The Legal 500

Morrison & Foerster Ito & Mitomi has Japan’s largest real estate group and is comprised of a valuable mix of bengoshi and ‘foreign lawyers that are simply the most constructive, fast-thinking people in the business’. Theodore Seltzer is ‘the best bar none’, say clients, and Keisuke Mochizuki is recognised for his ‘brilliant analytical mind’. In 2008, the pair represented bondholders in the workout of an office portfolio, part of a wave of transactions of this nature. Conversant in all stages of the real estate life cycle, the team also includes the talents of Asia real estate practice head Eric Piesner and the ‘knowledgeable’ Andrew Morrison, who was involved on many prominent deals in 2008.

Orrick, Herrington & Sutcliffe LLP advises clients on development, fund formation and leasing, as well as a particular strength in real estate financing matters. The team’s clients include JPMorgan, Deutsche Bank, DaVinci Advisors, Nomura and Westbrook Partners. ‘Brilliant legal mind’ Michael Haworth frequently advises an international real estate opportunity fund on issuing bonds for acquisitions in Japan. In addition, he advised a US-based REIT on borrowing ¥30bn for the development of logistics facilities in Japan. Toshihiko Tsuchiya has expertise in real estate securitisation and liquidation-related matters, and is ‘extremely trustworthy in potentially risky scenarios’.

Real estate is a central pillar of Paul Hastings Janofsky & Walker’s Tokyo practice. ‘Genuine real estate experts’, the team advises a range of domestic and foreign lenders and borrowers. Recent highlights include advising Shinsei Bank in the financing of DaVinci’s acquisition of an interest in the Pastoral Hotel, as well as working with Citigroup in the sale-leaseback to Morgan Stanley of its headquarters in Tokyo. Warburg Pincus is also a key client. Ayako Kawano has a strong Japanese law practice. Key partner Alexander Jampel recently left to join Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office.

Skadden, Arps, Slate, Meagher & Flom LLP has been as well equipped as any to deal with the downturn in the market, given its strength in restructuring, recapitalization and distressed debt acquisitions. Practice head Audrey Sokoloff has particular expertise in advising real estate private equity funds and ‘a perfect understanding of the implications of the different facets of a deal’. Masahiro Shiga leads the Japan law side of the practice and is ‘supremely talented’. The ‘excellent’ Paul Huff is also recommended.

White & Case LLP- White & Case Law Offices (Registered Association)’s five-partner practice was strengthened in 2009 with the return of Hirotaka Higashioka from Paul Hastings Janofsky & Walker. ‘Accurate, timely and always able to accommodate to a client’s needs‘, the practice advised WIB Real Estate on its first real estate transaction in Japan, financing the acquisition of office buildings in Tokyo and Osaka. The ‘highly rated’ Gerald Fujii led on this deal and also worked alongside the ‘outstanding’ Tetsuya Morimoto on special purpose company AYK’s issuance of senior bonds to finance the acquisition of a hotel.

Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office was boosted by the arrival of Alexander Jampel from Paul Hastings Janofsky & Walker. In 2009, the practice advised Atrium on the disposition of a commercial building in Tokyo. Seishi Ikeda and Hitoshi Sumiya lead the group and are particularly strong in structured finance pertaining to real estate transactions.

Clifford Chance Law Office is able to leverage a great deal of expertise from its finance practice and is accordingly a prominent group in the real estate securitisation space. ‘A first-class team with plenty of resources at its disposal’, its clients include Babcock & Brown, BlackRock, Capmark and Macquarie Real Estate. Eiichi Kanda is a ‘reliable adviser’, while Peter Kilner is highly regarded for his mix of structured finance and real estate experience.

Instructed by several major fund and developer clients, Jones Day’s Hirokazu Ina recently advised on the ¥40bn sale of Lehman Brothers mortgage loan portfolio. The two-partner team is ‘robust and dedicated’. Clients include LaSalle Investment, Mitsubishi Estate and Prudential Property Investment. Masatomo Suzuki heads the practice.