Tom Moffitt helps clients – developers and investors, landlords and tenants, lenders and borrowers – negotiate and carry out successful real estate deals. He puts together acquisitions and dispositions of developed and undeveloped properties. He works with lenders and borrowers to finance transactions, document loans, and structure workouts of troubled assets. He prepares construction contracts, counsels on construction disputes and advises developers and property owners on a broad range of land use matters, including zoning modifications, subdivision approvals and annexation agreements.
He negotiates and drafts leases across the country for industrial, retail, office and mixed-use space, ranging from big box anchors to small shops, offices to large industrial buildings.
Tom helps his clients adapt to today's evolving economic landscape. He counsels owners and investors in the deconversion of condominiums to apartments and guides landlords seeking to design and implement alternative uses for retail space. He recently negotiated municipal approvals and an agreement with adjoining owners to modify restrictive covenants to allow a former big box retail building to be used for a non-retail use (food processing and distribution).
Some representative transactions that Tom recently handled are:
- Representation of developer in obtaining zoning and other municipal approvals for a six-story, 225-unit apartment building, with 10,000 square feet of retail space on the first floor, to be constructed in the downtown of a northwest suburb of Chicago. The transaction involved an assemblage of eight different properties, improved with various commercial buildings which will be demolished to clear the site for the project, requiring more than $50,000,000 in construction financing.
- Closing a sale-leaseback transaction of five industrial buildings located in Michigan, Ohio and Indiana containing over 1,300,000 square feet of space. The sales price was in excess of $80,000,000. Tom’s client operated steel businesses in the buildings, sold the real estate to a REIT, leased it back from the purchaser, and continued its business operations in the properties.
- Representation of another developer in the ground-up development of a grocery-anchored power center in Georgia, including negotiation of leases with the grocery operator and a number of other big box retailers.
Responsive and efficient, his clients know that they can count on Tom to keep deals on track and provide creative solutions to whatever challenges and obstacles stand between them and the successful conclusion of their deals.
Because he represents banks and other financial institutions, Tom is able to bring his corporate and real estate clients a valuable perspective on lender requirements with respect to various financing transactions. Similarly, his lender clients appreciate his understanding of the issues and hot topics that produce push-back from borrowers.
Tom helps his corporate and developer clients resolve a variety of real estate and contractual disputes and has an extensive litigation background, handling mechanic’s lien claims, specific performance and quiet title actions, tax deed proceedings and other matters, including favorable jury verdicts. He has also argued a number of cases before the appellate court.
In addition to his real estate practice, Tom helps small and middle-market companies streamline operations, eliminate unnecessary risk and resolve disputes. He guides entrepreneurs and startups on business formation and company structure and assists middle-market companies on a variety of operational issues, including business sales and acquisitions.
When he's not in the office, when the Chicago weather permits, Tom enjoys being out on the water. An avid sailor, he spends as much time as possible with his sailing club, especially participating in the Beer Can Races.