Andrew D. Small, P.C.
Overview
Andrew has extensive experience in commercial real estate advising real estate investors, funds, finance companies, sponsors and operating companies on private equity capital raising, finance (including preferred equity and mezzanine), investment and development of commercial real estate. He also advises on the formation of joint ventures to own, operate, develop and finance global real estate. He regularly represents lenders with participations, modifications, originations and workouts of commercial real estate financings.
Andy is frequently recognized as one of the nation’s top real estate attorneys. Andy has been ranked Band 1 for Real Estate in Illinois in the 2022–2025 editions of Chambers USA and is one of six attorneys in this band in the most recent edition. In the Chambers guides, clients have noted “he is a top choice for legal matters,” “Andy is excellent in providing guidance and executes swiftly,” “he is one of the true leaders in real estate in Chicago” and that “he's very pragmatic and has a business-minded approach.” Andy is also an Adjunct Professor at The University of Chicago where he teaches the “Real Estate Transactions” course.
Experience
Representative Matters
Represented TPG Real Estate in its acquisition of 100% of membership interests in Caesars Linq, LLC, the owner of the Linq Promenade in Las Vegas, NV, and the associated joint venture and financing.
Represented TPG on its joint venture with retail operator Acadia Realty Trust in connection with the $424.4 million acquisition of The Shops at Skyview in Queens, New York, and a related mortgage loan.
Represented real estate private equity firm in its $1 billion programmatic joint venture with a multifamily real estate developer for the acquisition of a seed portfolio and programmatic joint venture to acquire additional assets.
Represented SpareBox on its $485 million CMBS refinancing of 108 self-storage properties across nine states.
Represented TPG Real Estate on its joint venture with Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, in which TPG acquired majority stake in three stabilized hyperscale data centers in Northern Virginia and the related financing thereof. The three hyperscale data centers were contributed to the joint venture at an aggregate value of $1.5 billion.
Represented KKR and an acquiring consortium including Global Infrastructure Partners, in the acquisition of all outstanding shares of common stock of CyrusOne Inc. (NASDAQ: CONE), a premier global data center REIT, for $90.50 per share in an all-cash transaction valued at approximately $15 billion, including the assumption of debt.
Represented StorageMart in its acquisition of Manhattan Mini Storage LLC and its subsidiaries. The purchase of Manhattan Mini Storage includes the entirety of the company's 18 self-storage real estate locations throughout Manhattan.
Represented client in the formation of a new single family rental platform that will acquire, lease and operate single family rental properties.
Represented Atrium Hospitality in its business combination with Alpine Acquisition Corp., a publicly traded SPAC.
Represented Carlyle Global Credit on the acquisition and financing of iStar Inc.’s net lease business for an enterprise value of approximately $3 billion consisting of more than 220 assets in 25 states.
Represented Cerberus Capital Management, L.P., in its joint venture with affiliates of Highgate, a leading real estate investment and hospitality management company, on the acquisition of CorePoint Lodging Inc., a pure play select-service hotel owner strategically focused on the midscale and upper-midscale segments, for approximately $1.5 billion.
Represented KKR on its sale of a 14.5 million square foot infill and light industrial portfolio for approximately $2.2 billion.
Represented TPG Real Estate Partners on its acquisition of Cinespace Studios in Chicago and Toronto. Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses.
Represented Equity Residential on its $1.9 billion strategic partnership with luxury homebuilder Toll Brothers Inc. to acquire and develop new rental apartment communities in key U.S. markets
Represented Cerberus Capital Management in joint venture to acquire six hotel portfolios from Colony Capital, which included the assumption of approximately $2.7 billion of mortgage and mezzanine debt
Represented Nuveen in the acquisition of approximately $3 billion of warehouse, logistics and distribution centers from Blackstone
Represented KKR & Co. LLP in establishing a new investment platform to acquire industrial assets throughout the United States, including the acquisition and financing in excess of $1 billion of such assets
Represented KKR & Co. LLP in joint venture, acquisition and financing of numerous multi-family, retail and office projects
Represented private investment fund in joint venture, acquisition and financing of in excess of $1 billion of single family home rental assets
Represented private investment fund in $500 million financing of a portfolio of single family rental homes
Represented public REIT in joint venture, ground lease and development of ground up multifamily project
Represented TPG in numerous joint ventures across various asset classes including single family rental, single family build to rent, industrial/distribution, single tenant office, multi-tenant office and lab and life science. Representation includes acquisitions, dispositions, joint ventures and financing matters
Represent Macquarie Capital in joint ventures to acquire multi-family, office and condominium assets
Represented public home builder in $200 million construction financing and $75 million preferred equity investment in several west coast multifamily development projects
Represented Blackstone in acquisitions and dispositions of in excess of $2 billion of industrial and office assets. Represented Blackstone in ground up development of logistics and distribution assets throughout the United States
Represented private investment fund in joint ventures, acquisitions and financings of numerous skilled nursing, assisted living, independent living and hospital assets having a value in excess of $1 billion
Represented Atrium Hospitality in acquisition, disposition and financing of in excess of $3 billion of hotel assets throughout the United States
Represented private equity real estate fund in the entering into of a programmatic joint venture to acquire grocery anchored shopping centers including the simultaneous acquisition and financing of six (6) such projects located in the Southeastern United States
Represented self-managed integrated commercial real estate investment and asset management company organized as a public real estate investment trust in the restructuring of in excess of $2 billion of senior and mezzanine financing
Represented U.S. real estate hedge fund manager in various debt acquisitions, restructurings and sales
Represented MSR Resort Golf Course LLC in the $1.7 billion sale of various iconic hotel properties
Represented diversified real estate investment firm in connection with in excess of $1 billion of debt acquisitions and restructurings
More
Recognition
Recognized in The Best Lawyers in America, 2006–2026
Recognized in Chambers USA, America’s Leading Lawyers for Business, 2004–2025
Recognized as one of “500 Leading Global Real Estate Lawyers” by Lawdragon, 2024–2025
Recognized in The Legal 500 United States for Real Estate, 2013–2015, 2017, 2019–2024
Recognized in The Legal 500 United States for Real Estate Investment Trusts, 2024
Recognized as an "Illinois Super Lawyer" by Super Lawyers magazine, 2006–2016
Memberships & Affiliations
American Bar Association
Chicago Bar Association
Credentials
Admissions & Qualifications
- 1989Illinois
Education
- University of Chicago Law SchoolJ.D.1989
- University of MichiganB.B.A.1986