Unusually rapid transaction made possible by savvy buyer and California law firm’s team of skilled real estate attorneys
SAN FRANCISCO (August 23, 2011) –Luce, Forward, Hamilton & Scripps LLP announced today that it assisted the University of San Francisco (USF) in closing a commercial real estate transaction of $36.5 million to purchase the Folger Building built in 1905 at 101 Howard Street in downtown San Francisco. Contrast to the 40- to 50-day timeframe typically allotted to transactions involving historic buildings, Luce Forward’s team of attorneys was successful in expediting the process from term sheet to fully executed purchase/sale documentation in less than two weeks.
John C. (Clint) Callan, Jr., a partner in Luce Forward’s San Francisco office, and his team were able to work on parallel tracks of due diligence and finalizing contract documents in an aggressive approach. Luce attorneys reviewed all seismic studies, environmental reports, leases, physical condition reports, financials, and other relevant documents so that USF could waive its due diligence requirements upon execution of the purchase and sale agreement, which was negotiated and executed during the same period.
“We were able to help USF document and close this deal much faster than customary for a commercial office and retail transaction of this size,” says Callan. “Of course, USF’s flexibility and responsiveness, as well as the seller’s motivation to close helped move the process along. This combination made it attractive for the seller to split this property from its portfolio, previously marketed as a package deal.”
Additional Luce Forward attorneys who worked on the deal include Kenneth Tze and Roseanne E. Sullivan, both also in the Firm’s San Francisco office, and Kirsten M. Solberg, a real estate attorney in the Firm’s San Diego office. Assisting USF were Donna Davis, USF’s general counsel, and Charlie Cross, USF’s vice president of business and finance.
About Luce Forward
Founded in 1873, Luce, Forward, Hamilton & Scripps LLP (www.luce.com) is a full-service California law firm with offices in San Diego, San Francisco, Los Angeles, Carmel Valley/Del Mar, Orange County and Rancho Santa Fe. For more information, visit www.luce.com.
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