Real Estate

Describe your practice area and what it entails.

Valerie: I’m a real estate lawyer focusing on headquarters leases and large-scale commercial leasing. I represent landlords, including developers, property owners, private equity firms, asset managers, and tenants in industries from financial services firms to law firms and other businesses.

Beyond leasing, my practice includes acquisitions and dispositions. I negotiate and draft a variety of property-related agreements, including asset management and property management contracts and agreements related to the operation and maintenance of commercial buildings. My practice is national in scope with a strong presence in Washington, DC; New York; and elsewhere across the country.

Sana: I focus on lender-side real estate finance. I represent institutional lenders, banks, and debt funds in structuring, negotiating, and documenting debt facilities secured by real estate. My experience includes construction and pre-development loans, whole-loan originations, and intercreditor and participation agreements, as well as secondary market loan transactions and loan workouts and restructurings. I help lenders develop creative and effective financing solutions.

What types of clients do you represent?

Valerie: On the landlord side, I work with major property owners and developers such as RXR Realty, Jamestown, Global Holdings, Carr Properties, and Comstock. On the tenant side, I represent companies in technology, finance, healthcare, entertainment, and professional services, including Citadel, Moody’s, Legends, Hospital for Special Surgery, Ernst & Young, and Broadcast Music Inc.

Sana: My clients are primarily institutional lenders and private credit funds, including JPMorgan Chase, Blackstone, and other financial institutions. They originate loans across asset classes such as multifamily, hotels, offices, and data centers.

What types of cases/deals do you work on?

Valerie: We’re advising Citadel on the demolition, redevelopment, and lease of its future New York headquarters, a 1,600-foot high, 1.8-million-square-foot mixed-used tower in which Citadel will occupy at least 850,000 square feet. We also represented Carr Properties in its 340,000-square-foot lease to Fannie Mae in Midtown Center in Washington, DC, one of the city’s largest private leases in the past decade.

Sana: Recent matters include the financing of a new luxury hotel and condominium project construction in California and a redevelopment along the High Line in New York.

How did you choose this practice area?

Valerie: In many ways, I got lucky. I started at the firm in a different department that wasn’t the right fit. Around that time, the firm was launching its DC real estate practice, and I had the opportunity to work with Franz Rassman, who became an incredible mentor. His guidance, combined with the firm’s strong reputation in real estate, made the transition feel natural, and I’ve been part of the practice ever since, now for over 18 years.

I was drawn to and remained engaged because of how tangible and impactful real estate work is. We help shape communities and skylines, and our work directly affects how people live and work. It’s uniquely rewarding as we collaborate with a wide range of businesses and professionals; learn how buildings are designed, built, and operated; and see the results of our efforts in the physical world—in DC, Manhattan, or another city. It’s a transactional practice with everyone working toward a shared goal, and when a deal closes, it’s a win for all sides.

Sana: I entered on-campus recruiting with an open mind, but after meeting a Fried Frank associate from the real estate group, I was drawn to how collaborative and dynamic it sounded. When I summered at Fried Frank, the people and projects in the real estate group immediately won me over. The work felt tangible and fast-moving, and it was incredibly rewarding and, frankly, really cool to see how the legal pieces connected to real buildings and deals take shape in real time.

What is a “typical” day like and/or what are some common tasks you perform?

Valerie: No two days are exactly the same, but most involve a mix of deal work, client interaction, and firm leadership. I spend much of my time drafting and negotiating transactional documents, meeting with clients to strategize, and collaborating with colleagues to move projects forward and problem solve as a team. I also dedicate time to mentoring associates and helping with recruiting as one of the firm’s hiring partners. It’s a fast-paced environment, but the variety keeps things interesting and rewarding.

Sana: Each day depends on where my transactions are in their life cycle. I might be drafting and revising loan documents, coordinating diligence, or managing closing timelines. Communication is constant with clients, opposing counsel, and internal teams to keep transactions moving efficiently. As a fifth-year associate, I also supervise junior associates and integrate their work into the larger deal. The pace can shift quickly, but the variety keeps it engaging, and I really enjoy the fact that I’m constantly learning something new every day.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Valerie: One of the most valuable classes I took was a negotiations seminar at law school. It was incredibly practical because we worked through real-world scenarios, negotiated against classmates and teams, and were scored on our performance. It gave me a strong foundation for the kind of dealmaking I do every day.

That said, there’s no single class that perfectly prepares you for law firm practice. Real estate law, like all other types of law, follows an apprenticeship model and is learned through experience. Take courses that genuinely interest and challenge you, especially those that help you develop analytical thinking and problem-solving skills. The more curious and engaged you are, the better prepared you’ll be to grow once you’re in practice.

Sana: Most learning in real estate finance happens on the job. You don’t need a formal background in real estate or finance to succeed. Law firms like Fried Frank have robust training programs for junior associates to learn the necessary concepts. That said, I found my Negotiations and Mediation courses especially useful in day-to-day practice, as they taught me to think strategically about compromise and communication, which are core to transactional work. Beyond academics, developing strong writing, organization, and interpersonal skills goes a long way. A big part of this practice is managing details while keeping deals moving and relationships positive.

What do you like best about your practice area?

Valerie: Hands down, it’s the people. I always tell summer associates that 90% of this job is about who you work with, and I’ve had the privilege of working alongside brilliant, talented professionals who are not only at the top of their game but also incredibly kind, hardworking, and down-to-earth. Many feel like family, and at Fried Frank, we live by this sense of connection and camaraderie every day. It’s what makes the work meaningful and the practice area so rewarding.

Sana: I love that the work is constantly evolving but still structured enough to build on what you’ve learned from prior deals. No two transactions are exactly alike, and each brings new challenges and opportunities to grow. It’s satisfying to see the projects we work on turn into actual buildings and spaces. The real estate group attracts incredibly sharp, driven people who are also kind and collaborative, and this mix of excellence and teamwork makes Fried Frank a uniquely positive place to grow.

What are some typical tasks that a junior lawyer would perform in this practice area?

Sana: Junior associates are involved in all stages of a deal. Juniors review and summarize diligence materials, draft portions of loan documents and ancillary agreements, coordinate comments from the client and opposing counsel, and track closing deliverables. Juniors also communicate and interact directly with clients very early. The work builds both technical skills and judgment quickly, since you see how each piece of the transaction fits together.

How do you see this practice area evolving in the future?

Valerie: Our team handles some of the most complex and high-value leases in Manhattan and DC, often worth millions or even billions of dollars, that require a high level of customization and strategic thinking. I expect the practice to continue evolving in this direction, becoming even more sophisticated and nuanced.

While I don’t see AI replacing the kind of hands-on, intellectual work that we do, I think it will help streamline simpler, repetitive tasks. This support will free up more time for us to focus on the complex aspects of transactions and deepen our engagement with clients.

We’re also seeing sustained demand for first-class, trophy developments. Even post-COVID, as office usage has shifted, clients still want premium space. This trend has kept us busy and reinforces the importance of high-quality real estate in today’s market.

What kinds of experiences can summer associates gain in this practice area at your firm?

Valerie: We involve summer associates in meaningful, junior-level work so they get a true sense of what it’s like to be part of the real estate team. Assignments include preparing lease abstracts, drafting amendments, sitting in on calls, managing closing checklists, and assisting with due diligence and title reviews. The goal is to make the experience consistent with what a first-year associate would encounter in our practice so they walk away with a clear understanding of both the sub-stance and the pace of the work.

Sana: Summer associates are staffed on active deals, work closely with both associates and partners, and get to see how transactions come together. There is also a strong emphasis on mentorship and feedback, which helps summers understand the flow of a deal and what life as a junior associate really looks like.

Sana Gupta focuses on lender-side commercial real estate financings, advising institutional lenders, banks, and private credit funds on structuring, negotiating, and documenting debt facilities secured by real estate assets across the country. Her experience includes construction and pre-development loans; whole-loan originations; and transactions involving multiple lenders, such as intercreditor and participation agreements. Sana also handles secondary market loan purchases and sales, as well as loan workouts and restructurings, helping clients develop practical, effective financing solutions.

Sana handles multiple transactions at different stages of their life cycle, coordinating with clients, opposing counsel, and internal teams to move deals forward efficiently. She also mentors and supervises junior lawyers.

Valerie Kelly advises major investors, developers, tenants, and other financial institutions on complex commercial real estate transactions. Her work spans large-scale office and retail leases and acquisitions and dispositions involving office buildings, apartment complexes, and hotels. Known for practical, business-minded advice, Valerie is a trusted advisor to prominent clients navigating high-value, fast-moving deals. She takes a collaborative approach, bringing together teams to deliver clear, commercially focused solutions.

Additionally, Valerie is committed to fostering community and inclusion within the industry. She co-leads Fried Frank’s Women’s Forum and co-founded the firm’s Women in Real Estate group.

Describe your practice area and what it entails.

Feather: As a partner in Goodwin’s real estate industry group, I represent clients in all types of commercial real estate transactions, with a particular focus on complex financing transactions (including mortgage and mezzanine loans and preferred equity investments) and joint ventures. This entails, among other things, advising clients on the structuring of these transactions, drafting and negotiating transaction documents, counseling the client through due diligence, and managing the transactions through closing.

Kenny: As an associate in the firm’s private investment funds practice and real estate industry group, my practice focuses on assisting fund managers and sponsors with the organization, structuring, and ongoing management of domestic and international private investment vehicles. I also advise fund managers and sponsors on securities, regulatory, and other general corporate-related matters.

What types of clients do you represent?

Feather: I represent institutional investment funds, debt funds, pension fund advisors, publicly traded real estate investment trusts, and various other types of investors and lenders.

Kenny: I represent a wide range of real estate fund sponsors who are seeking to establish private investment vehicles focused on a wide variety of asset classes, including those in the real estate, infrastructure, multifamily, retail, and industrial sectors.

What types of cases/deals do you work on?

Feather: As noted above, my bread and butter is counseling clients in complex financing transactions and joint ventures. For example, I recently represented a client in connection with the origination of a construction loan to finance the development of a multifamily property in the Bay Area, California. As part of the transaction, I also represented the client in connection with the issuance of participation interests in the loan to various third parties, including a senior participant and various junior participants, and drafted and negotiated participation documents with each such participant. Transactions like these are complicated because they involve several different parties, but ultimately, they are a lot of fun.

How did you choose this practice area?

Feather: As a real estate attorney, I have the opportunity to partner with clients to bring together deals that have a tangible impact on families and communities. As a junior lawyer, I cut my teeth representing lenders making construction loans to finance the development of affordable housing projects throughout the country. These deals were typically compli-cated and involved bond issuances and multiple tranches of debt and tax credit equity. While it was not easy to close these types of transactions, it was incredibly rewarding to work with clients to develop projects that provide critical support for working families and the underserved.

Kenny: Since my first year as a practicing attorney, I have found the world of private investment funds to be fast-paced with stimulating and complex legal issues. I take great pride in being a thoughtful and dedicated advisor to our clients, guiding many of them from an initial launch of their funds all the way through the final closing. In addition, our private investment funds group is very collaborative, and having the opportunity to exchange ideas and questions with my colleagues each day is one of the most exciting aspects of working in this group of extraordinary attorneys.

What is a “typical” day like and/or what are some common tasks you perform?

Feather: Each day is different. Yesterday, for example, I spent the day working out of Goodwin’s New York office. Before going into the office, I joined one of my East Coast partners for an early morning breakfast with a client to catch up on current deals and future opportunities. Following breakfast, I spent much of the day reviewing and revising documents and making calls to clients to obtain their input on business issues identified in the review. In the evening, I attended a cocktail event with colleagues from Goodwin’s U.S. and London offices and East Coast-based clients. I then ended the day catching up on emails and resolving outstanding questions and requests from clients that came in during the day.

Kenny: Each day brings its own unique set of tasks and challenges. Some days I am negotiating side letter agreements with investors on behalf of a manager. Other days I am drafting limited partnership agreements, revamping legal disclosures in private placement memoranda, or even coordinating subscription agreements submitted by investors to invest in a fund. Having the opportunity to collaborate with other associates and partners in the group on these tasks is certainly one of the highlights of my job.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Feather: For law school students, I highly recommend taking a transactional law clinic. When I was a 3L, I took a Secured Transactions clinic taught by a practicing corporate partner. During the course of the semester, he walked us through a typical leveraged buyout transaction from term sheet through closing. In the process, we learned how to negotiate a non-disclosure agreement, draft a Uniform Commercial Code financing statement, and mark up a credit agreement. It was real-world stuff, very practical, and a lot of fun.

Kenny: I’ve learned most of what I know through hands-on experience working with our clients. Our group also does a fantastic job providing learning resources and tools to associates, which include live and recorded training sessions on a wide range of private investment funds topics. Each junior associate also receives several senior mentors, and this is tremendously beneficial to junior associates who desire to learn more about particular fund concepts or even about funds generally.

What do you like best about your practice area?

Feather: Real estate is a people business, and when you’re working on real estate deals, you’re never lonely. I spend a good portion of the day collaborating with colleagues on ongoing transactions, speaking with clients to resolve pressing issues, and negotiating issues with other counsel. I really enjoy this aspect of real estate practice and the opportunity to work with a lot of different people with different perspectives and personalities.

Kenny: The collegial environment of working with like-minded associates who are driven and who all share the common goal of delivering excellent client service. I also enjoy the fact that we assist our clients with navigating the fundraising process and are all working toward a common goal of holding a successful closing of investors into the fund.

What misconceptions exist about your practice area?

Feather: A common misconception is that real estate practice is limited to real property-level work such as property conveyances, mortgages, and title encumbrances. However, our work is much broader than this and encompasses financing transactions (that can compare in complexity to corporate debt transactions), corporate level transactions (e.g., joint venture formation and entity interest transactions), and investment fund transactions.

Kenny: Many law students believe they aren’t suited to join a private investment funds group because they do not have a background in or hadn’t previously learned about private investment funds, but associates really learn almost everything on the job. Our group has a plethora of learning resources and mentorship opportunities for junior associates who are constantly encouraged to utilize these resources.

What is unique about your practice area at your firm? 

Feather: While the real estate industry business unit at Goodwin is large and spread across our offices, it really feels like a tightly knit community, and we work closely with and support each other. For example, I have not worked at a law firm that invests so much time and resources into attorney development. We have an annual content-packed training program for junior associates interested in real estate practice. In addition, we offer more in-depth training programs for intermediate and senior real estate associates (including in-person leadership development programs).

Kenny: Everyone in the group is encouraged to collaborate and share what they are seeing in the market, provide precedent documentation to each other, and exchange any ideas that may benefit the group. It’s an extremely collegial group of people, and I truly enjoy coming into the office each day because I am surrounded by such high-character and humble colleagues who I am fortunate to call friends of mine. It’s truly the best part of the job.

What are some typical tasks that a junior lawyer would perform in this practice area?

Feather: In real estate transactions, junior attorneys often have a broad scope of responsibilities; these include legal due diligence (title, survey, and zoning), corporate and authority analysis, drafting and revising ancillary documents, drafting and maintaining the closing checklist, and closing coordination. At Goodwin, junior associates play a key role in pushing transactions forward.

Kenny: Typical tasks include reviewing and tracking statuses of fund and investor documentation and maintaining an up-to-date checklist of any open items, working with a mid-level associate and a senior associate and/or partner on a fund and taking notes during client meetings, and coordinating organizational documentation. Overall, being a team player, including being proactive and responsive, are qualities that a great junior associate exhibits.

Kenny Kirschenbaum is an associate in Goodwin’s private investment funds practice. Kenny’s practice in fund formation focuses on the organization, structuring, and ongoing management of domestic and international private investment vehicles. He advises fund managers and sponsors on securities, regulatory, and other general corporate-related matters. His experience in the private investment fund area includes real estate, debt and credit, and private equity funds.

Feather Moy-Welsh is a partner in Goodwin’s real estate industry group and focuses his practice on commercial real estate transactions. He represents investors, investment funds, and their advisers in transactions throughout the asset life cycle, including acquisition, development, financing (debt and equity), management, and sale.

Describe your practice area and what it entails.

As a member of the real estate team, I’ve worked on a broad range of real estate transactions involving everything from mixed-use projects in Boston to multifamily, office, retail, and life science projects throughout the country. I often have the opportunity to work on a variety of transactions on different aspects of a project throughout the life cycle of an asset.

What types of clients do you represent?

My practice includes representing both entrepreneurial developers and institutional investors in their acquisitions, joint ventures, financings, and development projects, and I’ve been very fortunate to work with some of these clients since I was a very junior lawyer, including WS Development, King Street Properties, and Beacon Capital Partners.

What types of cases/deals do you work on?

Working at Goulston, I have been able to develop a practice that involves a wide range of transactions and projects. I’m currently working on the recapitalization of a shopping center with which I’ve worked on a previous joint venture, multiple financings, development, and acquisitions. In the past few months, I’ve worked on a short sale that included refinancing and a new equity partner, the acquisition of life science buildings that involved seller financing and a partial leaseback, and the workout and modification of a loan for a client who I’d initially represented during negotiations several years prior.

How did you choose this practice area?

Property was the most interesting class I took in law school, and working in real estate gave me the opportunity to work on tangible projects involving interesting issues. I had my first exposure to transactional real estate as a summer associate at Goulston, and I knew that it was the area I wanted to practice and have found the work continuously interesting and challenging.

As a transactional lawyer, I really enjoy the opportunity to learn from clients and help them achieve their objectives and then to see the tangible projects.

What is a “typical” day like and/or what are some common tasks you perform?

It depends on the day, but most days involve a mix of calls with clients and the other side, reviewing and drafting trans-action documents, and coordinating with others at Goulston on the matters we’re working on together. Often, I’ll be managing five or six active matters, as well as things that unexpectedly come up and need more immediate attention—this is all part of what makes the job so interesting and exciting.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Any exposure to the business of real estate and real estate investment would be helpful to learn about transactional work, and many national and local organizations host online seminars and discussions. Listening to developers, lenders, and investors talk about projects can teach so much about how the different parties involved in any project think about it and what they care about. If someone is more interested in land use and development, then there are also a variety of books and articles on the policy aspects of real estate development that constrain and guide what can be built.

What is unique about your practice area at your firm?

The breadth and depth of Goulston’s real estate practice mean that lawyers here have the opportunity to work on all aspects of real estate, from structuring complex equity investments to leasing, land use and permitting, acquisitions, and financings. While no one can become an expert in everything, as a team, we can handle all aspects of a transaction no matter how complicated or multifaceted (except for issues specific to the jurisdiction, for which we would involve local counsel), and as a result, we have the opportunity to work on very interesting transactions with many moving parts. As an individual lawyer, you can almost always get input from an expert on issues and questions that you encounter.

What are some typical tasks that a junior lawyer would perform in this practice area?

A junior associate would do a lot that is typical of any trans-actional practice, including reviewing and managing due diligence, creating and managing the transaction checklist, drafting closing documents, taking on the project management for a transaction, and helping to manage the documents and signatures for closing. From time to time, junior associates may also conduct legal research on issues that come up. There are a few things in real estate that are different (and in my view more interesting). The diligence will involve reviewing the title and survey, which will require understanding the property, how it operates, and how existing rights may affect operations and development. In addition, in real estate, junior associates can also become involved with permitting and land use projects.

What kinds of experience can summer associates gain at this practice area at your firm?

Given the size and breadth of our practice, summer associates at Goulston often have the opportunity to work on a transaction team (either to help with the closing or to be involved in other aspects of the deal if the timing does not align with the summer calendar), do legal research for an issue on a real estate transaction or development project, attend client meetings and calls, and help draft agreements that are not part of a larger transaction.

How important is collaboration in effectively practicing Real Estate Law?

Collaboration is incredibly important and involves working with your client to understand the transaction and their goals, negotiating with the other side, and effectively coordinating with others at the firm on the project. Many transactions involve multiple components (acquisition from the seller, equity investment with a joint venture partner, financing with a lender, and/or future leasing or development goals), and different people from all sides will be involved, working together on different aspects of the transaction to effectively negotiate and close the transaction that advances everyone’s objectives.

Philip Tedesco has a broad transactional real estate practice counseling clients on complex acquisitions, financings, joint ventures, and development projects involving retail, office, life sciences, and multifamily assets throughout the United States. He began his practice as a summer associate at Goulston & Storrs and, since then, has had the opportunity to work on projects through their entire life cycles, from acquisition and financing to sale. Phil’s experience representing clients during all aspects of transactions allows him to bring a balanced perspective to transactions and find practical solutions to issues.

Describe your practice area and what it entails.

We are a top-of-the-market, full-service real estate transactional group that represents a broad range of clients in both “dirt” transactions and debt and equity deals throughout the capital stack. We pride ourselves on our ability to deliver for our clients in virtually any type of real estate transaction involving any type of asset class.

What types of clients do you represent?

The real estate industry’s largest and most prolific players consistently seek our guidance on their most sophisticated and complicated matters and value our ability to understand the specific needs of their business. Our clientele includes real estate developers and owners, REITs, private equity funds, institutional and alternative lenders, family offices, hoteliers, and other debt and equity capital providers. We have handled billions of dollars of transactions for clients such as Alchemy Properties, Amherst Capital, BGO, BlackRock, Brookfield, Carlyle Group, CIM Group, Columbia University, Customers Bank, DLJ, Elysium Real Estate Partners, Extell Development Company, Mitsui Fudosan America, Mount Sinai Hospital, NYU Langone Medical Center, The Nederlander Organization, New Valley, Property Markets Group, The Related Companies, Rithm Capital Corp., VICI Properties, Vornado Realty Trust, The Walt Disney Company, and Zurich Financial Services.

What types of cases/deals do you work on?

I am a generalist, so I work on a broad range of deals, including acquisitions and dispositions of both fee and equity interests; joint venture and other equity investments; leases for commercial spaces as well as ground and net leases, including those in the context of sale-leaseback transactions; debt financings and related transactions, such as loan purchases and participations; and in New York City, all aspects of condominium projects.

How did you choose this practice area?

During law school, my wife (who was my girlfriend at the time) worked at a real estate PR firm. Her daily stories from the front lines of NYC real estate development prior to the Great Recession fascinated me and inspired me to seek work in the real estate group here (then, Kramer Levin) while I was a summer associate in 2008. I immediately knew that transactional real estate was for me.

What is a “typical” day like and/or what are some common tasks you perform?

In the transactional world, no two days are alike. I am usually working on anywhere between 5 and 10 deals on a given day, and each deal is unique—a different client, counterparty, and deal type and different HSF Kramer team members and key issues. The cadence of the day, however, often features common themes, such as discussions with clients to strategize on issue resolution, meetings with HSF Kramer colleagues to collaborate and allocate responsibilities, and negotiations with opposing counsel. The cycle of these tasks keeps deals moving forward. Separately, I strive to always make time to meet with existing and potential clients over lunch, dinner, or a game because, ultimately, our business is relationship-driven, and work is more enjoyable when you get to know and share experiences with the people you work with.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Seek to enhance communication skills by, for example, drafting contracts, writing emails and memos to clients, effectively explaining complex issues to clients and other nonlawyers, learning negotiation tactics.

What misconceptions exist about your practice area? 

I am regularly surprised by the number of pro bono opportunities that arise through real estate transactional work. Pro bono work is part of the DNA of our firm, but it’s not limited to litigation-related matters. In our group, we handle a broad range of work on behalf of pro bono clients, from the negotiation of relatively small office and retail leases to our representation of the Universal Hip Hop Museum in a highly complex and sophisticated transaction that created the legal framework of its new space in the Bronx.

What are some typical tasks that a junior lawyer would perform in this practice area?

A junior lawyer will typically take the lead performing diligence, reviewing ancillary documents, keeping track of a checklist and deal status, and generally provide support to more-senior lawyers on a deal team. However, our group is entirely merit-based. If and when a lawyer is ready, regardless of year, substantive work is assigned to them. I have worked on complex transactions directly with first- and second-year associates who we believe can take on this level of work.

What kinds of experiences can summer associates gain in this practice area at your firm?

Our goal is to give summer associates a very real window to see what life is like as a junior associate. This involves both substantive assignments and shadowing opportunities. A summer associate is often asked to join a deal team and see the transaction through during their time with the firm. This includes being part of internal meetings, client calls, and negotiations with the counterparty. If and when appropriate substantive work becomes available, it is assigned to the summer associate.

How important is collaboration in effectively practicing real estate law?

It’s critical. The breadth and complexity of the deals we work is significant, and in our group, we are regularly consulting and gut checking with each other on market trends and negotiation strategies to be sure that we’re giving cutting-edge advice that meets the standards clients expect from us and we expect from ourselves.

Describe your practice area and what it entails.

Anna: My practice primarily involves structuring and negotiating joint ventures and real estate financings, though historically I have worked on a broad range of commercial real estate matters, including acquisitions, dispositions, and leasing transactions. I work closely with clients from the initial planning stages to the final closing of their transactions and advise them with respect to the structuring and negotiation of these transactions.

Collin: As a Jones Day real estate attorney, my practice encompasses a broad spectrum of sophisticated commercial real estate matters with a particular focus on joint ventures, purchase and sale transactions, and leasing across all asset classes. I regularly represent institutional investors, developers, private equity funds, REITs, and other stakeholders in structuring, negotiating, and documenting complex transactions, including joint venture arrangements, such as those related to ground-up development projects, value-add investments, and stabilized assets.

What types of clients do you represent?

Anna: I represent financial institutions, real estate investors, real estate developers, real estate managers, real estate investment companies, and publicly traded companies. Some of the clients I have represented include CBRE, Grey-star, LaSalle Investment Management, Cloud Capital, Wells Fargo, and Blackstone.

Collin: I represent real estate investors, real estate funds, real estate developers, REITs, and publicly traded companies. Some of the clients I represent include Blackstone, Invitation Homes, Greystar, CBRE, TriGate Capital, and Mill Creek Residential.

What types of cases do you work on?

Anna: I work primarily on joint venture transactions, typically on the sponsor side, as well as real estate financing transactions. The deal sizes typically range from $50 million to more than $1 billion and include all asset classes, including multi-family, logistics, data centers, retail, hotel, and office.

Collin: My practice involves representing a combination of buyers and sellers of industrial, commercial, and multifamily and single-family residential properties across the United States (both single asset and portfolio transactions). I also represent sponsors and investors in joint venture agreements for all asset classes, including ground-up multifamily and single family residential projects that will have some combination of development joint ventures, development agreements, construction contracts, and property management agreements.

How did you choose this practice area?

Anna: I knew I was interested in being a transactional attorney early in law school and had always been interested in real estate. I liked that real estate was relevant to people in both a professional and personal sense, regardless of where they were in the world. The idea of working with others to achieve a common goal was also something that appealed to me. As a summer associate, I explored different practice areas but very much enjoyed the tangible aspect of the real estate practice and found it rewarding to see the physical results of the transactions I worked on (e.g., driving by a hotel that I helped a client purchase).

Collin: I was drawn to the collaboration with clients and the ability to help them acquire, sell, or develop a tangible asset. In addition, I knew the zero-sum game that is litigation was not meant for my personality, and I did not want to spend my career arguing motions and discovery requests.

What is a “typical” day like and/or what are some common tasks you perform?

Anna: Every day is different, which is something I really enjoy about being a real estate attorney. I am usually working on 10 to 20 different transactions that are in different stages at any given time. My days are often filled with calls and meetings with either clients to advise them on transaction strategies or the other side to negotiate transaction documents and coordinate closings. I also spend a significant amount of time working with our internal teams on everything from transaction documents to diligence matters. In addition, I consider mentoring junior attorneys and helping them grow both their substantive and soft skills to be a key part of my job.

Collin: A typical day involves responding to a lot of client emails, drafting contracts, and spending time with clients discussing the pressing issue of the day. Outside the real estate practice, I am actively involved with office-related matters, including business development and mentoring associates in Dallas.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Anna: While it is helpful to take Transactional classes in law school or to have had relevant work experience in the real estate industry, most of the training happens on the job, and most people do not have in-depth real estate knowledge coming out of law school. This is completely fine, but enthusiasm to learn, attention to detail, and great communication are skills that are critical to practicing real estate law (and law in general).

Collin: While in law school, I would take Federal Income Tax, Business Associations, and if possible, at least one Transactional class taught by a practicing attorney. Keep reading and educating yourself about the world and developing your soft skills, as they play an important role in being a successful transactional attorney. For example, managing your time is one of the most challenging aspects of practicing real estate law. You may be on 5 to 15 deals at once for different clients, and you need to manage your time so that each client feels as if their deal is the only deal you have.

What do you like best about your practice area?

Anna: I like that it is constantly evolving as the world and markets change. The changes of the past 10 years, including the expansion of AI and logistics, have required us to learn about new asset classes and adapt to meet the needs of our clients, which is challenging and fun. Jones Day continues to innovate to deliver the best possible client service. For example, the new energy transition and infrastructure practice leverages the diverse capabilities of the firm’s lawyers from different practice areas, including real estate, to provide cutting-edge advice in the energy space. This commitment to innovation allows us to be true partners with our clients and affords us the opportunity to be leaders in new and emerging fields.

Collin: The real estate practice comprises loans, corporate arrangements (e.g., joint ventures, separately managed accounts, and real estate funds), and buying and selling properties, leases, development, etc., which means that no two days are ever really the same and that you will never stop learning. Deal flow diversity and challenging transactions keep it exciting and new. The added benefit is that a lot of your clients, and even those on the other side of the deal, start to become your close friends as the real estate industry is very small and connected, and helping your friend close a deal is a lot of fun.

What are some typical tasks that a junior lawyer would perform in this practice area?

Anna: A junior lawyer on a real estate deal is the person who knows where everything is and where everything stands. They are responsible for tracking and reviewing diligence, updating a closing checklist, drafting initial documents, planning for closing logistics, and generally keeping the deal moving forward.

How do you see this practice area evolving in the future?

Anna: With the increasing popularity of AI and the resultant insatiable need for energy, the real estate world is merging with the infrastructure world as projects blend necessary skills and nuances from each area. We see this in the larger data center transactions that we are working on with respect to our asset work and financing work, and I think we will see this trend continue as time goes on.

How important is collaboration in effectively practicing real estate law?

Anna: Collaboration is critical. Deals can include many parties with competing timelines and priorities, and it is our job to act almost as an orchestra conductor to make sure everyone’s goals are aligned and tasks are delegated and handled efficiently. For example, a joint venture deal can include the client, several investors in the joint venture, their attorneys, a title company, a seller, their attorney, third parties who are conducting diligence (e.g., surveyors), and a lender and their attorney. Keeping the parties focused on the transaction and collaborating with them to move the transaction forward smoothly are key aspects of our job. Fortunately, the real estate practice group at Jones Day has a very diverse breadth of experience, and we operate seamlessly across offices, which gives us a unique ability to successfully handle even the most complex transactions requiring many different skill sets.

Collin: For long-term success, it is very important. The “real estate law” header is broad, and no one person can know everything in every real estate vertical so you must lean on your colleagues for their thoughts and to brainstorm concepts. Fortunately, Jones Day’s lack of an origination credit system allows natural collaboration as you do not have partners fighting over origination credits or operating under a “my client” mentality.

In addition, we approach the real estate group as a national practice vs. a series of individual real estate teams siloed in individual offices that operate independently from one another, which allows greater collaboration of ideas. From an associate’s perspective, this platform offers incredible opportunities to expand your skill set and learn from fantastic attorneys across Jones Day.

Jones Day embodies the quote “if you want to go fast, go alone, but if you want to go far, go together.”

Anna Dwyer focuses her practice on complex commercial real estate matters throughout the United States, including financing and joint venture transactions. She regularly represents financial institutions, real estate investors, real estate developers, and real estate managers in connection with their real estate investments and is experienced in working with industrial/logistics, mixed-use, office, multifamily, retail, and other real estate asset classes. Anna has represented clients in the data center, energy, education, banking, finance, food/agriculture, and hospitality/recreation sectors.

Collin Waring represents real estate investors, funds, developers, real estate investment trusts (REITs), and publicly held companies on a range of commercial real estate transactions. His practice covers acquisitions (including forward purchases), dispositions, joint ventures, recapitalizations, financing (including preferred equity), development, and leasing of commercial and residential properties.

Describe your practice area and what it entails.

Kate: My practice area is commercial real estate finance. I help investors deploy their capital in real estate assets globally, but mostly concentrated in the U.S. In doing so, I originate mortgage loans, handle property acquisitions and dispositions, and facilitate joint ventures and other co-invest platforms. Also, if a commercial real estate asset becomes distressed, I will help my clients resolve the matter or seek an enforcement action.

Kelly: As part of Dechert’s Structured Credit and CLO team, I advise asset managers and borrowers, in addition to underwriters/arrangers (typically large investment banks), lenders, and investors in connection with collateralized loan obligation (CLO), collateralized bond (CBO), and hybrid transactions, leveraged loan warehouse facilities and other asset-backed credit facilities, as well as funds that are set up to manage and acquire CLO securities. I also advise managers and borrowers in a variety of fund financing structures, including rated feeders and collateralized fund obligations (CFOs). Increasingly, I advise, structure, negotiate, and draft bespoke and hybrid transactions that involve components similar to the ones described above. We are involved in every stage of a deal (and ancillary issues that arise out of a deal), beginning with the initial structuring and, in most cases, warehouse financing used to acquire assets before marketing and engaging rating agencies to rate the deal; then at the marketing and closing stages where terms are negotiated with prospective investors, rating agencies, and other participants (such as the trustee); then closing the deal and everything in between. We see most of the market, so clients rely on us to help negotiate terms (both business and legal) with counterparties, with an emphasis on winning flexibility for our clients. We are also engaged after a deal closes, for example, when a loan acquired by a CLO that has become distressed enters a workout or restructuring.

What types of clients do you represent?

Kate: Dechert represents a spectrum of clients, which makes the legal work interesting! My clients include commercial banks, private equity funds, insurance companies, and sovereign investors. Most are U.S. based, but some are foreign.

Kelly: We serve a diverse global client base, including some of the largest asset managers (generally private equity firms and hedge funds), borrowers and equity investors, and some of the most prolific CLO underwriters (major investment and commercial banks). We also represent large bank lenders in various asset-backed lending facilities.

What types of cases/deals do you work on?

Kate: My practice is transaction based, so I regularly put deals together (and take them apart). For example, on my plate today is a mortgage loan origination on a hotel in Missouri, a consensual NYC office property handover in connection with a distressed lease, and a joint venture between a property developer and an equity partner to hold a portfolio of apartment buildings located throughout the U.S. Over the years, I have worked on several investments related to some well-known properties; it is always fun to visit a city and say, “Oh, I worked on that!”

Kelly: I work on CLOs, leveraged loan and other asset-backed lending facilities, CLO funds set up to acquire CLO securities and—in many cases—manage CLOs, fund financing transactions such as rated feeders and CFOs, and bespoke and hybrid-type transactions which are structured to address the needs/desires of a particular client (or to cater to one of its own clients or investors) or to capitalize on unique opportunities in the space. These types of deals can range from ~$300 million to over $1 billion.

How did you choose this practice area?

Kate: It was serendipitous! I never expected to go into finance. As a junior attorney, I was staffed on a mortgage loan origination with a partner that everyone was afraid of…but, for some reason, she took a shine to me. She taught me the fundamentals of commercial real estate finance, as well as the nuances of negotiation. I fell in love with the art of bringing together people in a deal and found real estate made sense to me—you can see it and touch it.

Kelly: First, the work never gets boring—each new matter presents unique challenges. Likewise, it is intellectually stimulating given the complex nature of the transactions and the constantly changing landscape (industry, market, regulations, etc.). I also recognized that working in the group offered tremendous opportunity, given our group is one of the most highly esteemed and award-winning in the industry (including for best CLO law firm). I had the privilege of working and learning from incredibly talented attorneys and was impressed by the expertise and innovative approach of our practice leaders, some of the most highly respected in the business. When I started, I was excited by the opportunities offered—junior associates who excel in our practice group have a unique opportunity to take on additional responsibility early.

What is a typical day like and/or what are some common tasks you perform?

Kate: There is no typical day! Each night, I make a “to do” list to tackle the next day. Without fail, the next day, before I can even cross off the first few items, I get interrupted with a new matter, an unexpected issue, or a colleague who needs assistance. My work is never boring. In a typically unpredictable day, I find myself revising contracts, holding team meetings, talking with clients, and negotiating with opposing counsel. On other days, I may run a teaching session for a client, make a pitch for new business, take a mentee out to lunch, or research an issue for an upcoming publication. The “to do” list is always changing, and I do manage to get it all done.

Kelly: Although there is no “typical” day, at a high level, my days are generally comprised of phone calls, emails, and drafting, reviewing, and negotiating transaction documents. My practice is very dynamic, which is one of the things I like most about it because it always presents new issues and challenges. The way my day ends up often does not resemble how I had mapped it out—our deals are often fast-paced, timing changes, and unexpected issues always arise. Our clients operate in a large, competitive, and growing industry, and are subject to multiple regulatory regimes across their businesses, which constantly change, presenting unique problems we get to help solve.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Kate: For someone interested in a transactional practice, I recommend taking negotiation classes and/or participating in negotiation workshops and competitions. So much of what I do is about the push and pull between stakeholders, and you need to deftly identify their true goals and leverage points. In many instances, how a transaction goes will come down to relationships, so understanding what motivates people is key. Much of the substance in commercial real estate finance can be learned by doing, but for the academically inclined, I suggest classes on the Uniform Commercial Code, contracts, real property, and tax. Also, regularly following commercial real estate news will help one learn who the major players are in the industry.

Kelly: For me, there is no rival to hands-on experience and in-house training. I recommend courses focused on contract drafting and negotiation. Some classes I found helpful include Secured Transactions, Bankruptcy, and Securities Law. The good thing is that finance experience is not necessary. Skills-wise, our most successful associates are intellectually curious, take ownership of their assignments and careers, take initiative to add value and understand the bigger picture, are detail-oriented, organized, and engaged, and strive to cultivate relationships with folks within and outside the firm.

What do you like best about your practice area?

Kate: Two things: (1) No two financing matters in commercial real estate are the same. While you can work with the same blueprint from deal to deal, the outcome will be informed by the uniqueness of the real estate asset and the relationships driving the matter. (2) While the commercial real estate industry is quite large, it feels like a small place among the businesspeople and the attorneys. You never know who you will run into on a new deal, or where that person will go. Relationships matter.

What are some typical tasks that a junior lawyer would perform in this practice area? 

Kelly: Initially, typical tasks junior associates perform include: 

1. Prepare and manage closing checklists, which organize and track the status of transactions; manage timing, deal flow, and outstanding items needed to close
2. Review transaction documents
3. Draft ancillary transaction documents
4. Due diligence on opinion letters

How do you see this practice area evolving in the future?

Kate: Everyone is focused on artificial intelligence and how it may streamline diligence on real estate assets and document production. Opportunities for innovation with AI will enable the provision of legal services to our clients to be even more meaningful.

What kinds of experience can summer associates gain in this practice area at your firm?

Kelly: Summer associates can immediately gain hands-on experience, working on the same types of assignments as a first-year associate would. Summer associates are often invited to sit in on calls with clients and research questions related to new regulations and new approaches to issues that arise in our space.

Kathleen (Kate) M. Mylod is a partner in Dechert’s global finance practice, advising on a range of commercial real estate finance matters. Ms. Mylod’s practice focuses on mortgage and mezzanine debt origination; intercreditor, co-lender, and participation arrangements; equity investment and joint venture formation; preferred equity financing; real property acquisition, disposition, and asset management; secondary market acquisition and sales (including mortgage and mezzanine loans); and loan modifications, restructurings, workouts, and enforcement actions. She advises clients investing in a variety of commercial real estate asset classes, whether stabilized or transitional, including hospitality, retail, multifamily, office, and condominium.

Kelly Mathews, a senior associate in Dechert’s global finance practice, focuses his practice on a broad range of structured and leveraged finance transactions, with particular emphasis on representing asset managers, underwriters, sponsors, and issuers in collateralized loan obligation transactions, collateralized bond transactions, and asset back securitizations, as well as managers, lenders, and borrowers in connection with revolving and term leveraged loan warehouse facilities, repurchase facilities, loan to SPV facilities, and other structured lending transactions. Kelly received his J.D. from the University of North Carolina School of Law. Prior to joining Dechert, Kelly interned for the Honorable Justice Paul Newby of the North Carolina Supreme Court.

Describe your practice area and what it entails.

As a member of the real estate team, I’ve worked on a broad range of real estate transactions involving everything from mixed-use projects in Boston to multifamily, office, retail, and life science projects throughout the country. I often have the opportunity to work on a variety of transactions on different aspects of a project throughout the life cycle of an asset.

What types of clients do you represent?

My practice includes representing both entrepreneurial developers and institutional investors in their acquisitions, joint ventures, financings, and development projects, and I’ve been very fortunate to work with some of these clients since I was a very junior lawyer, including WS Development, King Street Properties, and Beacon Capital Partners.

What types of cases/deals do you work on?

Working at Goulston, I have been able to develop a practice that involves a wide range of transactions and projects. I’m currently working on the recapitalization of a shopping center with which I’ve worked on a previous joint venture, multiple financings, development, and acquisitions. In the past few months, I’ve worked on a short sale that included refinancing and a new equity partner, the acquisition of life science buildings that involved seller financing and a partial leaseback, and the workout and modification of a loan for a client who I’d initially represented during negotiations several years prior.

How did you choose this practice area? 

Property was the most interesting class I took in law school, and working in real estate gave me the opportunity to work on tangible projects involving interesting issues. I had my first exposure to transactional real estate as a summer associate at Goulston, and I knew that it was the area I wanted to practice and have found the work continuously interesting and challenging.

As a transactional lawyer, I really enjoy the opportunity to learn from clients and help them achieve their objectives and then to see the tangible projects.

What is a “typical” day like and/or what are some common tasks you perform?

It depends on the day, but most days involve a mix of calls with clients and the other side, reviewing and drafting transaction documents, and coordinating with others at Goulston on the matters we’re working on together. Often, I’ll be managing five or six active matters, as well as things that unexpectedly come up and need more immediate attention—this is all part of what makes the job so interesting and exciting.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Any exposure to the business of real estate and real estate investment would be helpful to learn about transactional work, and many national and local organizations host online seminars and discussions. Listening to developers, lenders, and investors talk about projects can teach so much about how the different parties involved in any project think about it and what they care about. If someone is more interested in land use and development, then there are also a variety of books and articles on the policy aspects of real estate development that constrain and guide what can be built.

What is unique about your practice area at your firm?

The breadth and depth of Goulston’s real estate practice mean that lawyers here have the opportunity to work on all aspects of real estate, from structuring complex equity investments to leasing, land use and permitting, acquisitions, and financings. While no one can become an expert in everything, as a team, we can handle all aspects of a transaction no matter how complicated or multifaceted (except for issues specific to the jurisdiction, for which we would involve local counsel), and as a result, we have the opportunity to work on very interesting transactions with many moving parts. As an individual lawyer, you can almost always get input from an expert on issues and questions that you encounter.

What are some typical tasks that a junior lawyer would perform in this practice area?

A junior associate would do a lot that is typical of any transactional practice, including reviewing and managing due diligence, creating and managing the transaction checklist, drafting closing documents, taking on the project management for a transaction, and helping to manage the documents and signatures for closing. From time to time, junior associates may also conduct legal research on issues that come up. There are a few things in real estate that are different (and in my view more interesting). The diligence will involve reviewing the title and survey, which will require understanding the property, how it operates, and how existing rights may affect operations and development. In addition, in real estate, junior associates can also become involved with permitting and land use projects.

What kinds of experience can summer associates gain at this practice area at your firm?

Given the size and breadth of our practice, summer associates at Goulston often have the opportunity to work on a transaction team (either to help with the closing or to be involved in other aspects of the deal if the timing does not align with the summer calendar), do legal research for an issue on a real estate transaction or development project, attend client meetings and calls, and help draft agreements that are not part of a larger transaction.

How important is collaboration in effectively practicing Real Estate Law?

Collaboration is incredibly important and involves working with your client to understand the transaction and their goals, negotiating with the other side, and effectively coordinating with others at the firm on the project. Many transactions involve multiple components (acquisition from the seller, equity investment with a joint venture partner, financing with a lender, and/ or future leasing or development goals), and different people from all sides will be involved, working together on different aspects of the transaction to effectively negotiate and close the transaction that advances everyone’s objectives.

Philip Tedesco has a broad transactional real estate practice counseling clients on complex acquisitions, financings, joint ventures, and development projects involving retail, office, life sciences, and multifamily assets throughout the United States. He began his practice as a summer associate at Goulston & Storrs and, since then, has had the opportunity to work on projects through their entire life cycles, from acquisition and financing to sale. Phil’s experience representing clients during all aspects of transactions allows him to bring a balanced perspective to transactions and find practical solutions to issues.

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.

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.