Top real estate law firms in New York City have their eyes on the technology sector, a major player industry in Big Apple's office market, Peter Grant of Wall Street Journal reports.
Among the law firms rolling with the ever-evolving industry -where property owners consider technology in their business dealings- is Weil Gotshal & Manges. For the past two years, the firm was able to represent clients in four out of five of North America's biggest industrial real estate deals - spearheaded by J. Philip Rosen, co-head of the firm's real estate law practice, working with warehouse owners who own properties that are being leased t internet retail giants like Amazon.
"Clients want more than just somebody who can do paperwork on transactions," Rosen told the Wall Street Journal. "You have to be able to give business advice."
It is also good business for other New York City real estate law firms as new, tech-oriented players join the scene. Gibson, Dunn & Crutcher's has their list of clients in the nascent sector including WeWork, while Fried Frank is tapping on tech startups based in UK that are looking forward to bringing their business ventures stateside.
When tech startups look for real estate law firms, they more or less lean towards those that have large Silicon Valley practices as these firms are likely to have attorneys with expertise on raising venture capital as well as in giving advice on initial public offerings. However, this selectiveness does not discourage real estate firms from dashing their way to the ever-growing and lucrative tech and e-commerce world.
"Now the pricing has gone through the roof," says Rosen, pointing out that it was not until the Internet retail boom that their firm really gave attention to warehouses and industrial real estate. "Industrial space has taken off because of e-commerce and conversions to residential."