Daniel J. Perlman, P.C.

Equity Group Investments in its cooperation with activist investors Corvex Management and Related Fund Management to replace the board of directors of Commonwealth REIT (now known as Equity Commonwealth). Dan assisted the client in reorganizing its capital structure and internalizing the management of its externally managed REIT for a public company that owned in excess of 45 million square feet of office space. Dan also represented Equity Commonwealth on a $1.15 billion credit agreement.

Leading healthcare REIT in its definitive agreement to acquire substantially all of the life science and medical real estate assets of Wexford Science & Technology, LLC, from affiliates of Blackstone Real Estate Partners VIII L.P. for $1.5 billion in cash. The acquisition will add a related business line to the client’s diverse portfolio with 25 class-A assets that are leased by leading universities, academic medical centers and research companies.

Equity LifeStyle Properties, Inc. on the vast majority of its acquisitions, mergers, joint ventures, property-level financings and corporate-level financings since 1996. During this period, ELS's market capitalization grew from $300 million to over $13 billion.

Caesars Entertainment Operating Co. Inc. (“CEOC”) in real estate matters in connection with its Chapter 11 restructuring. CEOC, a majority owned subsidiary of Caesars Entertainment Corporation, provides casino entertainment services and operates or manages 44 gaming and resort properties in 13 states and five countries primarily under the Caesars, Harrah’s and Horseshoe brand names. CEOC and its debtor subsidiaries had more than $18.4 billion in funded debt obligations as of the commencement of its Chapter 11 cases. Representation included the spin-off of Vici Properties, Inc., creating one of the largest public gaming property REITs.

JLL Income Property Trust (public, non-traded REIT) on the acquisition and joint venture of the vast majority of its $7 billion real estate portfolio and in obtaining numerous property-level financings. In addition, worked on transforming client into an "UpREIT" and on several "OP Unit" deals. Represent client on all credit line financings.

Washington Prime Group in its Chapter 11 restructuring including modifying over $1 billion of secured loans, negotiating modifications with its lead joint venture partner on over $1 billion of assets to prepare for the Chapter 11 filing and negotiating a DIP financing and pre-arranged corporate level financing for the emergence of the company.

Macy’s, Inc. in obtaining more than $4 billion of additional liquidity in response to the impact of the COVID-19 global pandemic on the company and the retail industry. The transactions consist of $1.3 billion in bonds secured by the company’s top mall assets and distribution centers, and a $2.8 billion ABL facility and an additional $300 million bridge commitment secured by Macy’s inventory. The bonds are secured by mortgages and deeds of trust on 48 of Macy’s top flagship assets, mall assets and distribution center assets, which 48 assets were transferred by Macy’s to new wholly-owned propco entities formed for the purpose of the bond financing transaction to hold the assets and guarantee the bonds and which propco entities, as landlords, entered into a new master lease of these assets to various Macy’s operating entities. The proceeds of the financing, which was announced on May 26, 2020, helped Macy’s retire certain upcoming debt maturities and fund its operations during the pandemic.

Realterm Asset Management, LLC on the formation of its first co-investment fund, capitalized by certain investors of its open-end Realterm Income Logistics Fund (RLIF) and other new third party investors, the acquisition by RLIF and the co-investment fund of a 49% ownership interest in a portfolio owned by JPMorgan Investment Management, and on the terms of the new joint venture arrangement between Realterm and JPMorgan. The joint venture owns a portfolio of 61 industrial logistics assets located throughout the U.S. and is valued at $1.17 billion. Realterm assembled and has managed the portfolio since its inception and will continue to manage the portfolio as an RLIF investment pursuant to the new joint venture arrangement.

Core Spaces in a platform development joint venture with GIC and Harrison Street Real Estate Capital, under which the members made aggregate capital commitments of over $1 billion. The venture is expected to acquire and develop in excess of $3 billion of single-family rental projects in major growth metropolitan areas throughout the U.S.

Leading investment management firm in its $540 million acquisition of the Times Square DoubleTree hotel from Sunstone Hotel Investors Inc. as the first phase of the client’s $2 billion mixed-use redevelopment project. Kirkland will continue to represent the client on the future phases of redevelopment. Represented client in purchasing the fee interest from its ground lessor and in obtaining $1.7 billion of construction financing.

Aeroterm US in its acquisition of more than 120 airport logistics assets located in the United States and Canada for approximately $900 million and in the formation of its open-end fund for add-on acquisitions and developments.

Realterm Logistics Fund II in a sale of all its assets in a single transaction for $945 million. Dan also represented Realterm Logistics Income Fund (Realterm’s open-end core fund) in forming a 50/50 joint venture with JP Morgan Investment Management to acquire and operate the portfolio of logistic assets. Realterm’s management company will continue to manage and operate the 22-property portfolio for the joint venture.

Leading healthcare REIT in connection with its agreement to acquire privately owned Ardent Health Services for $1.75 billion in cash. Ardent is one of the 10 largest for-profit hospital companies in the United States.