2A — February 24 - March 9, 2017 — M id A tlantic
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Immediate Action Required • Offers currently being considered Portfolio of Environmentally ImpactedDevelopment Sites Three Sites Located in New Jersey BANKRUPTCY SALE (Subject to Bankruptcy Court Approval) Offer Deadline: March 22, 2017 n Kearny, Hudson County, NJ – Belleville Turnpike 28.65 Acres Across 4 Parcels n Kearny, Hudson County, NJ – O’Brien Road 6.76 Acres Across 5 Parcels n Newark, Essex County, NJ – 5.82 Acres Across 2 Parcels All Environmental Issues Have an Active Responsible 3 rd Party
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman AVP/Conference Producer ........................................Lea Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Associate Publisher ....................................................... Kim Brunet Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Contributing Columnists . ... David C. Freinberg, Anupam Goradia
David C. Freinberg
At torneys Need to Leave Egos at the Door in Commercial RE Deals
Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices
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W
hen attorneys leave their egos at the door and work with
REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
brokers as a team on commer- cial real estate deals, they are more likely to deliver better results for their clients, advises David C. Freinberg, a share- holder in national law firm LeClairRyan, in a Feb. 2 column published by GlobeSt.com. But that doesn’t mean it al- ways works that way. “In my 30-year career, I have run across plenty of lawyers who, perhaps out of arrogance or shortsightedness, deem- phasize collaboration,” writes Freinberg, who is based in the firm’s Newark office. “Operat- ing as though they were being handed a baton in a relay race, they essentially say to the bro- kerage team, ‘Thanks. I’ve got it from here.’” In the column (“There’s No ‘I’ in ‘Lease’”), Freinberg notes that giving short shrift to col- laboration is a mistake, espe- cially when it comes to large- scale deals. The former LeClairRyan CEO, who returned to his real estate and corporate practice at the firm last year, cites a deal in which he worked closely with his client’s broker to help a For- tune Global 100 company nego- tiate the lease for its U.S. head- quarters. “The negotiations were lengthy and complex,” Freinberg writes. “Fortunately, the broker I worked with was outstanding. We worked closely to dig into the details, structure the economics of the transaction and carefully consider business
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issues as they affected legal considerations in play.” The teamwork involved hud- dling with the client’s business- people to develop solutions that ultimately led to a very positive outcome, Freinberg writes. “By contrast, a silo-style ap- proach (‘I’ll take it from here’) would have sharply limited the amount of knowledge, as well as the multiplicity of perspec- tives, available to the client,” he noted. “Why do that?” In the column, Freinberg advises that neither brokers nor their clients should accept a truncated relationship with the legal team. When attor- neys and brokers collaborate, they make each other’s jobs easier and raise the overall quality of strategic analysis and intel, he explains. “If you get a sense that an attorney you plan to work with fails to appreciate the value of collabo- ration, think carefully about the potential implications,” Freinberg counsels. After all, brokers bring mar- ket intelligence to the table, he notes. “When the negotiations get heated, for example, a good tenant rep can honestly say to the prospective landlord, ‘Listen, I live and breathe this
market and am aware of a number of other viable sites. Your property is not the only game in town,’ “Freinberg writes. On the landlord side, a good broker understands how well or poorly competing properties in the marketplace are actu- ally performing; has a realistic grasp of tenant expectations; and knows the prevailing con- cessions typically demanded by tenants and granted by landlords in the marketplace, Freinberg said. Meanwhile, the attorney needs to bring a lot to the table as well with respect to legal and negotiating skills, creativ- ity, efficiency, technological savvy and other value-adds, Freinberg advises. “Simply put, an unwilling- ness to collaborate is a red flag—a sign that the lawyer could be stuck in an old men- tality based on maximizing billable hours rather than competing through superior service and providing value to the client,” he writes in the con- clusion to the piece. “Forward- thinking brokers and attorneys alike should see large-scale, high-stakes deals as a team sport—and play to win.” n
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