiring, financing, developing, restructuring, selling and leasing shopping centres, office buildings, hotels, industrial parks and apartment complexes. Michael Boulden’s “well-rounded practice” includes construction and permanent lending on commercial real estate, forming and negotiating limited partnerships as well as handling financing for the acquisition and development of commercial real estate portfolios with direct security in real estate and mortgage loans. Dallasbased Paul Martin is the final partner at the firm to make the chapter. Head of the Dallas real estate group’s leasing practice, he “really knows what he’s doing” and represents several large developers and property managers in various lending, leasing, workout and sale transactions. He also acts for two Las Vegasbased developers of gaming, hotel, retail and office projects. 

Haynes & Boone LLP has a “first-rate practice”, one of the largest in the nation, that counts among its clients USAA Real Estate Company, Ericsson, L&B Realty Advisors and Crescent Real Estate Equities. Timothy Powers in the Dallas office was described as “very much a leading player”. He is chairman of the firm’s international practice group and has represented international investors in over $1 billion in real estate investments in the US. Anne Saegert, based at the Richardson office, is also recognised as being “at the top of her field”. She counts investors, publicly traded real estate companies, lenders, funds and corporate users among her clients. The “excellent” Steven Waters in San Antonio handles all property types and is particularly well known for his expertise in choice of entity and entity formation and in corporate facilities and lease transactions. “Top-notch” Robert Wilson completes the firm’s representation. With over 30 years of experience, he is “particularly strong at debt restructuring”, according to one contributor. 

The third firm to achieve four nominations is Baker Botts LLP, a firm whose real estate practice is “a force to be reckoned with”, dealing with high-end work for a wide array of blue-chip clients and an increasingly global focus adds to its existing national practice. The firm is reported to be “particularly strong on the leasing side”, with office tenant clients such as KPMG and PricewaterhouseCoopers. Robert Wright in Houston was found to be particularly “impressive” by interviewees. His practice focuses on commercial real estate and industrial transactions, with “a great deal of experience” in transactions involving large-scale industrial projects such as pipelines and chemical facilities. He recently represented a large medical clinic in its development of a new medical office tower near the Houston Medical Center. Fred Dunlop’s drive and acuity impressed his peers, with particular praise reserved for his involvement in the Houston and Dallas Galleria projects and his representation of a developer in the acquisition and redevelopment of a ski resort in Aspen. Praise was also heaped upon Jonathan Dunlay at the Dallas office – respondents found him to be “a great all round real estate lawyer”. He represents owners in connection with the acquisition, financing and disposition of office, shopping centre, hotel and apartment projects as well as working on leases, loans and restructurings. Recently, he represented an owner in the financing of office buildings with equity, first lien debt and mezzanine financing. 

Winstead PC possesses another large, highcalibre team equally equipped to deal with rapid development in times of growth and with demand for restructuring when the market goes the other way. Winstead lawyers have worked on matters such as the representation of a New York stock exchange-listed shopping centre developer, which owns over 230 properties for new centres. In the Houston office, Melvin Dow, “a seasoned and extremely well respected practitioner” has recently handled the joint venture of the firm’s client with a major life insurer for acquisition and ownership of a portfolio of shopping centres in Florida for approximately $350 million. He has also worked on a deal involving the sale of a student housing portfolio for around $250 million. Houston-based Greg Erwin’s 30 years of experience have brought him “great proficiency” in sophisticated deals. Edward Peterson in Dallas is particularly well-known for his condominium expertise and representation of institutions in restructurings of multistate portfolios and office and retail projects. 

Fulbright & Jaworski LLP fields “some major players” in its real estate team. John Hollyfield has built a wide-ranging real estate practice over 35 years, which includes lending, leasing, development, construction and sale and purchase of land. He is a faculty member of the American Law Institute- American Bar Association (ALI-ABA) and teaches courses on real estate finance and commercial leasing all over the country. In Houston, Jonathan Newsome is considered “highly competent, especially when it comes to mortgage lending or almost any type of lease”. Newsome is also well known for his work in hospital acquisition and development. Finally, the “resourceful and experienced” head of real estate at the firm’s Austin office, Robert Converse, has been “well-known for many years” in the Texas real estate community. He advises national and international businesses and developers on complex issues such as land use regulation and construction contract negotiation. 

Akin Gump Strauss Hauer & Feld LLP fields two individuals on the following pages. The firm’s clients include Apollo Real Estate Advisors and Wyndham International, for whom Carl Lee has done significant work. Lee leads the firm’s hospitality practice – and the Dallas real estate and finance practice – and he has significant experience in sophisticated real estate finance transactions as well as significant acquisitions and dispositions, including large multi-state portfolios. His colleague at the same office, the “very sharp” Randall Ratner, forms the other half of the Akin Gump contingent. Ratner is known for his experience in the development of office, hotel, industrial, and the representation of multi-family and retail projects as well as financing work such as securitisations and representing lenders and borrowers in loan restructurings. 

The second pairing in the chapter comes from Thompson & Knight LLP, a firm that offers a full range of real estate services in “a real team atmosphere”. Lawrence Hicks is noted for his representation of lenders as well as his work for retail clients in transactions such as ground leases and foreclosures. He is also regional real estate lending counsel for Nationwide Life Insurance. His colleague, the “outstanding” Harry Roberts, focuses on work for lenders and developers, and complex transactions involving factors such as leasebacks and exchanges. He recently represented the vendor of the largest office building in Dallas. 

A number of firms boast notable individuals in Texas. DLA Piper is one such firm, its real estate practice has strong cross-border links and offers a full range of services. In Dallas, the “technically brilliant” Philip Weller is considered “one of the best lawyers in the state” by peers, who consider his judgement to be “second to none”. In 2006 he assisted in the acquisition of the 1400 Smith Building in Houston for Brookfield Properties. 

Graves Dougherty Hearon & Moody PC is a “well-respected” firm based in Austin. Its clients include Alamo Drafthouse Theatres – Downtown & Village, Texas General Land Office and KB Homes-Austin. Terry Bray is chair of the real estate and environmental and considered a “remarkable talent”, who commands respect, especially for his expertise in entitlements and permits for development projects. Hunton & Williams LLP recently bolstered its presence in Texas with the hiring of 93 lawyers from Jenkens & Gilchrist. The firm was noted for its “fast-expanding mixed development and corporate real estate” services. “Top-notch” James Wallenstein “deserves recognition” and was particularly praised for his work in development and joint-venture transactions. 

Robert Harms Bliss is “a highly respected sole practitioner” and a former chair of the real estate, probate and trust law section of the State Bar of Texas. He specialises in commercial landlord-tenant law and real property litigation. Billie Ellis at Locke Liddell & Sapp LLP, former co-founder and managing director of The Halifax Group, a $200 million private equity fund, is highly recommended for his “wide-ranging clientele”. His practice covers a wide spectrum of transactions including the acquisition, financing development and sale of all types of properties and companies. Recently, he represented a client in connection with all facets of the acquisition, financing and construction of the largest biodiesel plant in the US. Mayer Brown Rowe & Maw LLP represents clients such as GEM Realty Capital and Carousel Capital. Marvin Katz in Houston “enjoys a very good reputation, especially regarding land use” according to peers, who consider him to be “the go-to man at the firm”. The final practitioner we look at hails from Jackson Walker LLP, a Texas firm with a strong regional presence and “a great rapport with clients”. Kurt Nondorf leads the real estate practice in Houston, and is renowned for his transactional knowledge and for his position as primary real estate counsel to the Texas Medical Center.

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