Steven M. Lutt
Mr. Lutt represents owners, developers and private equity investors in a wide range of domestic and international joint venture, partnership, financing and distressed debt real estate transactions, as well as the acquisition, disposition, development, leasing and management of various classes of real estate, including commercial, industrial, energy, office, data center, hospitality, residential and mixed use properties. Additionally, Mr. Lutt represents clients in the hospitality sector in connection with joint ventures, acquisitions, dispositions, public, private and government sponsored financings, including acquisition and construction financings, resort development, and management agreements. He also represents private equity investors and other clients in a variety of domestic and international mergers, acquisitions, divestitures, joint ventures and restructurings.
On both domestic and cross-border transactions, Mr. Lutt works in close cooperation with White & Case lawyers in related areas, such as tax, bankruptcy, infrastructure/projects, power and disputes, as well as with lawyers throughout our worldwide network.
- PWM Property Management LLC in the sale of its interests in the commercial office tower located at 245 Park Avenue in New York City to an affiliate of SL Green Realty Corp., the largest landlord in Manhattan. The transaction was valued at approximately US$2 billion, including the assumption of US$1.76 billion of existing funded debt, the equitization of US$168 million of SL Green's existing preferred equity interests in 245 Park JV LLC, and the investment of US$68 million in cash to satisfy the obligations necessary to effectuate the restructuring.
- Aramco, one of the world's largest integrated energy and chemical companies, on its entry into an Equity Purchase Agreement with US-based automotive services provider Valvoline, Inc. to acquire Valvoline, Inc.'s Global Products Business for US$2.65 billion.
- Onward Energy, a portfolio company of J.P. Morgan Asset Management Infrastructure Investments Group, in its acquisition of two combined-cycle, gas-fired power generation facilities located in South Carolina and Maryland.
- Hertz Global Holdings, Inc. (OTCPK:HTZGQ) in the US$7.22 billion reorganization and recapitalization of the company in the context of the company's Chapter 11 proceedings.
- Altria Group, Inc. in the US$1.2 billion sale by its subsidiary, UST LLC, of its Ste. Michelle Wine Estates (Ste. Michelle) business to Sycamore Partners Management, L.P.
- A consortium composed of Brookfield Infrastructure, its institutional partners and GIC, Singapore's sovereign wealth fund, on the US$8.4 billion acquisition of Genesee & Wyoming Inc. (NYSE: GWR), a freight railroad owner and operator based in the United States.
- Motiva Enterprises in connection with its acquisition of Flint Hills Resources' chemical plant in Port Arthur, Texas.
- Quad-C Management, Inc. in its US$1.2 billion sale of AIT Worldwide Logistics Holdings, Inc., a leading global provider of transportation and logistics solutions, to The Jordan Company.
- Macquarie Infrastructure Corp. (NYSE: MIC) and its related entities in the sale of three businesses, including (i) the US$4.475 billion sale of its Atlantic Aviation business to KKR; (ii) the US$2.685 billion sale of International-Matex Tank Terminals to Riverstone Holdings LLC.; and (iii) the US$514 million sale of the MIC Hawaii businesses to Argo Infrastructure Partners, LP.
- Macquarie Infrastructure Partners in the acquisition of Netrality Data Centers from funds managed by Abrams Capital Management.
- Macquarie Infrastructure Partners and Uniti Group Inc. (NASDAQ: UNIT) with respect to the acquisition of Bluebird Network, LLC, the owner of an approximately 5,200-mile fiber network in Missouri and Illinois.
- A Middle Eastern institutional investor in connection with its (i) limited partnership investment in a multibillion-dollar mixed-use development project in the Hudson Yards district of New York City; and (ii) joint venture common and preferred equity investment in a US$400 million branded hotel and residential condominium project in the United States.
- A China-based investor in connection with:
- its US$270 million investment, as 80 percent equity partner, and first outside investor with leading world-wide developer for the development of a 1.3 million rentable square-foot property consisting of an office building and retail areas in the Hudson Yards district of NYC;
- its US$201 million investment, as 80 percent equity partner for the redevelopment of an existing high-profile property located in Brooklyn, NY into approximately 622,000 of new rentable square feet of office space to be overbuilt on existing retail portion of the property; and
- its acquisition of a 106-acre, 450,000-square-foot conference center in the New York suburbs, and in retaining a hotel/center manager to manage the property.
- A foreign investor in connection with:
- its investment in two joint ventures developing senior living facilities in New York City;
- its acquisition of a 49 percent stake in a real estate joint venture wholly owned by a US-based real estate fund, which retained a 51 percent interest. The JV holds a diverse group of real estate investments through its REIT subsidiaries; and
- its joint venture investment for an approximate 40 percent equity interest in a mixed-use office/retail/residential project in Austin, Texas.
- Carlyle Power Partners in the US$590 million acquisition of three natural gas-fired generation facilities in New England, known as Bridgeport Energy, Tiverton Power and Rumford Power.
- An international private equity fund based in Hong Kong, in its investments in joint ventures for two office tower projects and a luxury residential condominium project, all in New York City, and related divestitures from two of the projects.
- A Middle East-based sovereign wealth fund in its acquisition of two luxury hotels for an aggregate price exceeding US$400 million, with one hotel in Washington, DC and the other in New York City.
- FRHI Holdings Limited (FRHI), Qatar Investment Authority (QIA) and Kingdom Holding Company of Saudi Arabia in the US$2.9 billion stock-and-cash sale of FRHI, the parent company of luxury hotel brands Fairmont, Raffles and Swissôtel, to AccorHotels.
- HGA Real Estate US Invest LLC in connection with:
- its sale of five multi-family properties located in the Houston area and related partial defeasance of the mortgage loan secured by such properties; and
- its five refinancing loans issued by a large institutional lender in the aggregate amount of US$62.7 million, secured by five multi-family properties located in Texas and Maryland.
- UNIZO Holdings Company, Limited (formerly Jowa Holdings Company, Limited) in its acquisition of three office towers located in New York City with an aggregate purchase price of nearly US$400 million.