The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Julianne E. Befeler is a partner in the firm’s real estate department, in the NYC office. She joined the firm in 2015 and was promoted to partner in March 2022.
Julia Rozenblat is a fourth-year associate in the firm’s real estate department in the NYC office. She joined the firm as a summer associate in 2021.
Describe your practice area and what it entails.
Julia: As a fourth-year associate, I work on a broad range of commercial real estate transactions, focusing on financing from both the borrower and lender perspectives. I occasionally work on purchases and sales and have the ability to work on joint ventures and leases. I work on all aspects of any transaction I am on, starting with the term sheet, running with the process, reviewing and revising ancillary documents, through negotiating issues, and handling closings.
Julianne: I represent owners and developers in acquiring, disposing of, financing, and developing all commercial real estate asset types (including office, residential, hotel, and mixed use). My practice is only a subset of the work we do in our industry-leading department, which advises on all facets of commercial real estate law and is consistently ranked as one of the strongest real estate practices in the country. Other work we do in our full-service department includes joint ventures, leasing, lender-side financings, land use, and real estate investment trust (REIT) work. Among our other high-profile projects, we are currently working on three transformative Midtown Manhattan development projects—JP Morgan’s new headquarters building at 270 Park Avenue, Citadel’s planned 1.7-million-square-foot office tower at 350 Park Avenue, and the two-million-square-foot mixed-use project on the site of the existing Hyatt Hotel adjacent to Grand Central.
What types of clients do you represent?
Julia: At Fried Frank, there is an opportunity to represent truly any type of client in the industry. We represent lenders, developers, investors, REITs, and many other types of real estate clients. I work regularly with JP Morgan, Blackstone, and Brookfield. Institutional clients are not the only clients we work with. I recently had the opportunity to represent a priesthood in the sale of their church. The diversity of clients varies and so does their work, giving associates opportunities to find client work that appeals to them.
Julianne: Our clients are industry powerhouses that contribute to the development and reshaping of NYC’s skyline and those of other major cities around the world. I primarily represent owners and developers, including Blackstone, Brookfield, and Vornado. Amazon, Goldman Sachs, Google, Morgan Stanley, Related, RFR, RXR, SL Green, and Tishman Speyer are just a sampling of the clients that we represent.
What types of cases/deals do you work on?
Julia: I work on large-scale projects in NYC, Las Vegas, California, and Miami, including financing of the construction and stabilized assets. I particularly enjoy working on hotel and condominium deals. Over the past year, I worked on the financing of Fontainebleau Las Vegas and other exciting projects. I have also worked on some of the trend-setting conversions from office to residential buildings in NYC.
Julianne: Over the past year, among other interesting transactions, I worked on several construction financings related to a variety of asset types, including the initial phase of a life science development project in the Boston area for Blackstone and BioMed (a Blackstone portfolio company), as well as several multifamily developments with affordable housing components in the NYC metropolitan area on behalf of Brookfield. I also had the opportunity to be a part of the team representing Brookfield in its acquisition of Watermark Lodging Trust, Inc., and its portfolio of luxury and upscale hotels, including a related commercial mortgage-backed securities financing.
How did you choose this practice area?
Julia: I always found real estate intriguing. I appreciate that real estate is a direct reflection of our environment, whether it is the NYC skyline, the airiness of a Miami beach-front condominium project, or the utility of a data center. Prior to joining Fried Frank, I worked at a small law firm representing individual buyers of their first-time homes, so when I had the opportunity to represent developers and lenders working on news-breaking deals, it was a no-brainer for me. Fried Frank real estate’s reputation for the complexity and variety of work exceeded all of my expectations. The interview process introduced me to some of the smartest yet kindest people. The group was instantly welcoming and inclusive, and the work is extremely engaging.
Julianne: When I was a junior associate at my prior firm, I worked on the sale of the majority stake in a large national real estate company. At the time, I was still trying to decide which practice area to focus on. The fast-moving pace and the tangible nature of the deal convinced me that I had found a home in real estate. Ultimately, I joined Fried Frank as a mid-level associate in 2015 because the department provided the perfect environment to work on iconic real estate transactions with a fantastic group of people who have become my Fried Frank real estate family.
What is a “typical” day like and/or what are some common tasks you perform?
Julia: My typical day consists of a broad variety of tasks. Every day I get to improve my leadership skills by running checklist calls, supervising junior associates, running the process of a deal, and taking initiative in pushing deals forward. I get to work daily on my writing and reading skills by reviewing and revising a variety of complex documents. I especially enjoy the social aspects of the job through in-person meetings with my supervisors and by communicating with clients through calls and in person. I also problem solve in team meetings by thinking through concepts and coordinating with third parties.
Julianne: My typical day involves checking in with deal teams on various transactions; speaking with clients, opposing counsel, and others involved in my deals; teaching and mentoring associates; and attending to various administrative matters. In addition, a large part of my day is spent reviewing, drafting, and commenting on legal documents. Our deals often have short timelines, so it is important to prioritize, be cognizant of deadlines, and do what needs to be done to shepherd our deals to a successful and timely closing. Lastly, I participate in a number of committees and am involved in our department’s diversity initiatives.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Julia: I recommend law school students take courses such as Secured Transactions, Tax, and Corporations. Any transactional document drafting classes are especially helpful, including classes focusing on drafting contracts, drafting real estate documents, and contract principles. Any classes strengthening negotiation skills are always fun and useful as well.
Julianne: I agree with Julia’s advice and would recommend taking time to read real estate publications to understand what is happening in the world and how that is affecting our industry. We represent our clients best when we understand what they are trying to accomplish and how current market conditions will affect those endeavors. I’ve also found that on-the-job training is the most effective way to learn. Junior lawyers should not be shy about seeking opportunities to work on different types of matters and taking on challenging assignments. It takes time to develop the skills and knowledge needed for this practice, and the partners and senior associates are available to support those efforts every step of the way.
What do you like best about your practice area?
Julia: Fried Frank’s real estate group is a one-stop shop. Our clients come to us with an idea that our incredibly brilliant attorneys transition into an innovative project. It starts with our land use team that works to evaluate any zoning considerations and ensure that the project is possible. Then, our teams work on any joint venture to align investor interests. Our purchase and sale teams then negotiate the purchase of the asset, which our financing teams then help clients finance. Finally, once the asset is built, our leasing lawyers assist clients in structuring the leases in light of the clients’ needs. As an associate, I appreciate the opportunity to be involved in every stage of the deal, allowing me to be not only more well-rounded but also to understand the project from each perspective.
Julianne: One of the most rewarding aspects of this practice is seeing the tangible effects of our work in the buildings we help our clients buy, sell, and build. This is particularly true in large-scale development deals where, in some cases, our clients are transforming skylines.
What are some typical tasks that a junior lawyer would perform in this practice area?
Julia: Junior associates play an essential role in the transaction process. Among the other tasks they perform, junior associates take the lead in drafting ancillary loan documents, updating legal checklists, reviewing the borrower’s organizational structure and documents, and ordering and reviewing searches on the investors in the borrower’s organizational structure. They also perform other property-level due diligence, such as reviewing and summarizing management agreements, ground leases, space leases, and licenses, as well as coordinating the execution of signature pages and finalizing exhibits and loan documents for closing. They play a key role in issue spotting in our loan documents and diligence review.
How important is collaboration in effectively practicing Real Estate Law?
Julianne: Teamwork is crucial to successfully represent our clients. We regularly collaborate with our clients and our colleagues both in the real estate department and in other departments at the firm. Our expertise across practice areas combined with our collaborative culture allows us to provide excellent work product and service to our clients and an enriching experience for our associates. We socialize with all of our clients so that we can better understand them and how they think about the issues we face together every day.