Tel: 804.864.1100

Tel: 804.864.1100

Recent GreeneHurlocker News

Richmond’s Commercial Real Estate Market Still Robust

GreeneHurlocker’s commercial real estate attorneys, Andy Brownstein and Jared Burden, along with more than 200 real estate industry colleagues, attended the Greater Richmond Association for Commercial Real Estate (GRACRE)’s 2020 Real Estate Market Review on February 18, 2020. What’s the verdict on the health of the local commercial real estate market in the Richmond MSA? Good, with few reservations.

Among the six speakers we heard plenty of optimism about the area’s ability to absorb more commercial real estate space, including apartments, office, industrial and hospitality. However, a consistent them was that is both finite demand, given the middle-market nature of Richmond’s business environment, and finite supply, given the lead time (up to 36 months) in developing commercial property. As a result, given shifting interests rates and other financing considerations, projects will have to be carefully planned and developed.

News coverage in the Richmond Times-Dispatch of the event is here.

Richmond’s rise in the Metropolitan Statistical Area ranking (now 45th) due to its population growth (1.3 million), of which 54% are of prime working age, along with relatively constant rates of space absorption, suggests commercial development has not reached saturation. Even older office developments, such as Innsbrook, are getting seeing good demand rents due to redevelopment and improvement of old commercial stock.

If there was one property class that is especially hot, it would be multifamily. Eric Phipps of SNP Properties cited properties in Scott’s Addition and Manchester as continuing to be in very high demand. He also suggested that the West Broad Street corridor and Jackson Ward to be ripe for future commercial development, and that Richmond could consistently absorb 1,500-2,000 a year for the next few years.

Nick Patel of Kalyan Hospitality discounted the potential for multiple casinos to be developed in Virginia in the short term, even if the proposed development in Richmond goes forward, but said he felt up to 1,000 additional rooms could be built in the greater Richmond market. He did not believe the downtown hospitality market would not see any luxury hotel development until average room rates approached $200, up from approximately $150 today.

While retail is still a challenging asset class, there are a number of exciting projects underway in the Richmond area, including the redevelopment of Regency Square and Virginia Center Commons, Carytown Exchange and the Sauer Center, showing that there is still an appetite for retail development under the right circumstances. Nikki Jassey provided a window into the shifts created by the rise of Amazon and different approaches taken by retail tenants and developers.

Finally, there remains a strong demand for industrial properties, especially along the interchanges of Interstates 295 and 64 and Interstates 295 and 95. We have benefited from strong local transportation infrastructure as well as the growth of data center demand without the downsides of locating in Northern Virginia.

It sure was good to run into a number of our friends and colleagues in the real estate business and hear some promising news about the future at GRACRE. If you would like to know more about what we learned, or discuss commercial real estate opportunities in Richmond or other parts of Virginia, contact Andy (804.864.1100)  or Jared (703.258.2678) or any of GreeneHurlocker’s Virginia real estate attorneys.

GRACRE Market Review

The Greater Richmond Association for Commercial Real Estate will hold its February Market Review tomorrow, and my partner Jared Burden and I will be there at the Westin Hotel on West Broad in the Reynolds Crossing development tomorrow afternoon starting at 3:30 p.m..

These annual market reviews bring together brokers, agents, commercial landlords and developers to discuss market conditions, possible opportunities and new ventures. If you’re attending, be sure to find us and say hello. We’d like to tell you more about our commercial real estate and mergers and acquisitions practices across Virginia and beyond. If we miss you, just contact me or any of our Virginia real estate lawyers.

Proud to Call Him Counsel!

Eric Wallace has been promoted to Counsel at our firm starting this January. Eric has been with us since his third year of law school at the University of Richmond and has developed a sophisticated understanding and practice of regulatory law in the mid-Atlantic, which is a hub of our firm.

With a practice focused on energy law, energy regulation, and commercial transactions, Eric represents clients in the energy and renewable energy industries on licensing, technology acquisition, investment, business development, sales and other commercial matters.

Eric’s depth of knowledge and unfailing energy for his clients has helped make our firm stronger and more successful each year since he joined us, and we are proud to recognize his skills and dedication with this new status in our firm.

If you want to know more, just contact Eric or any of our energy lawyers.

Wow! Andy Brownstein Has Joined as A Partner!

Andy Brownstein, business lawyerAndy Brownstein joined us on January 1 as partner in the firm and focuses his law practice on business law, corporate finance, mergers and acquisitions, real estate and investment banking. He’s working in our Richmond office.

Andy counsels business clients and entrepreneurs in buy and sell-side mergers and acquisitions, strategic financing and capital investments, joint ventures, credit facilities, commercial real estate investments and contract matters.

“I’ve known Brian for many years, and I’ve watched as he and Eric Hurlocker developed a niche practice in the energy and regulatory arena into a strong multi-disciplinary firm with an intriguing and entrepreneurial client base, something that I’ve been interested in personally and professionally for most of my career,” Andy says.

He was a founder of and served as General Counsel of Global Realty Services Group for a decade, while also serving as its Chief Financial Officer (2009-2016) and President of its affiliated title company (2013-2017). Prior to GRSG, he was Senior Vice President-International Services for LandAmerica Financial Group after serving as SVP-Corporate Development. After law school, he served on the corporate finance team at McGuireWoods. Other career positions were with investment banking and private equity investment firms in both Richmond and New York.

Andy earned his J.D. and B.A. at the University of Virginia. At law school, he was the recipient of the S. Phillip Heiner Memorial Scholarship and was a William H. Echols Scholar in his undergraduate years.

Help us welcome Andy warmly. You can reach him at ABrownstein@greeneHurlocker.com or (804) 864-1100. If you want to know more about our business lawyers, just ask.

Takeaways from the Energy Bar Conference

Creighton Boggs and I were part of a skills session on drafting and negotiating Power Purchase Agreements at the Energy Bar Association 2019 Mid-year Energy Forum last Wednesday, October 16, at the Renaissance Downtown Hotel in Washington, DC. This two-day conference of lawyers and law professionals was a discussion of a wide range of issues from climate change to utility operations and legal topics.

On the second day, along with the other panelists, we joined in an interactive approach to training lawyers how to negotiate a distributed energy power purchase agreement (PPA). During the first part of the session we role-played as attorneys and clients to set the stage for a PPA negotiation, including a discussion of transactional terms and an overview of fundamental motivations behind the PPA instrument, such as the customer’s ability to avoid capital commitments and the developers ability to qualify for preferred tax treatment. The panel then walked through a term sheet with the audience using a Q&A approach to go through the key provisions of the PPA from the perspective of a developer and a customer, and, finally, focused on a few key PPA terms, comparing customer-friendly provisions to developer-friendly ones to provide participants with the background necessary to negotiate a distributed energy PPA.

This turned out to be a great session, with plenty of audience engagement and participation. We noted the increasing presence of junior attorneys in the panels over the two days, indicating that this part of the law is a good gateway for young practitioners looking to have a career path to a growing industry practice. If you are interested in more on the sessions, you can try looking for #EBA19EnergyForum in your favorite social channels.

As always, should you have any questions about energy regulation, energy resource development or other legal matters, you can call any of our energy lawyers to chat.

 

Covering PPAs for the Energy Bar

My partner Eric Hurlocker is helping lead a skills session on drafting and negotiating Power Purchase Agreements at the Energy Bar Association 2019 Mid-year Energy Forum this Wednesday, October 16, at the Renaissance Downtown Hotel in Washington, DC. Accompanying him on the panel is our law clerk (and pending associate) Creighton-Elizabeth Boggs. This panel is at 11:00 a.m. The full conference began today, the 15th, and goes through Wednesday evening.

Along with the other panelists, they will participate in an interactive approach to training lawyers how to negotiate a distributed energy power purchase agreement (PPA). During the first part of the session experienced practitioners will role-play as attorneys and clients to set the stage for a PPA negotiation, including a discussion of transactional terms and an overview of fundamental motivations behind the PPA instrument, such as the customer’s ability to avoid capital commitments and the developers ability to qualify for preferred tax treatment. The panel will then walk through a term sheet with the audience using a Q&A approach to go through the key provisions of the PPA from the perspective of a developer and a customer. Finally, the panel will focus on a few key PPA terms, comparing customer-friendly provisions to developer-friendly ones to provide participants with the background necessary to negotiate a distributed energy PPA.

If you’re at the meeting, please find us and say hello. If you can’t make it, follow along by looking for #EBA19EnergyForum in your favorite social channels.

As always, should you have any questions about energy regulation, energy resource development or other legal matters, you can call any of our energy lawyers to chat.

Solar Focus Spreads the Good News

Join us and MDV-SEIA at the annual Solar Focus Conference in Baltimore, Maryland on November 20th – 21st, a major effort of our Maryland-District of Columbia-Virginia chapter of the Solar Energy Industry Association (MDV-SEIA). It will celebrate the latest solar policy achievements, and focus on how the solar industry can continue its recent policy successes and commercial growth.

Solar Focus brings together solar professionals and industry leaders from across the country to share ideas, build partnerships, and envision the future of solar power. In addition to panels, there will be a Women in Solar Breakfast, job fair, and many more networking opportunities. GreeneHurlocker continues to be a sponsor for this important and influential industry event, and we’ll be hooking you up to the free wifi!

Eric Hurlocker at his desk

I will be on site to join in the usual spirited discussions about how to promote and grow the role of solar energy in our lives and our businesses.I hope you can join me at the final panel of the conference where I will be speaking on Case Studies in the Utility-Scale Industry.

Look me up when you’re at the Hilton, I’ll be out in the halls and would love to talk with you about the things on your mind and what your company is looking forward to in the next year. If you want more information about MDV-SEIA or to talk about renewable energy development just give me a call, or talk to any of our solar energy and utility lawyers.

Five Essentials To Bring an Idea to Life

Jared Burden leads a session in the business track at Valley TechCon 2019.

Jared Burden, Harrisonburg partner, led the kickoff session in the Growing Your Technology Business track at Valley TechCon September 25, held at the Hotel Madison and Shenandoah Conference Center in Harrisonburg, attended by about 160 company executives and entrepreneurs. His presentation laid out the five essential things a founding team needs to do immediately in order to turn an idea into a company. His slide deck is here.

If you’d like to have Jared reprise his presentation for your company or organization, please contact him. If you have questions about this topic, Valley TechCon or any issue of business law and growth, contact Jared or any of our business lawyers.

Brian Greene Appointed to Virginia Israel Advisory Board

Brian Greene of GreeneHurlockerBrian has been named to the Virginia Israel Advisory Board (VIAB) by the General Assembly of Virginia.

The VIAB is a Commonwealth of Virginia agency that helps Israeli companies locate and grow their U.S. operations in Virginia. The VIAB offers a variety of programs to foster international business success in Virginia. Dov Hoch is currently Executive Director of VIAB, whose board includes business executives and other professionals from across the state.

“I’m delighted to serve on the VIAB and to be able to encourage Israeli companies to invest in Virginia, and to encourage partnerships between Virginia and Israeli companies,” Brian says.

“The VIAB has a proven track record of successfully forging economic and cultural links between Virginia and Israel, and I’m honored to be a part of it,” he explains.

Brian has always been very active in the Richmond Jewish community. He currently serves on the board of the Jewish Community Federation of Richmond and the Weinstein Jewish Community Center. He served for four years as the president of Rudlin Torah Academy, Richmond’s Jewish day school. He also has served on the board of the Herb Cohen Memorial Fund — which has provided more than 400 scholarships since 2001 for kids to attend summer camps — since its inception.

Brian concentrates on energy and utility regulation and related issues in the mid-Atlantic region, and he represents a diverse clientele of electric, natural gas, and water companies..
The mission of VIAB is to assist Israeli companies to locate and grow their U.S. operations in Virginia and to partner with Virginia businesses to facilitate the acquisition and use of Israeli technology. VIAB also focuses on increasing direct foreign investment in Virginia, and on bilateral trade and lasting partnerships, especially in industries such as manufacturing, maritime, military-related and agribusiness industries.

GreeneHurlocker Welcomes Business and Employment Attorney Laura Kight Musick

Laura Kight Musick, a business and labor and employment attorney, has joined the business, corporate, and regulatory law practice as Counsel at our firm, Eric Hurlocker announced today.

“Laura brings a well-developed set of skills in commercial and employment law which our clients increasingly need as their businesses grow and become more complex,” Hurlocker said. “Additionally, her significant litigation experience dovetails nicely with our firm’s growing regional regulatory practice,” he explained.

Laura practiced in Illinois and Virginia in her prior firms, and has counseled clients in employment matters, including hiring, severance and transition agreements, employment policies, and risk management and avoidance. In addition, she advised her business clients regularly about contracts, financing agreements, and corporate formation and governance.

“I’m delighted to be joining GreeneHurlocker and offering our clients the benefit of my employment law background while advising them as they grow and expand their businesses,” she says.

Laura graduated summa cum laude from the Honors Program at Murray State University in Kentucky, receiving a dual degree in English Literature and Philosophy. She earned her J.D. at the Robert H. McKinney School of Law, Indiana University, and was the inaugural recipient of the Baker and Daniels Public Interest Law Fellowship in 2008.