Commercial real estate can be a tricky business for any corporation to navigate. When it comes to selling and leasing property, businesses need to be aware of tax and environmental issues when drafting documents. As a lawyer, I find that it helps to have colleagues upon whom I can rely to provide expertise which is critical to a real estate transaction. The end result is a win-win for the client and me.
Recently, I and a team of other Dickinson Wright lawyers represented our client, Visteon Corporation, a leading global automotive supplier, in the sale and partial leaseback of its corporate headquarters known as Grace Lake Corporate Center in Van Buren Township, Michigan. The 287 acre property, which includes ten buildings totaling over 882,000 square feet of space (approximately 527,000 square feet of which space was leased back to Visteon), was sold to an affiliate of Sovereign Partners, LLC, a New York investment firm. Under the terms of the transaction, Sovereign Partners will manage the property, including the conference facility and premises leased by Visteon and other tenants, which include General Electric Company and Dana Corporation.
In order to consummate this transaction, I was ably assisted by Dickinson Wright colleagues Robert Rhoades (who was an invaluable resource in resolving complex tax issues), Sharon Newlon (who lent her expertise on environmental laws), and Michael Lusardi and Karolyn Bignotti (who each devoted significant time and effort in preparing closing documents and resolving title issues). Dickinson Wright was honored to be of assistance to our client, Visteon Corporation, in this exciting and challenging transaction.
The assistance of my colleagues ensured the successful closing of this transaction for Visteon and me. As in any transaction in which you are representing a client, whether you are a seasoned attorney or just starting out, never be afraid to ask for assistance from your colleagues with respect to areas of law in which you may not have expertise. It is this type of networking and collaboration that will not only ensure a successful outcome for the client, but will cause your career to flourish as well.
To learn more about Dickinson Wright’s real estate leasing practice, please visit http://www.dickinson-wright.com/Leasing-Practice-Areas.