SRZ represented Cerberus Capital Management LP and LNR Property LLC on the $1.05 billion sale of LNR to Starwood Property Trust and Starwood Capital Group. Under the terms of the deal, which was announced Jan. 24, 2013, Starwood Property Trust will acquire LNR business segments, including 50 percent of its interest in the nation’s leading residential and commercial real estate exchange Auction.com, for a total purchase price of $856 million. In addition, Starwood Capital Group will acquire for $197 million both LNR’s US Commercial Property Group and the other 50 percent of LNR’s ownership interest in Auction.com. Miami-headquartered LNR is a leading diversified real estate investment, finance, management and development firm with 12 offices throughout the U.S. and Europe.
The SRZ team was led by mergers & acquisitions partner John M. Pollack and tax partner Alan S. Waldenberg, and included mergers & acquisitions associates Lawrence P. Natke, Pavel Shaitanoff and Jonathan D. Reich, investment management partner Omoz Osayimwese, structured products & derivatives partner Joseph Suh and associate Jacob B. Wentworth, antitrust partners Peter Jonathan Halasz and Michael E. Swartz and associate Beverly J. Ang, bank regulatory partner Joseph P. Vitale, employment & employee benefits partner Laurence M. Moss, environmental partner Howard B. Epstein and associate Valerie L. Sheaffer, intellectual property, sourcing & technology special counsel Scott M. Kareff and associate Watt Wanapha, and real estate partner Bruce S. Cybul and associates Beth Lehrman Newman and Abigail Lamb.
Sullivan & Cromwell represented LNR’s board and Vornado Realty Trust in connection with the transaction.
