DLA Piper on Chinese Developer's $5 Billion Brooklyn Bet
DLA Piper is advising Shanghai-based developer Greenland Holding Group Co. on its $5 billion acquisition of a majority stake in Brooklyn’s Atlantic Yards project, the largest U.S. real estate investment by a Chinese company to date.
Chinese state-owned Greenland is acquiring a 70 percent stake in a joint venture with New York area developer Forest City Ratner Cos. to build a 15-tower mixed-use project that includes offices, retail, and residential space.
Shanghai partner Kit Kwok and New York partner Martin Polevoy are leading the DLA Piper team advising Greenland. Goodwin Procter Boston partner Michael Glazer is heading a team advising Forest City that also includes partners Diane McCabe and Mark Kirshenbaum.*
Greenland has recently been eyeing overseas expansion opportunities. In July, it paid $1 billion for 6.33-acre site in downtown Los Angeles. That followed the company’s March announcement that it would spend $500 million to build Sydney’s tallest residential building.
Other Chinese developers have also been targeting the U.S. real estate market. In Febuary, China Vanke Co. entered into a partnership with Tishman Speyer Properties to build a luxury condominium tower in San Francisco. Zhang Xin, the chief executive Beijing-based developer Soho China Ltd., partnered with the Safra family of Brazil in May to buy a 40 percent stake in New York's General Motors Building for around $1.4 billion.
*Update, 10/18/13: The third paragraph of this story has been altered from the original version to add the names of the partners from Goodwin Procter participating in the deal.