1M DEVELOPMENT APPLE LEASE

The client, a non-for-profit entity, was a tenant in two floors at the John Hancock Center in Chicago, Illinois. They had spent several years seeking a developer that could build them a new headquarters building for purchase, with offices, a conference center and a parking structure. A major problem was that they had several years to run on their existing lease. After some time, the client selected the developer and location in Oak Brook Terrace, Illinois,...

This was another build to suit deal, yet even more complicated. In this case, the client being a C Corporation, owned its own buildings on Fullerton Avenue from which it was conducting its trade school. They wanted to move into a new, modern space and realized the appreciation of the value of their property. They also wanted to defer capital gains and taxes on their disposition of the Fullerton property. ...

This was a very long-term project. With Mr. Saltz' assistance the client acquired approximately 40 acres of land in Westchester, Illinois with the intent to develop five interconnected 10-story buildings for a mixed-use project containing about 1.2 million square feet of office and retail space. After he closed on the acquisition, the client's wife was diagnosed with a virulent cancer and the client ceased any further work on the project to care for her until her death when...

This was an extraordinary transaction. It first surfaced in April 2007 when a letter of intent was negotiated between the client and Apple, Inc. for a ground lease at the corner of North Avenue and Halted Street in Chicago, IL. Nothing further transpired for some time. When the transaction heated up, the client had to buy the location, which was at the time owned by BP and operated by an independent operator. The client had negotiated and signed the contract with BP, which had many provisions regarding the environmental...

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Commercial Real Estate Lawyer

Sidney G. Saltz