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From Almanac Realty Investors Merritt Properties secures additional capital investment up to $40 million

ISSUE HIGHLIGHTS Volume 30, Issue 2 Jan. 26 - Feb. 8, 2018 SPO TLIGHTS ECONOMIC DEVELOPENT

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working relationship with the Merritt Properties team over the past 20 years. We very much look forward to our continued association with this talented organization.” “We are thrilled to work with Almanac as we enter our next phase of expansion, building upon our partner- ship’s history and success,” said Scott Dorsey , CEO of Merritt Companies. “We have a company that’s been around for 50 years, and we want to position it to be around for another 50 years. This is not only about our company’s growth, but the growth of our customers, employees and future partners, which adds to our sense of optimism and desire to be opportunistic.” Merritt Properties owns and manages nearly 16 million s/f maintains ownership of 16 commercial office properties totaling over 4 million s/f, as well as five major development projects, in Washington, DC, Maryland, and Virginia. Upon completion, these projects will add an additional 2.4 million s/f of trophy-quality office space to the company’s portfolio. Carr Properties has been a long-time client of Stroock. This transaction, which had unique tax and REIT aspects to it, necessitated the involve- ment of numerous disciplines, including corporate, real es- tate, tax, ERISA and environ- mental. Stroock’s 85-member na- tional real estate group helps clients structure, negotiate and close some of the country’s largest commercial real estate transactions including: the development and recapital- ization of 10 Hudson Yards in NYC; the redevelopment of the former Washington Post site in the heart of Washing- ton, DC; the sale of 1285 Av- enue of the Americas located

of central business district (CBD) and suburban class A and single-story office, flex and industrial warehouse, manufacturing and distribu- tion facilities, high-tech data centers, mixed-use develop- ments and retail locations. This portfolio, which is 94% occupied, includes approxi- mately 1,200 customers rang- ing from local, owner-occupied spaces to national and inter- national Fortune 500 com- panies. “Expanding our relation- ship with Almanac through this deal will fuel continued growth for our company,” said Merritt. “Most importantly, we have a lot of talented employees whom we consider family, and we want to provide them with opportunities for years to come.” n in Rockefeller Center; the sale of the Southeast Financial Center, an iconic office build- ing in downtown Miami; the recapitalization of the Cen- tury Plaza Towers, the most recognizable trophy office com- plex in the Century City area of Los Angeles; the disposition of Two Independence Square serving as the headquarters for NASA in Washington DC; the 1.9 million s/f mega-proj- ect of Essex Crossing on the Lower East Side of NYC; the acquisition of the Department of Veterans Affairs Hospital in Loma Linda, CA and the redevelopment of the World Trade Center site in Lower Manhattan. Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of lead- ing financial institutions, mul- tinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Mi- ami and Washington, DC. n

ship with Almanac dates back to 1997 when we entered into an eight-year partnership with a $75 million commitment,” said Robb Merritt , president of Merritt Companies. “Twenty years later, we are continuing that initial partnership with the same individuals and same company—that’s a rarity.” Based in New York, Alma- nac is a leading provider of growth capital to private and public real estate companies. Founded in 1981, originally under the name Rothschild Realty, the group has com- mitted over $4.8 billion to 39 companies pursuing a wide array of real estate opportu- nities. D. Pike Aloian , a partner at Almanac added, “Almanac has enjoyed both excellent in- vestment results and a great Hetz Properties and Invest- ments Ltd. and institutional investors advised by JPM- organ Asset Management are the lead investors in Carr Properties. According to the terms of the deal, Clal Insurance funded a $300 million convertible debt note to Carr Properties. The debt will convert into Carr Properties’ equity by August 2018. Stroock corporate partner Bradley Kulman led the deal team, which consisted of law- yers from the firm’s New York, Washington, D.C., and Miami offices, and also included part- ners Jeff Keitelman and Ste- ven Moskowitz (real estate), and Mayer Greenberg and Micah Bloomfield (tax), as well as associates Deborah Bernstein , Daniel Marti- nez, Jonathan Konig and Kelly Booker , and law school graduates Lauren Swanson and Natalie Lin . Carr Properties is a private- ly held real estate investment trust in the greater Washing- ton D.C. area. The company

ALTIMORE, MD — Merritt Proper- ties has entered into

a n a g r e e - ment wi th an inves t - ment fund m a n a g e d b y A lma - nac Realty Inves tors (Almanac) , under which

Section C

PROPERTY MANAGEMENT

Robb Merritt

the fund has committed up to $400 million of capital. It is expected that the investment will allow Merritt Properties to grow its portfolio by 20 to 30% through the acquisition, development and redevelop- ment of primarily industrial properties in the Baltimore- Washington corridor and other target markets. “Our long-standing relation-

Section B

THE AZARIAN GROUP ENTERS INTO 17 NEW LEASES

Corporate partner Bradley Kulman leads deal team Stroock reps. Carr Properties inConvertible Debt Investment by Clal Insurance Ent.

NEW YORK , NY — Stroock represented private real estate investment trust

6A

Carr Prop- erties in a $300 million convertible debt invest- ment by Clal I n s u r a n c e Enterprises H o l d i n g s Ltd. Alony

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Bradley Kulman

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