Skip to main content

Real Estate M&A and REIT Transactions 2019

Speaker(s): Adam O. Emmerich, Andrew Jonas, Aneliya S. Crawford, Anthony C. Green, Benjamin R. Weber, Brian M. Stadler, Cristina Arumi, David Schinasi, David W. Bonser, Davin Thigpen, Guy A. Metcalfe, J. Gerard Cummins, James J. Hanks, Jr., Jeffrey D. Horowitz, Jodi J. Schwartz, John T. Haggerty, Julian T. Kleindorfer, Karen F. Turk, Kathleen Werner, Kendal A. Sibley, Ketan K. Patel, Matthew J. Lustig, Michael Bilerman, Michael E. McTiernan, Samantha Sacks Gallagher, Scott Schaevitz, Sherry Rexroad, Stephen M. Gill
Recorded on: Jan. 8, 2019
PLI Program #: 253008

Benjamin Weber is a partner in the Commercial Real Estate Group at Sullivan & Cromwell LLP’s New York office. He has experience in a broad range of real estate, corporate finance and private and public securities transactions, including acquisitions, dispositions, financings, private equity investments and restructurings.

Recently he has advised:  Blue Pool Capital, Beth Madrash Govoha, British Airways, Cadillac Fairview, Cole Real Estate Investments, Delaware Life Insurance Company, Forest City Realty Trust, Fremont Group, Glick Family Investments, Goldman Sachs/BSPI, The Joseph Hotung family, Jujamcyn Theaters, Storage Post Self Storage, Table Management, Vornado Realty Trust, Wells Fargo and Winter Properties.

Rankings and Recognitions

  • BTI Consulting Group (2016) – recognized as a law firm Client Service All-Star
  • Chambers USA (2019, 2020) – recognized in REITs Law
  • New York Super Lawyers (2007-2020) – recognized as a Super Lawyer in Real Estate Law
  • The Best Lawyers in America (2013-2019) – recognized in Real Estate Law and Mergers & Acquisitions Law
  • The Legal 500 United States (2014, 2017, 2018) – recognized in Real Estate Law


  • University of Minnesota Law School, J.D. 1990
  • University of Minnesota, B.S. 1986


The Honorable John R. Gibson, United States Court of Appeals, Eighth Circuit, 1990-1991

Ms. Aneliya Crawford is a Managing Director in the Mergers & Acquisitions Group of UBS Investment Bank and co-leads UBS's activist defense efforts globally. Prior to joining UBS Investment Bank, Aneliya was a Partner in the shareholder activism practice at Schulte Roth & Zabel. She is one of the leading attorneys representing activist investors globally with hundreds of major shareholder activism contests, including campaigns in the United States, United Kingdom, Canada, Australia and Latin America., Representative contests include Trian's successful campaign at Procter & Gamble, the largest proxy contest to date; Elliott Management at Marathon Petroleum; Voce Capital at Argo Group International, Acacia Research in connection with multiple acquisitions, Altai Capital at MobileIron, and UBS as advisor to Elliott Management with regard to a campaign at NXP.

Adam practices in the corporate department of Wachtell Lipton, focusing primarily on mergers and acquisitions, particularly in the REIT and publicly traded real estate areas, as well as on corporate governance and securities law matters. His practice includes a broad representation of public and private enterprises in various industries throughout the United States and globally in connection with mergers and acquisitions, divestitures, spin-offs, joint ventures, and financing transactions. He also has extensive experience in takeover defense and corporate governance matters.

Adam is recognized as one of the 500 leading lawyers in America by Lawdragon, one of the world’s leading lawyers in the field of Mergers and Acquisitions in Chambers and Partners, and an expert in each of M&A, Corporate Governance and M&A in the real estate field by Who’s Who Legal, which has named him among the WWL Thought Leaders: Global Elite 2020 and also as Lawyer of the Year in M&A for 2019.  Adam is also recognized as an expert both in M&A and in Corporate Governance by Euromoney Institutional Investor’s Expert Guides and a highly regarded leading lawyer by IFLR 1000.  Adam was named one of Hollywood’s Top 20 Dealmakers of 2017 by The Hollywood Reporter and has also been profiled together with Robin Panovka by Lawdragon for their work in our REIT and real estate M&A practice.

After serving as a law clerk to the Hon. Abner J. Mikva of the United States Court of Appeals for the District of Columbia Circuit, Emmerich joined the firm in 1986 and was named partner in 1991.  He attended Swarthmore College and the University of Chicago, from which he earned a JD with honors.  While at the University of Chicago, Emmerich served as topics and comments editor of The University of Chicago Law Review, was elected to the Order of the Coif, and was the recipient of an Olin Fellowship in law and economics.

Adam is co-chair of the International Institute for the Study of Cross-Border M&A (XBMA), co-chair of the advisory board of New York University’s NYU SPS Schack Institute of Real Estate REIT Center, and a member of the American Law Institute. He has served as co-chair of the NYU Real Estate Institute’s Annual Symposium on REITs since its inception. He is a member of the Corporate Academic Bridge Group of the NYU Pollack Center for Law & Business, and a frequent contributor to the Harvard Law School Forum on Corporate Governance and Financial Regulation. Adam serves on the board of the American Friends of Rambam Medical Center (of which he was president for more than a decade) and the American Friends of the Israel Museum, and as president of the Friends of the Israel Antiquities Authority. He was previously a member of the board of the Lawyers Alliance for New York, the Visiting Committee of The University of Chicago Law School, The Ramaz School and co-chair of the Young Lawyers Division of the UJA-Federation in New York.

Adam lives with his wife in Manhattan, where they raised their two daughters and son.

David Bonser is Head of the firm’s REIT practice and also the Global Managing Partner of the firm’s Corporate practice. He focuses his practice on advising and representing public and private real estate companies in a wide variety of corporate, securities, and partnership transactions.

David has extensive experience in public and private company merger and acquisition and joint venture transactions, serving as the primary counsel in more than a dozen public company real estate M&A transactions in the past several years. He has a broad range of M&A and joint venture experience, having represented buyers, sellers (including special committees of public company targets), partners, and financial advisors.

He also has advised issuers and underwriters in more than 100 public and private capital-raising transactions by real estate companies, including public and private equity and debt securities offerings and fund formations. His public company practice involves advice on general business issues and general securities law and reporting compliance matters.

Kendal Sibley is a partner in Hunton Andrews Kurth LLP’s Business Tax group.

Kendal’s practice focuses on real estate investment trusts and private investment funds. Her experience also includes mortgage servicing rights investment and finance, securitization, joint ventures, and cross-border investment in the United States. She represents issuers, underwriters, servicers and guarantors in various aspects of federal income tax structuring of capital markets transactions and investments. Kendal was named a BTI Client Service All-Star for 2019 and recognized as a Leader in REITs: Tax - Nationwide, Chambers USA, 2020-2021.

She received her J.D. from the University of Virginia School of Law and her B.S. in Commerce, with distinction, from the University of Virginia. She clerked for two years on the U.S. Court of Appeals for the Fourth Circuit.

Matthew J. Lustig is Chairman of Investment Banking, North America as well as Head of Real Estate & Lodging at Lazard, advising clients on strategic transactions in the real estate and lodging industries.

Previously, Mr. Lustig served as Head of Investment Banking, North America managing Financial Advisory businesses relating to Mergers & Acquisitions, Restructuring, Private Capital Advisory, Lazard Middle Market, Shareholder Advisory and Capital Structure Advisory. Separately he has headed the Real Estate private equity business of Lazard and its post-IPO successors, which included multiple funds with over $2.5 billion of equity capital invested in public and private real estate operating companies and properties. Prior to joining Lazard in 1989, Mr. Lustig was with Drexel Burnham Lambert and Chase Manhattan Bank.

Mr. Lustig serves on the boards of Boston Properties, Inc. (NYSE: BXP) and Ventas, Inc. (NYSE: VTR). He serves on the advisory boards of the School of Foreign Service at Georgetown University, his alma mater, The Zell-Lurie Real Estate Center at the Wharton School of the University of Pennsylvania (Chairman) and the Milstein Center for Real Estate at Columbia Business School. He is a former Executive Committee and Board member of the Pension Real Estate Association, a member of the Real Estate Roundtable and the Council on Foreign Relations.

Mr. Horowitz joined BofA Securities in April 2005 and is Global Head of Real Estate, Gaming and Lodging Investment Banking. The REGL team has offices in the United States, Europe, and Asia.

Mr. Horowitz covers a broad range of public and private companies and works on mergers and acquisitions, public and private capital raising and general corporate advisory transactions. Prior to joining Bank of America Securities, Mr. Horowitz spent approximately 12 years at Citigroup where he was a Managing Director within Real Estate Investment Banking. Prior to joining Citigroup, Mr. Horowitz spent three and a half years at Lazard Frères as an Associate in Capital Markets and in Real Estate. Mr. Horowitz began his career as an Analyst in the Real Estate Group at The First Boston Corporation.

Mr. Horowitz has a Bachelor of Science degree from Cornell University and an MBA from Harvard Business School. Mr. Horowitz is a member of Nareit, the Real Estate Roundtable, the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics, thei Industry Real Estate Financing Advisory Council and the Board of the Urban Land Institute. Mr. Horowitz has also received the 2021 Nareit, Industry Achievement Award.

Sherry brings over 30 years of extensive leadership experience in REITs and real estate, finance, and capital markets. She has significant expertise in sustainability and ESG and has been a frequent speaker at Nareit and other venues on integrating ESG strategies to improve long-term investment outcomes. Sherry joined the company in 2021 and now serves as Chief Financial Officer. Her deep relationships throughout the industry and focus on profitable and sustainable growth are invaluable to the continued growth in STORE’s platform.

Prior to joining STORE, Sherry spent 9 years as a Managing Director at BlackRock Global Real Asset Securities. She co-founded the team and was most recently the Global Head of Business Development. Before that, she served as Co-Global Chief Investment Officer and Chair of the Investment Committee. In addition, she was a member of the BlackRock Americas Investment Stewardship Advisory Board, the BlackRock Fundamental Commission Oversight Committee, and the BlackRock Real Assets Sustainability Task Force. Earlier in her career, she worked in various capacities for Aviva Investors, ING Clarion Real Estate Securities, AEW Capital Management, the U.S. Environmental Protection Agency and the General Services Administration.

Sherry graduated from Haverford College and holds an MBA from The Wharton School, University of Pennsylvania. She also holds the Chartered Financial Analyst designation and is a member of the CFA Institute. She served on the FTSE Nareit Index Series Advisory Committee and was a member of Nareit’s Real Estate Investment Advisory Council. She is Co-Chair of Nareit's Dividends through Diversity, Equity & Inclusion Initiative Steering Committee and is an active member of Wharton Women in Leadership. Uniquely, Sherry was the first investor to be elected to the Nareit Advisory Board of Governors.

Anthony C. Green is the Chief Corporate Officer and Chief Legal Officer of Annaly. Mr. Green has served as Chief Corporate Officer since January 2019 and Chief Legal Officer since March 2017.  Mr. Green has over 20 years of experience in corporate and securities law. Mr. Green was Deputy General Counsel of Annaly from 2009 until March 2017.  Prior to joining Annaly in 2009, Mr. Green was a partner in the Corporate, Securities, Mergers & Acquisitions Group at K&L Gates LLP. Mr. Green holds a B.A. in Economics and Political Science from the University of Pennsylvania and a J.D. and LL.M. in International and Comparative Law from Cornell Law School.

David Schinasi is a managing director in the Mergers and Acquisitions group at Wells Fargo Securities. He is also a member of the Firm’s Investment Banking Opinion Committee, and was previously the Chairman of that Committee.

David joined Wells Fargo in 2007 to lead the mergers and acquisitions practice in the real estate and lodging sectors.Prior to this, he was a managing director at Citigroup Global Markets and at Bank of America Securities, where he led their real estate mergers and acquisitions businesses.

Prior to commencing his investment banking career in 1992, David practiced corporate law at Skadden, Arps, Slate, Meagher & Flom.

David earned a B.S. with high honors from the University of Florida and a J.D. from the UCLA School of Law, where he was Associate Editor of the UCLA Law Review.

Guy is a Managing Director of Morgan Stanley and Global Chairman of the Real Estate Investment Banking Group based in New York.

Guy joined the Firm in 1990 as an Analyst in the M&A Department, and worked in corporate finance in Toronto and Los Angeles as an analyst before returning to New York as generalist Associate in 1994.  He joined the Real Estate Group (principal investing, banking and lending) in 1996.  He was named Managing Director in 2002.  Guy became U.S. Real Estate Banking Head in 2002, Global Head in 2006 and Global Chairman in 2013.  Guy has completed over $500 billion of transactions at Morgan Stanley and is a trusted advisor to the CEOs of many of the leading property companies.

Guy earned an Honors B.A. in Business Administration from the Ivey School at the University of Western Ontario in 1990.

Guy is an advisor on real estate matters to the Partnership Fund of New York, a member of the Board of Directors of Trey Whitfield School, a high-performing inner-city school in East New York, Brooklyn, and is Vice Chairman of Schools That Can, the largest cross-sector network of urban schools serving underserved communities in the U.S.

Guy currently resides in New York, NY, with his wife Lisa and their 2 children.

JERRY CUMMINS’ practice focuses on securities offerings, corporate matters and funds, with an emphasis on real estate-related transactions, primarily REITs and real estate funds. He is a co-chair of the Investment Funds group in the New York office, which spans REITs, funds, investment advisers and derivatives. He serves as a chair of the firm’s REIT industry team and regularly represents both issuers and underwriters in a variety of public and private debt and equity transactions by REITs, including initial public offerings. Jerry has worked extensively on real estate and other funds, and represents fund managers in fund formation as well as institutional investors in their investments into private funds. Jerry has experience in counseling public companies regarding general corporate and securities laws matters, including acquisitions, dispositions, joint ventures, corporate governance matters, filings under the Securities Exchange Act of 1934 and stock exchange matters. He has worked extensively with equity and mortgage REITs as well as issuers in a range of other industries. Jerry has completed several complex real estate portfolio transactions involving the issuance of operating partnership units in UPREITs and DownREITs. Jerry is rated among America’s Leading Lawyers for REITs by Chambers USA, where it was noted that he “receives widespread praise for his skill in capital markets and M&A transactions within the REITs sphere.” He is also recognized as a Leading Lawyer in The Legal 500 US for equity offerings and REITs and was named as a member of BTI Consulting’s Client Service All-Star Team. In addition, Jerry has been recognized in the 2017 edition of Who’s Who Legal: Capital Markets.

Jodi J.  Schwartz is a partner at the law firm of Wachtell, Lipton, Rosen & Katz where she specializes in the tax aspects of the corporate transactions and mergers and acquisitions that are the firm’s primary practice. She is the chair of the Firm’s Tax Department.  Ms. Schwartz has been the principal tax lawyer on numerous domestic and cross-border transactions in a wide range of industries.  She was elected partner in 1990.

Ms. Schwartz received her B.S. in Economics magna cum laude from the University of Pennsylvania in 1981, her M.B.A. from the University of Pennsylvania (Wharton School) in 1984, her J.D. magna cum laude from the University of Pennsylvania Law School in 1984 and her LL.M. in taxation from the New York University Law School in 1987.

Ms. Schwartz is recognized as one of the world's leading lawyers in the field of taxation, including being selected by Chambers Global Guide to the World’s Leading Lawyers, Chambers USA Guide to America’s Leading Lawyers for BusinessInternational Who's Who of Business Lawyers and as a tax expert by Euromoney Institutional Investor Expert Guides. In addition, she is a member of the Executive Committee and past chair of the Tax Section of the New York State Bar Association and also is a member of the American College of Tax Counsel.


John Haggerty is a partner in and co-chair of Goodwin’s Public M&A / Corporate Governance practice. He works on a wide variety of corporate and securities matters, including public and private mergers and acquisitions, public and private offerings of equity and debt securities by public companies, corporate governance and other matters of general corporate and securities law. He has been recognized in the Corporate/M&A: Capital Markets category by Chambers USA: America’s Leading Lawyers for Business.

Mr. Haggerty’s recent work includes representing:

  • TIER REIT in its combination with Cousins Properties to form a $7.8 billion combined company
  • DCT Industrial Trust in its $8.4 billion sale to Prologis
  • EPR Properties in its $830 million acquisition of CNL Lifestyles, Inc.
  • Rockwood in its $620.8 million interest sale of Mill Creek Residential Trust
  • Essex Property Trust in connection with its $15.4 billion acquisition of BRE Properties, Inc.
  • AvalonBay Communities, Inc. in connection with its $16 billion joint acquisition of Archstone Communities from Lehman Brothers
  • athenahealth, Inc. in connection with its acquisition of Epocrates, Inc.
  • The special committee of CreXus Investment Corp. in connection with a review of strategic alternatives and its $1 billion sale to Annaly Capital Management
  • Sonesta International Hotels Corporation in connection with its acquisition by Hospitality Properties Trust

Mr. Haggerty is a member of the Boston, Massachusetts and American Bar Associations. He is an adjunct professor and lecturer in law at Columbia University, where he teaches a course on real estate M&A.

Julian Kleindorfer is global Co-chair of Latham & Watkins' REIT Industry Group. His practice focuses on corporate finance transactions, mergers and acquisitions, board counseling and general company representation. Mr. Kleindorfer brings particular expertise to transactions in the real estate, hospitality and gaming industries.

Ketan K. Patel serves as general counsel, executive vice president and secretary for Forest City Realty Trust, Inc.

Joining Forest City in May 2017, Ketan was most recently vice president, corporate secretary and chief ethics officer of FirstEnergy Corp., a major Midwestern electric utility, serving as a primary liaison to its board and managing a team of 150 associates across the company's Real Estate & Facilities, Corporate, and Records & Information Compliance departments.

Previously, Ketan was associate general counsel at DDR Corp., a national real estate investment trust based in Beachwood, Ohio, where he oversaw the Corporate & Transactions Group with responsibility for acquisitions and dispositions, capital markets transactions, joint ventures and tax, as well as other general corporate matters. 

Ketan began his legal career with McDonald, Hopkins, Burke & Haber, LPA, a super-regional law firm with offices in the Midwest and Florida. 

Ketan earned his Bachelor of Science degree in engineering from Princeton University and his Juris Doctor from the University of Michigan Law School. 

Michael Bilerman is a Managing Director at Citi, and leads the firm’s Global real estate investment research franchise.  He also directly heads the US real estate and lodging team which has coverage of over 80 real estate and lodging equity securities.  Michael and the Citi Research REIT team have consistently been ranked as the top team in external client polls including Institutional Investor and Greenwich Associates. 

With over two decades of industry experience, Michael has spent his entire career in real estate having joined Citi in August 2004 following 6 years at Goldman Sachs.  Michael started his career in real estate investment banking working in both New York and London and then became a senior research analyst covering the REIT sector in 2002.  In June 2007, Michael was included in Institutional Investor's second annual "20 Rising Stars of Real Estate" feature, acknowledging up-and-coming real estate professionals who will likely set the trends in the rapidly changing real estate industry.  Michael was then named to Institutional Investor’s All-America Research Team in 2008, a position he has held for the last 11 years straight. 

Michael is an active member of various real estate industry professional affiliations including the Real Estate Roundtable, Pension Real Estate Association, NYU Shack’s Real Estate Program and Nareit.  Michael current serves as Chairman of the Research Committee for the Real Estate Roundtable, a Cabinet member of Nareit's Real Estate Investment Advisory Board and is a member of the FTSE Nareit Index Advisory Committee. 

Michael received a Bachelor of Commerce from McGill University in Montreal, Canada with a double major in finance and strategic management, and lives in New York with his wife and three boys. 

Michael McTiernan has spent more than two decades focused almost exclusively on corporate and securities matters related to REITs and other real estate companies.  With extensive experience both at the U.S. Securities & Exchange Commission (“SEC”), including as head of the SEC’s REIT group, and in private practice, Michael provides his real estate company and underwriter clients a uniquely broad perspective on securities law, corporate finance and corporate governance matters related to real estate companies.

Michael’s practice focuses on advising traded and non-traded REITs, board special committees and underwriters in a wide variety of corporate and securities matters, including initial public offerings, follow-on offerings, mergers and acquisitions, SEC reporting, SEC investigations, related-party transactions and corporate governance.

After serving as an Assistant Director at the SEC, where he played a leading role in developing all of the SEC's recent interpretive guidance for REITs, Michael joined Hogan Lovells as a partner in 2013.  Michael is recognized by Chambers USA as one of the nation’s leading REIT lawyers and regularly speaks on REIT-related matters at industry conferences.  He is a member of the National Association of Real Estate Investment Trusts (NAREIT) and the American Bar Association (ABA).

Ms. Gallagher is Executive Vice President, General Counsel and Secretary of VICI Properties Inc. (NYSE: VICI), an experiential real estate investment trust. Ms. Gallagher serves as VICI’s chief legal officer and leads the company’s corporate legal function. In her role, Ms. Gallagher has leadership responsibility for structuring of all corporate-level transactions (including mergers and acquisitions), all corporate governance matters, regulatory compliance (including SEC, NYSE and gaming regulatory matters), overseeing property-level acquisitions and dispositions, supervising litigation matters, as well as managing outside counsel. Since she joined the Company in May 2018, VICI Properties has signed approximately $28.3 billion of acquisitions/investments and raised approximately $9.6 billion of equity and $5.35 billion of debt in less than four years. In particular, Ms. Gallagher oversaw the negotiation and documentation of the Company’s recently announced $17.2 strategic acquisition of MGM Growth Properties LLC, which is scheduled to close in the first half of 2022. Ms. Gallagher has over 20 years of M&A, capital markets, real estate and corporate law experience (including structuring corporate-level transactions, strategic investments and joint ventures, capital markets transactions, SEC/public company reporting and compliance, Board governance, enterprise risk management and mitigation, regulatory compliance and corporate governance). In particular, Ms. Gallagher has extensive experience representing REITs and other real estate companies and financial institutions.

Prior to joining VICI Properties, she served as Executive Vice President, General Counsel and Secretary at First Potomac Realty Trust (NYSE: FPO). In this role, Ms. Gallagher oversaw the negotiation and documentation pertaining to First Potomac Realty Trust’s merger with Government Properties Income Trust (NASDAQ: GOV), which was completed in October 2017.

Prior to joining First Potomac, Ms. Gallagher was a Partner at Arnold & Porter LLP, Bass, Berry & Sims plc, and Hogan Lovells US LLP. While in private practice, Ms. Gallagher focused on capital markets transactions (including public and private equity and debt offerings), mergers and acquisitions, strategic investments and joint ventures, as well as advising companies in a variety of corporate and securities law matters. Ms. Gallagher has represented issuers and underwriters in connection with initial public offerings, primary and secondary offerings, private placements, senior and subordinated debt financings and tender offers. She also regularly advised clients in a wide variety of strategic transactions, including mergers and acquisitions, divestitures, tender offers and joint ventures.

  She served on the Board of Directors for Make-A-Wish® Mid-Atlantic, Inc. from 2013 – 2019.  Ms. Gallagher received her Juris Doctor from Georgetown University Law Center, cum laude, and her Bachelor of Arts from Princeton University, summa cum laude.

Scott Schaevitz is Co-Head of Americas Real Estate Investment Banking at Barclays. Mr. Schaevitz has over 30 years of financial services experience and is responsible for providing merger and acquisition advice to, and raising debt and equity for, public and private real estate companies. 

Mr. Schaevitz’s real estate advisory work includes:  the merger of Sabra Health Care  and Care Capital Properties, the merger of Colony Capital, NorthStar Asset Management and NorthStar Realty Finance, the acquisition of Excel Trust by Blackstone, the sale of Arden Realty to GE Capital, the sale of CRT Properties to DRA Investors, the merger of Lexington Corporate Properties and Newkirk Realty Trust, the merger of General Growth Properties and The Rouse Company, and the sale of Heritage Property Investment Trust to Centro Watt.

Mr. Schaevitz has been involved in numerous IPOs including Hudson Pacific Properties, Excel Trust, Campus Crest Communities, DuPont Fabros Technology, Kilroy Realty Corporation, Cali Realty Corporation, Columbus Realty Trust, and Developers Diversified.

Mr. Schaevitz’ capital markets transactions include common, convertible and preferred equity, and investment grade, high yield, privately placed and CMBS debt.  Issuers include Acadia Realty, Ventas, Vereit, Kilroy Realty, Care Capital Properties and Four Corners Property Trust, among others. 

Prior to joining Barclays in 2008, Mr. Schaevitz served as a Managing Director in the Real Estate investment banking groups at Lehman Brothers, Wachovia Securities and Prudential Securities. He began his career at E.F. Hutton & Co.

Mr. Schaevitz received his BA with honors in Economics and History from Tufts University and his MBA from New York University.  He also studied at the London School of Economics and Political Science.

Andy is Global Co-Head of Real Estate Investment Banking.  He joined the firm in 1997 as a vice president and was made a managing director in 1999.  Prior to this, Andy was in the Real Estate Department at Merrill Lynch from 1991 to 1997.  He also worked for Ayala Land in Manila, Philippines as a summer associate in 1990, for Olympia & York from 1988 to 1989 and as an analyst for Kidder Peabody from 1986 to 1988.  Andy is a member of the Advisory Board for the Zell/Lurie Real Estate Center, a member of the National Association of Real Estate Investment Trusts.  He also serves on the St. Jude's School Advisory Board.  Andy received an M.B.A. from The Wharton School at the University of Pennsylvania in 1991 and a B.A. from the University of Michigan in 1986.

Brian Stadler specializes in mergers and acquisitions and corporate governance. He represents private equity firms, corporations and financial advisors in a variety of M&A matters, including leveraged buyouts, strategic mergers, acquisitions and dispositions of companies, subsidiaries and divisions, minority investments, joint ventures and takeover defense. While he has represented M&A participants in a wide range of industries, Brian has extensive experience in M&A transactions involving REITs and other real estate companies.

Brian has been widely recognized for his work, including being named a “Dealmaker of the Year” by The American Lawyer, a Law360 MVP and one of the world’s leading private equity lawyers by Chambers.

 Brian joined Simpson Thacher in 1990 and was elected as a member of the Firm in 1998. He received his B.S., summa cum laude, from the Wharton School of the University of Pennsylvania in 1987 and his J.D. from Columbia Law School in 1990.

For over 20 years, Cristina Arumi has been focusing her practice on the tax aspects of capital markets and M&A transactions involving real estate investment trusts (REITs), real estate funds, and joint ventures in addition to tax components of foreign investment in U.S. real estate.

She regularly advises both public and private REITs, including mortgage REITs, closely held real estate companies, real estate funds, and non-U.S. real estate investors on a variety of matters. She has worked on multiple transactions involving mergers and acquisitions, the formation and initial public offering of UPREITs, REIT conversions, rollup transactions, downREIT transactions, and public debt and equity offerings.

Cristina also advises a number of REITs on ongoing operating matters, including compliance with tax protection agreements in the course of subsequent transactions and refinancings, and has years of experience representing clients in requests for private letter rulings from the IRS, as well as experience representing REITs and taxable REIT subsidiaries undergoing IRS audits.

Cristina advises non-U.S. clients – individuals, foreign pensions, and sovereign investors – of the U.S. tax implications of investments and operations in the United States, including the Foreign Investment in Real Property Tax Act (FIRPTA). She also advises both U.S. and non-U.S. clients regarding U.S. tax implications on a variety of cross-border transactions.

Before re-joining Hogan Lovells in March 2019, Cristina was a principal of Ernst & Young LLP's National Tax Department for six years. Prior to that, she was a partner and the global leader of the Tax practice area at Hogan Lovells. During her initial 17 years at the firm, Cristina advised on the tax aspects of many of the most complex and high-profile real estate-related transactions in the industry.

JAMES J. HANKS, JR. is a partner with the 800-lawyer firm of Venable LLP, with offices in Baltimore and a lot of other places, and Distinguished Visiting Professor from Practice at the University of Maryland School of Law.  For many years, Jim was a Visiting Senior Lecturer of Management at Cornell Business School, an Adjunct Professor of Law at Cornell Law School and a Senior Lecturer at Northwestern Law School.  Jim received his A.B., from Princeton University; his LL.B. from the University of Maryland Law School, where he was an editor of the Maryland Law Review; and his LL.M. from Harvard Law School.  For a year after receiving his LL.B., he was law clerk to Judge Charles Fahy of the United States Court of Appeals for the District of Columbia Circuit.

          More than 70% of all publicly registered REITs are formed under Maryland law.  Jim and his colleagues advise approximately 60% of this group, as well as privately-held REITs and other entities, on Maryland law in connection with REIT formations, equity and debt offerings, mergers and acquisitions, takeover defenses, stockholder litigation and corporate governance matters.  Jim has advised buyers or sellers in more than 250 mergers or acquisitions, many valued at more than one billion dollars.  He has also represented parties in cross-border mergers and acquisitions, joint ventures and other transactions.  Jim regularly serves as independent counsel to boards of directors and board committees of REITs and other major U.S. corporations and as an expert witness in connection with significant transactions, stockholder litigation, conflicts of interest and corporate governance issues.  Jim also advises governments on revision of their corporate and securities laws.

Jim is the author of the definitive 900-page treatise Maryland Corporation Law (published in 1990 and supplemented annually) and the co-author (with former Stanford Law School Dean Bayless Manning) of the fourth edition of Legal Capital (published in 2013).  He is also the author of several law review articles and a frequent speaker on corporation law and governance.  Jim has been actively involved in the revision of the Maryland General Corporation Law, the Maryland REIT Law and the Model Business Corporation Act, which has been adopted substantially in its entirety by more than 30 American states.

More important than any of the foregoing, Jim is thrilled to be married to Sabine Senoner, of Kitzbühel, Austria, and they have an utterly charming daughter, Maria Dorothy, age 17, who will talk your head off in German or English.

Karen Turk is a partner in the firm's Tax group. Ms. Turk’s practice focuses on the tax aspects of structuring commercial transactions, including real estate and venture capital transactions, mergers and acquisitions, and structures to mitigate unrelated business taxable income for tax-exempt and pension investors. Ms. Turk has extensive experience in structuring collective investment vehicles with tax-exempt, domestic and non-US investors, and she routinely advises clients in connection with the formation and operation of investment funds, public and private REITs, and complex joint ventures. Ms. Turk joined Goodwin in 1999 and serves on the firm’s Partnership Committee.

Professional Activities
Ms. Turk is a member of the Boston, American and New York State Bar Associations.

J.D., New York University School of Law, 1999 (cum laude)
B.A., Wesleyan University, 1989 (with honors)

Ms. Turk is licensed to practice in Massachusetts and New York.


Kathleen L. Werner is co-head of the Capital Markets practice of Clifford Chance. Ms. Werner primarily represents companies and investment banks in capital markets and mergers and acquisitions transactions.

Ms. Werner’s clients include public and private companies in the financial services, real estate and media industries. She acts as regular outside corporate and SEC counsel to many of her clients. In addition, Ms. Werner regularly represents investment banking firms acting as underwriters and initial purchasers in public and private securities offerings.

Ms. Werner’s transactional experience includes initial public offerings, follow-on equity offerings, investment grade debt offerings and high-yield debt offerings. Ms. Werner also regularly represents her corporate clients in their merger and acquisition activities.

Ms. Werner and Clifford Chance’s REIT practice have been recognized as leaders in the REIT industry by Chambers USA and Chambers Global.

Ms. Werner earned a BA cum laude in 1988 from St. Joseph’s University and a JD cum laude in 1991 from Georgetown University Law School. She is admitted to practice in New York.

Ms. Werner has been a partner with Clifford Chance since 2000 and is based in its New York office.

Steve concentrates his practice on mergers and acquisitions for public and private companies and private equity firms, including takeovers and takeover defense. He also represents a number of public companies with respect to securities law compliance, securities offerings, corporate governance, and shareholder activism defense.
In addition, Steve represents investment banking firms in underwritings and financial advisory matters. Steve has worked with clients across a diverse number of industries, including energy upstream, energy midstream, oilfield services, finance, chemicals, health care, telecommunications, technology, and software.