David Herman is a partner in the firm’s Corporate Department where he is a member of the Real Estate practice. Mr. Herman’s practice concentrates on real estate financings, restructurings, acquisitions, dispositions, and joint ventures. His practice encompasses a wide range of transactional matters, including general corporate matters, mortgage-backed securitizations, commercial lending transactions, company and asset portfolio acquisitions and dispositions, private equity transactions, and other real estate-related transactions. Mr. Herman has broad experience representing both borrowers and lenders in capital markets and bank syndicate loans for office buildings, hotels, multifamily properties, and other property portfolios.
Key Representations:
- Lehman in the sale of its entire stake in Archstone, its single largest asset, in a transaction valued at more than $16 billion.
- Lehman in its combined $3 billion purchase of the remaining stake (53%) in Archstone.
- Lehman, as majority stakeholder, in a joint venture with Thomas Properties Group, the California State Teachers' Retirement System (CalSTRS) and an unidentified offshore sovereign wealth fund, in the $859 million sale of the JV's equity interests in a portfolio of eight Class A office buildings in Austin, Texas to a JV formed by CalSTRS and Thomas Properties.
- Lehman in the sale by a partnership 90% owned by Lehman of the “Toy Building,” an 800,000 square foot office building in New York City, to a real estate fund run by JP Morgan Asset Management for a valuation of over $700 million.
- Lehman in the sale of Lehman’s 78% partnership interest in a portfolio of ten office buildings in Rosslyn, a major office submarket in the Washington, DC area to a subsidiary of Goldman Sachs for a valuation of $1.25 billion.
- Lehman since 2009 on a loan restructure of a $354 million loan associated with high end condominiums at Kapalua Bay in Maui. Lehman’s loan purchase of the interests held by various other lenders in the loan. Lehman in as part of a joint venture to take title to the property in the foreclosure proceeding for a valuation of $100 million.
- Lehman in its acquisition, via a Section 363 asset sale, of Moonlight Basin Ranch, an 8,000 acre ski area in Montana, in satisfaction of $170 million in senior and mezzanine debt made by Lehman prior to Moonlight Basin's chapter 11 bankruptcy filing.
- Lehman in connection with a restructure of the debt associated with The Blackstone Group's acquisition of Hilton Worldwide.
- Crescent Resources, LLC, a North Carolina-based land management and real estate development company with interests in 10 states in the southeastern and southwestern United States in its chapter 11 bankruptcy filing.
Mr. Herman first joined the firm in 2000 and is a member of the New York State Bar Association. He graduated from Yeshiva University with a dual degree in Finance and Accounting and received his JD from Benjamin N. Cardozo School of Law where he was a member of the Law Review.