Real Estate

Benesch’s Real Estate Practice Group is recognized for leading some of the largest and most complex acquisition, disposition, financing, joint venture, leasing and development projects and matters in the country and around the globe. We represent REITs, private equity funds, public and private companies, developers, owners, landlords, tenants, lenders, borrowers and distressed real estate funds in matters that span every stage of the real estate life cycle.

Overview

Comprised of more than 50 attorneys and paralegals, ours is one of the largest true real estate practices in the United States. Clients rely on our market insight, structuring creativity and reputation as practical dealmakers to move sophisticated transactions from concept to closing.

We are nationally ranked in Real Estate Law in the 2026 Best Lawyers® “Best Law Firms” guide and a Tier 1 practice for Cleveland Real Estate Law, and our group is recognized by Chambers® 2025. Five of our real estate attorneys are ranked as Leading Lawyers by Chambers USA and three partners are fellows of the American College of Real Estate Lawyers (ACREL), an invitation-only organization for lawyers with the highest standards of professional and ethical conduct.

Our Real Estate Practice Group is truly national in scope. Roughly 80 percent of the transactions we handle take place in jurisdictions where we do not have a physical office, and we work seamlessly across the United States through a strong network of local counsel. At the same time, clients benefit from the value of working with a Midwest-based firm while receiving counsel on transactions with no geographic limits.

A hallmark of our practice is that clients bring us in early. We are often engaged at the outset of a project to help structure the deal and design the capital stack, including introducing developer clients to debt and equity sources. Our lawyers blend legal and business judgment to align financing terms, joint venture arrangements and long-term ownership objectives, helping clients efficiently position projects for development, stabilization, disposition or recapitalization.

Our leasing team negotiates hundreds of leases and lease-related transactions every year for owners, REITs, retailers and other users across the country. In the past year alone, we negotiated more than 400 new leases nationwide, including office, industrial, retail and other commercial leases, along with approximately 350 lease amendments, extensions, assignments, terminations and related transactions.

We also advise on federal and state environmental laws implicated in real estate investment and development, including the Clean Air Act, Clean Water Act, CERCLA, TSCA, RCRA and FIFRA, as well as state law equivalents. We have guided clients through brownfield redevelopment projects across the United States, working closely with state environmental protection agencies and the U.S. EPA.

Core Asset Classes and Industries

We advise on transactions across all major commercial real estate asset classes, including:

  • Retail and mixed use
  • Multifamily
  • Industrial
  • Office
  • Hospitality and leisure
  • Senior living and healthcare
  • Powered land and data centers
  • Distressed and special situation assets

Industry Leadership and Recognition

Our real estate attorneys are active members in leading industry groups, including the Urban Land Institute (ULI) and the International Council of Shopping Centers (ICSC), and are frequent speakers at national real estate conferences. In addition to our national ranking in Real Estate Law in 2026 Best Lawyers® “Best Law Firms,” 16 Benesch attorneys are recognized in the 2026 Best Lawyers® guide for Real Estate Law. Our Chambers® 2025 recognition reflects both our national work and our deep bench of real estate talent across the firm.

Representative Experience

The following examples reflect the scope, scale and geographic reach of our real estate practice:

Real Estate Transactions

  • Represented the seller/tenant in the sale-leaseback of four manufacturing facilities in four states for more than $48 million.
  • Represented the buyer/borrower acquisition, financing and leaseback of a supermarket property in Costa Mesa, CA for $13 million.
  • Represented the buyer/borrower in the acquisition, financing and leaseback of a supermarket property in Torrance, CA for $8.5 million.
  • Represented a Fortune 500 tire manufacturer in the sale-leaseback of improved real property with the construction of a new corporate world headquarters, a new headquarters facility for the North American tire business and improvements to the company’s technical center and research facilities.
  • Handled divestiture of a 40-acre parcel and the subsequent leaseback of a 6-acre parcel to serve as the site of a world headquarters.
  • Represented numerous manufacturing and distribution companies in sale-lease back transactions.

Sale-Leaseback Transactions

  • Represented the seller/tenant in the sale-leaseback of four manufacturing facilities in four states for more than $48 million.
  • Represented the buyer/borrower acquisition, financing and leaseback of a supermarket property in Costa Mesa, CA for $13 million.
  • Represented the buyer/borrower in the acquisition, financing and leaseback of a supermarket property in Torrance, CA for $8.5 million.
  • Represented a Fortune 500 tire manufacturer in the sale-leaseback of improved real property with the construction of a new corporate world headquarters, a new headquarters facility for the North American tire business and improvements to the company’s technical center and research facilities.
  • Handled divestiture of a 40-acre parcel and the subsequent leaseback of a 6-acre parcel to serve as the site of a world headquarters.
  • Represented numerous manufacturing and distribution companies in sale-lease back transactions.

These matters illustrate our ability to handle complex commercial real estate deals at scale while staying focused on what our clients value most: practical solutions, efficient execution and long-term asset performance in markets across the country.

Representing Lenders

  • Represented one of the nation’s largest banks as the lead syndicator and arranger of construction financing for the development of an iconic 34-story residential tower with ground floor retail space and a parking garage in downtown Cleveland, OH. The development is a high-profile project in the nation’s second largest performing arts district outside of New York. The development involved a vertical subdivision and multiple ground lease structure. As counsel for the lead bank, Benesch took the lead in the document negotiation and all aspects of due diligence, including title, survey and zoning review, as well as comprehensive review and analysis of the documentation of the tax increment financing and other public incentives that the project received.
  • Represented a national lending institution in the senior loan on the $350+ million mixed-use hotel/multi-family and retail development on E. 9th Street in Cleveland, OH. Our work included documenting the $70 million construction loan and coordinating the loan with 24 other sources of capital necessary to fund the development of the complex development.
  • Represented a lender in the making of a $21 million mezzanine loan secured by a pledge of membership interests in an entity that was developing a shopping center in Chicago, IL. The loan involved complicated intercreditor issues and purchase rights, as well as a multitude of construction issues.
  • Negotiated with lender for a partial release of one of the properties permitting the sale under threat of eminent domain.
  • Represented a pension fund in the permanent financing of a suburban shopping center.
  • Represented a life insurance company in numerous financings of commercial and retail properties.
  • Represented large national lenders on the issuance of construction loans to developers for the acquisition and development of multiple parcels of land.
  • Represented lender in the financing for a high-rise building containing a hotel and office space secured by mortgage encumbering air rights, fee and leasehold parcels.
  • Represented a lender in the acquisition of a 15-story apartment/mixed-use property by deed-in-lieu of foreclosure of a $32 million mortgage.
  • Represented lender in the financing of seven office/warehouse projects in two states.
  • Represented a mezzanine lender in connection with a $1.2 million bridge loan.
  • Represented a lender in connection with several mezzanine loans provided to retail property owners, each having a typical transaction value of more than $10-$15 million.
  • Represented a national bank in connection with all real estate matters relating to the issuance of letters of credit of more than $25 million to support the bond financing of senior care, nursing home and assisted living facilities.
  • Represented a national bank in connection with all real estate matters relating to a $16.5 million credit facility.

These matters illustrate our ability to handle complex commercial real estate deals at scale while staying focused on what our clients value most: practical solutions, efficient execution and long-term asset performance in markets across the country.

Representing Owners/Developers

  • Represented multiple national and regional developers in connection with the redevelopment of over 50 shopping centers (including open air-centers and enclosed malls) throughout the U.S. In this role, we enter the process early and start by evaluating the potential legal hurdles (co-tenancy, consent rights, REA issues, etc.) to assess the feasibility of a potential redevelopment project. We then often serve as project counsel in connection with the development, construction, financing (debt and equity) and leasing efforts, in many cases leveraging our national relationships with retailers and financing sources to aid in the completion of the project.
  • Represented a developer in the development and new construction of a 2.2 million square foot integrated mixed-use complex covering two city blocks. The project is an arrangement of subdivided air-rights parcels with the following components: 48-story residential tower with apartments and condominiums, 17-story 200,000 square foot class A office tower, 120,000 square feet of first and second floor retail, 84 linear residential units, over 1,800 stall parking structures and a 90-key luxury hotel that spans the airspace between the residential tower and office tower.
  • Ongoing representation of a developer in connection with the de-malling and complete transformation of recently acquired, struggling enclosed malls, including providing counsel with respect to the construction, development, public finance, leasing, REA and anchor tenant approval considerations and negotiations and debt and equity financing.
  • Represented a national developer in connection with the co-development of a high-profile, vertical-mixed use project in Texas. The project includes multiple uses, including a 430+ unit multifamily apartment complex, within a large scale vertical mixed-use project including ground floor retail, office and hotel uses and subterranean parking facilities. Benesch serves as overall project counsel to one of the national co-developers. The project involves a complex leasehold, vertical condominium regime and is a public/private partnership with local governmental entity.
  • Ongoing representation of the owner/developer in the redevelopment of enclosed regional mall in the Washington D.C. metro market, into an urban, mixed-use project including experiential retail, office, parking and multi-family apartment project.
  • Represented a regional developer in connection with multiple vertical mixed-use development projects, involving retail, multi-family and student housing, many of which developments are structured as long-term development ground leases.
  • Represented developers of new shopping centers, including a 1.6 million square foot open air shopping center in southwest Florida, including multiple phases and a variety of uses, such as retail, entertainment, restaurant and hotel.
  • Represented the developer of an 80-acre, mixed-use retail, entertainment and residential project in southeast Florida, integrated with an existing state-of-the-art thoroughbred horse racetrack with a Vegas-style clubhouse and casino.
  • Represented one of the largest developers, owners and managers of multifamily residential property in country in the development and financing of a 330-unit multifamily apartment development near San Antonio, TX, including multiple joint venture limited liability company agreements, $28+ million construction financing, $11.5 million mezzanine financing, a shared work infrastructure development agreement and multiple declarations of covenants, restrictions and easements related to the mixed-use development of which the apartment property is a part.
  • Represented a developer in its capacity as the primary investor in a joint venture formed for the acquisition and redevelopment of a mixed-use (office and retail) property located in Brooklyn, NY. In documenting the joint venture, Benesch led the effort to structure the purchaser/borrower vehicle as a tenancy-in-common arrangement (including the drafting of a complex tenancy-in-common agreement) to take advantage of 1031 proceeds that were brought into the deal. The interest acquired in the transaction was a leasehold interest (which included a complicated ground lease and sub-ground lease structure).
  • Represented a large developer in connection with the acquisition of a large downtown garage, and the development of a 20-story multi-family tower to be constructed above the existing garage. Our work includes the documentation of the acquisition documents, the formation of the complicated joint venture structure, and the handling of all development, financing and construction matters. Development will cost approximately $100 million.
  • Represented a large developer in connection with the development of a $300 million+ mixed-use development in downtown Cleveland, OH. Our work includes the land assemblage, acquisition financing, documentation of the entire capital stack (including multiple joint venture structure), the $235 million construction loan and all diligence matters including complex environmental issues.
  • Development and financing of two $40 million+ multi-family developments in Dallas, TX. Representation included all work with respect to property development issues, structuring and documentation of construction financing and mezzanine financing, and equity negotiation and documentation.
  • Represented one of the largest developers, owners and managers of multi-family residential property in country in the development and financing of a multi-phase multifamily apartment development in Pittsburgh, PA, with an initial phase of more than 360 apartment units, including multiple joint venture limited liability company agreements, $57+ million construction financing, a ground lease, an option agreement, a shared work infrastructure development agreement and an amendment to an existing declaration of covenants, restrictions and easements.
  • Restored and redeveloped the Colonial and Euclid Arcades in Cleveland, OH into a $30 million mixed-use facility consisting of a hotel, retail businesses and a parking garage. The deal included conventional financing, two loans from the city of Cleveland, a HUD 108 loan and Tax Increment Financing.
  • Represented a real estate developer in the development and leasing of a three­ phase, 550,000 square foot shopping center in Newark, DE.
  • Represented one of the largest multifamily development construction and management companies in the country in the acquisition, financing and development of a 131-unit market-rate property located in Jersey City, NJ. Benesch handled all aspects of the debt and equity financing for the project, including a senior construction financing, a joint venture agreement with multiple private equity investors and a complicated promote structure, in addition to general development matters. The project also involved several complex issues, including a contribution of land by one of the joint venture partners, several complicated title issues and a complicated 1031 structure to accommodate several of the equity investors.

These matters illustrate our ability to handle complex commercial real estate deals at scale while staying focused on what our clients value most: practical solutions, efficient execution and long-term asset performance in markets across the country.

Comprehensive Real Estate Capabilities

Our practice covers the full spectrum of commercial real estate work, including:

Acquisitions and dispositions 

of single assets and multistate portfolios, including distressed debt and asset acquisitions

Capital transactions

including senior financing, construction financing, mezzanine financing, CMBS and other structured finance, equity raises, joint ventures and preferred equity structures

Leasing

including anchor and in-line retail leases, office, industrial, ground leases and complex mixed-use projects

Development and construction

from site control and entitlements to public-private partnerships, complex condominium and vertical subdivision structures, and project-level joint ventures

Sale-leaseback and net lease transactions

for owners, investors and corporate users seeking to unlock real estate value and redeploy capital

Distressed real estate

including workouts and creative recapitalizations

Real estate tax-based structures

including 1031 exchanges

Experience

High performance in practice

Ranked by Chambers® 2025

Ranked by Best Lawyers® “Best Law Firms” 2026