Sara A. McCormick

University and Related Representations

• Represented a leading provider of privately owned student housing in the disposition of an off-campus, University associated, student housing complex in Philadelphia, PA, consisting of over 1,200 beds.
• Represented a privately governed, state-assisted land-grant research university in a design-build-finance-operate-maintain transaction for the development of a new on-campus housing facility, dining facility, and mixed-use space. Work included drafting all of the procurement documents, predevelopment, development, and operating agreement with the selected private developer.
• Represented an Ivy League university in the development of a graduate student housing community that included over 600 apartment-style homes, social lounges, a café/store, fitness room, game area, and other amenities.
• Serves as outside general real estate counsel for a private educational institution in Pennsylvania, including representation in connection with the potential development, in partnership with a private developer, of hundreds of acres of real estate holdings.

Joint Venture and Fund Formation and Investment

• Represents a developer focused on the science/technology sector in the formation of multiple joint ventures with an S&P 500 real estate company, for the development, operation, leasing, financing, and use of laboratory and office/research projects throughout the country, including significant recent projects in Philadelphia, Pittsburgh, Phoenix, St. Louis, and Providence.
• Represented a local real estate owner in a joint venture with a third party to develop a pair of twin residential buildings in Philadelphia, featuring 339 residential units plus 17,500 square feet of ground-floor retail and a resident parking garage.
• Represented an industrial developer in the formation of a joint venture with a private equity firm to acquire at least three separate neighboring parcels in New Jersey for the development and operation of an approximately one million-square foot industrial/distribution facility and related on and off-site improvements. This joint venture project involved the negotiation and documentation of multiple potential options with respect to the development of the property over the next decade and correspondingly complex economics.
• Represented a family office in their investment in a real estate investment fund.
• Represented a publicly traded, Fortune 500 company in complex joint venture arrangements with capital providers for the development and operation of apartment complex projects, including a 7-story high rise, luxury multifamily rental community consisting of over 350 units spanning 260,000 square feet of space and a 2-level parking garage, and a 12-story plus penthouse mixed-use high rise project consisting of approximately 500 units (some designated as affordable) located in a qualified opportunity zone.
• Represented a food service provider in an investment in a restaurant venture in New York City in partnership with a Michelin starred chef.
• Represented various public pension funds' real estate fund commitments totaling more than $2 billion.
• Represented sponsor of a series of real estate funds formed to invest in various assets in the southeastern United States.

Local Counsel Engagements– Serves as a trusted adviser, providing local counsel advice, creative transfer tax planning, and assistance with diligence-related matters and legal opinions. Some of this representation has included:

• Represented New York-based institutional developer, operator, and investor in the acquisition of a high profile 1,000-unit luxury housing community in the western suburbs of Philadelphia.
• Representation of an international investor in its acquisition of a marina portfolio. Our team provided local counsel and tax advice in addition to due diligence in connection with the sale.
• Represented global private equity firm in a sale-leaseback acquisition of an 800,000 square foot distribution facility in Northwestern Pennsylvania.

Retail and Office Leasing

• Serves as leasing counsel to the owner of a large mall redevelopment project in Philadelphia.
• Represents several local start-up companies with respect to real estate needs, including representation of a start-up fast casual bagel restaurant franchise that has grown to 16 locations.
• Represented a large U.S. company with multiple locations as national leasing and facilities counsel.

Other Complex Real Estate Matters

• Represented Philadelphia-based real estate investment trust in the sale of several piers on the Delaware River to a high-profile, New York-based developer, including the negotiation of the sale agreement, a riverbed lease from the Commonwealth of Pennsylvania, and all related ancillary documents. Role included counseling the client and resolving issues in connection with a complex ownership structure, and navigational servitude issues. This work has led to counseling clients in connection with several other projects along waterways in Pennsylvania.
• Represented a global leader in branded lifestyle apparel in the sale of an outlet center in Pennsylvania, as well as separate leases with the new owner for retail and office space.
• Represented an international fund in a series of transactions related to a marquee office tower in Philadelphia including the termination of a sale-leaseback, acquisition of legal title, a 120,000 square foot office lease, and the subsequent sale of the entire bundle of rights.
• Represented a chemical company in varied real estate transactions in several locations, including its lease of a new headquarters, consisting of office, lab, and pilot plant space.
• Represented a Fortune 10 energy company in the spin-off of a sector, including the disposition of hundreds of real estate interests.