Michael Shultz

Recent Data Center Transactions

• Represented Blue Owl in $27 billion joint venture and lease with Meta Platforms, Inc. for the development of the Hyperion data center campus in Richland Parish, Louisiana.
• Represented Blue Owl in $15 billion joint venture with Crusoe Energy Systems for the development of a 1.2 GW AI data center campus comprised of eight buildings and a total of 32 data halls, located in Abilene, Texas, and long-term leased to a Fortune 100 hyperscaler tenant, together with construction loan financing totaling $9.4 billion of proceeds.
• Represented CoreWeave (Nasdaq: CRWV) in its proposed $9 billion acquisition of Core Scientific (Nasdaq: CORZ), a provider of data center infrastructure

Recent Real Estate Transactions

• Represented Blue Owl in acquisition, joint venture and ground lease of the former U.S. Steel South Works site in Chicago, for development of the Illinois Quantum and Microelectronics Park (IQMP), including an anchor build-to-suit lease to PsiQuantum for a quantum computing facility.
• Represented Brookfield on securing a $1.88 billion refinancing for the Atlantis hotel resort and casino located in the Bahamas.
• Represented Bridge Industrial in a $430 million CMBS refinancing of two warehouse and distribution facilities in Rancho Cucamonga, California.
• Represented self-storage real estate fund in $172 million acquisition facility.
• Represented buyer in $224 million sale-leaseback of portfolio of life science and agricultural facilities.
• Represented Blue Owl in $192 million sale-leaseback with Western Digital and financing of a semiconductor manufacturing facility located near San Jose, California.
• Represented buyer in multiple sale-leaseback transactions with regional banks across five states, totaling more than $300 million.
• Represented buyer in $111 million sale-leaseback for microchip research and development facility.
• Represented Blue Owl in $15 billion acquisition together with GIC of STORE Capital Corporation (NYSE: STOR).
• Represented Blue Owl in acquisition and ground lease to Bally’s Corporation of the Chicago Tribune’s Freedom Center printing plant located in Chicago, where Bally’s plans to construct and operate a flagship casino, hotel and entertainment complex.
• Represented KKR and Consortium in $15 billion acquisition of CyrusOne Inc. (Nasdaq: CONE), including two committed, secured real estate financings totaling $9 billion.
• Represented Borrower in $425 million CMBS financing of office, retail and industrial portfolio.
• Represented Borrower in $417 million CMBS financing of a portfolio of 45 properties across various asset classes, including grocery stores, offices and distribution centers.
• Represented private hotel company in connection with $336.5 million CMBS financing of Waikiki Beach Marriot Resort & Spa.
• Represented private hotel company in connection with its purchase and financing of 24 hotels utilizing a $635 million CMBS loan pursuant to an approved bankruptcy plan.
• Represented private equity firm in $530 million CMBS financing of industrial portfolio.
• Represented self-storage real estate fund in $200 million acquisition facility.
• Represented Buyer in $300 million sale leaseback of 3 property portfolio of research and development and manufacturing properties
• Represented KKR in numerous acquisitions of self-storage properties, totaling more than $500 million in the aggregate.
• Represented Buyer in $1.1 billion sale-leaseback with retailer, and CMBS financing, of portfolio of 74 supermarket and shopping center properties located in California and Nevada.
• Represented Buyer in $355 million sale-leaseback with restaurant chain for 126 restaurant properties located in 27 states.
• Represented Buyer in $725 million sale-leaseback with retailer for distribution centers.
• Represented Buyer in $267 million sale-leaseback with retailer for its corporate headquarters, a distribution center and 13 retail properties.
• Represented LaSalle Investment Management in $154 million acquisition of multifamily residential development located in Florida.
• Represented LaSalle Investment Management in $90+ million acquisition of medical office property, including $45 million loan assumption.
• Represented Seller in $1.3 billion sale of 100 retail, office and industrial assets located in 20 states.
• Represented QuadReal Property Group Limited Partnership in a $400 million equity commitment to a programmatic joint venture with Mill Creek Residential Trust LLC to develop multifamily projects in select supply-constrained, high barrier-to-entry submarkets in the U.S.
• Represented U.S. private equity fund in connection with its $300+ million acquisition and financing of self-storage portfolio.
• Represented Funds managed by Oaktree Capital Management, LP in its joint venture with affiliates of Ascendant Capital Partners to invest in Watermark Lodging Trust, Inc.
• Represented PIMCO in $500+ million programmatic joint venture to acquire and operate hotel properties.
• Represented QuadReal Property Group Limited Partnership in a $380 million equity commitment to a programmatic joint venture to develop manufactured housing projects.
• Represented U.S. private equity fund on $140+ million acquisition and financing of two best-in-class hotel properties.
• Represented U.S. private equity fund on $110 million acquisition and financing of historic large office campus.
• Represented LaSalle Investment Management in a programmatic joint venture with a leading national developer and operator to acquire up to $500 million in single-family rental homes, including the acquisition of a $200+ million seed portfolio.
• Represented buyer in $248 million acquisition and financing of office building in Miami, FL.
• Represented buyer in $174 million acquisition and financing of portfolio of 27 industrial properties.
• Represented a department store in connection with its strategic alliance agreement with a publicly owned asset management company to pursue development opportunities for approximately 50 real estate assets owned or ground leased by the department store.
• Represented leading investment management firm in its $540 million acquisition of the Times Square DoubleTree hotel from Sunstone Hotels 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 Caesars Entertainment Operating Co. Inc. 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 owns, 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.