The Legal 500

Within Project finance Leading lawyers

Within Structured finance , tier 5

Sullivan & Worcester LLP provides a partner-led securitization group which is ‘available on a full mix of transactions and always perform well on any type’. In Boston, Duncan O’Brien offers ‘depth of legal knowledge across wide variety of asset classes’, Alexander Notopoulos ‘has the ability to explain complex legal issues to non-lawyers’, and New York-based George Lindsay ‘always get the job done quickly and correctly’. Recent representative instructions include advice to UBS and UBS Real Estate Securities in connection with a purchase of portion of financing of pool of automobile leases and fleet receivables through a master trust structure, and to Rabobank International in connection with a $200m revolving trade receivables purchase facility to a special purpose subsidiary of a manufacturing company.

Within Real estate investment trusts (REITs), Sullivan & Worcester LLP is a third tier firm,

Sullivan & Worcester LLP’s ten-partner REITs practice may be smaller than some of the heavyweight practices it competes with, but it carries a significant profile on the back of its ‘excellent legal knowledge’. The practice represents four of the largest public REITs – with an aggregate market capitalization of $8.5bn – on a nearly exclusive basis, on matters spanning the office, industrial, infrastructure, hospitality, senior living, healthcare and timber sectors. The group’s core focus is transactional, including M&A, financings, debt offerings and sale-and-leaseback transactions. In 2010, it advised CommonWealth REIT on the $565m sale of 48 medical office, clinic and biotech laboratory buildings, and the disposal of 15 government-leased properties for $231m. The team also acted for Senior Housing Properties Trust on the $200m sale of senior unsecured notes. Boston-based Ameek Ashok Ponda heads the practice.

Within M&A: middle-market (sub-$500m), Sullivan & Worcester LLP is a third tier firm,

‘Excellent on all accounts’, Sullivan & Worcester LLP is ‘more flexible and price- efficient than some of the larger firms’. The corporate department consists of approximately 50 attorneys in Massachusetts and New York, with almost 30 of these attorneys spending significant time on M&A matters. A number of the attorneys also focus on securities and corporate finance. The firm has an active practice representing angel and venture-backed technology companies. Recently, the practice has been active in strategic M&A, often emanating from the UK within the $5-$250m spot. The practice manages a substantial amount of legal work for Israeli companies and US companies with Israeli interests. Highlights included representing Iron Mountain, an information management services company, in a $112m acquisition of Mimosa Systems, a specialist in enterprise-class content archiving solutions, the transaction involving a multidisciplinary team of lawyers from the M&A, tax, benefits and employment groups. American Tower Corporation was assisted in the acquisition of over 70 wireless communications towers and related assets. Boston-based head of department Susan Barnard is frequently praised. Also in Boston, the ‘efficient’ Carol Wolff is ‘insightful and experienced, as well as being an excellent negotiator’.

Within Real estate, tier 4

Warren Heilbronner and Hugh Finnegan co-chair the 30-attorney real estate department at Sullivan & Worcester LLP, which operates from the New York and Boston offices. The group represented CommonWealth REIT in acquisitions involving 13 office buildings in seven states totaling $600m, and advised Senior Housing Properties Trust on acquisitions of 19 medical office buildings in five states for $330m and of 11 senior living facilities for $120m. The team also acted for Government Properties Income Trust on its $250m acquisition of 17 government buildings across 13 states. Other work included representing a client on short sales and negotiating a deed-in-lieu-of-foreclosure transaction. John Balboni is ‘very helpful, both as a legal mind and as a sounding board for deals’.

Within Domestic tax: East Coast, tier 4

Sullivan & Worcester LLP’s 33-strong Boston-centered tax practice, which is also represented in New York, is one of the largest on the East Coast and certainly the strongest in Massachusetts. The group is lightly leveraged, with approximately half of the complement comprising highly experienced partners, and is commended for ‘excellent, highly responsive service’ by long-term clients. A comprehensive service is on offer, embracing domestic and international transactions, tax planning, and controversy representation in both federal and state taxes. Ameek Ponda, the Boston-based practice group leader, is ‘super smart, a great teacher, who sees the big picture and the details as well’. Also in Boston, the ‘incredibly knowledgeable’ Lewis Greenwald provides ‘relevant and value-adding solutions and advice’, in international matters, and ‘smart and detail-orientated’ David Nagle has a strong practice which bridges transactions and controversy. In a particularly complex recent instruction, the team advised a leading, listed multinational company with complex real estate investments, on conversion to REIT status, and wide domestic and overseas tax issues. Also recommended are Christopher Curtis, for general business taxation and wealth planning, and Richard Jones for state tax advice and controversy. Clients include Hancock Natural Resources, Comcast and American Tower Corporation.

Within Employee benefits and executive compensation, tier 5

Sullivan & Worcester LLP’s Boston-based David Guadagnoli provides ‘excellent response times, and truly helps the client understand the intricate details of complex legal issues’. Guadagnoli recently worked with the in-house compensation and benefits group, outside consultants and the compensation committee of the board of Iron Mountain to amend the pre-existing equity compensation plan to add a variety of new features, including restricted stock units, performance units and performance shares.