Windels Marx Prominently Involved in Teachers' Fund's Purchase of Developer

Tuesday, August 14, 2012

Jim Thomas, Wayne Cook and Rob Rossi (Partners, New York) represented major real-estate developer LCOR in its recapitalization by the California State Teachers' Retirement System (Calstrs).

Calstrs acquired a more than 90% stake in LCOR from Lehman Brothers and LCOR for $820 million and also received ownership of 14 apartment complexes with nearly 5,000 units. The deal is particularly significant because LCOR, an east coast-based development firm, "has a pipeline of some 16 million square feet of planned apartment, mixed-use and office projects", according to the Wall Street Journal.

The deal has been widely covered by several media outlets, including:

Windels Marx's Real Estate Practice Group advises clients on a broad variety of real estate matters, including: financing, joint ventures/equity investments, acquisitions and sales, development and land use, and leasing.