Clifford Chance advises listed and non-listed equity and mortgage REITs on a wide range of capital markets, M&A, joint venture, and governance matters, acting for both US and international clients across traditional and emerging real estate asset classes. The multidisciplinary team combines capital markets, corporate, real estate, finance, and tax expertise to support REIT clients from formation through capital raising and strategic transactions. Andrew Epstein advises issuers, underwriters, and sponsors on capital markets and M&A transactions involving REITs. Jason Myers focuses on REIT capital raising, including IPOs, private placements, and joint ventures, and also advises on governance and compliance matters. Kathleen Werner represents REITs and investment banks in securities offerings and corporate transactions. Jay Bernstein advises REITs and sponsors on complex capital raising and strategic transactions, while Jake Farquharson focuses on REIT-related capital markets transactions, joint ventures, and corporate finance matters.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
- 'Public REIT practice coordinates well with other teams within the firm so the client feels a holistic review and guidance is given without undue coordination on the client's part. REIT team is very knowledgeable and practical at the same time, demonstrating their depth of experience.'
- 'Michael Seaton and Hannah Richard are excellent partners to our business. Not only do they possess the technical expertise, but their communication styles demonstrate an understanding of their client's needs, both for answers and timing of same. They provide both solid legal analysis and practical solutions.'
- 'They have always solved the problems. Great client service and a broad range of business lines to support all issues.'
- 'They have the most knowledgeable and hard-working team. They also have a large experience in the sector, the country and the companies they work with.'
- 'The Clifford Chance REITs team does an excellent job maintaining a good bench of lawyers at all levels who have experience with the special requirements for public and private REITs, led by creative partners who stay involved in the details.'
- 'They have access to excellent specialists in related practices, from taxation and executive compensation to derivatives regulation, who have REIT experience, making complex transactions smoother.'
- 'The Clifford Chance REITs practice has a great deal of experience with REITs going back more than two decades. The practice regularly counsels publicly traded REITs, publicly registered but non-listed REITs, and private REITs.'
- 'The members of the Clifford Chance REITs practice stand out for the breadth and depth of their knowledge regarding the REIT industry. They regularly demonstrate a thorough understanding of the laws governing REITs as well as a keen awareness of the businesses of their REIT clients. Their advice is always both sound and practical.'
- 'The practice is unique due to the strengths of the individual partners.'
- 'Kathleen Werner is an excellent lawyer. She is very technically capable and at the same time understands business and accounting implications. Kathleen can pinpoint specific issues and provide business-friendly solutions.'
Key clients
- Cantor Silverstein Opportunity Zone Trust
- Dream Asset Management
- Grubb Properties
- Star Holdings
- Net Lease Office Properties
- Equity Lifestyles
- Terramed Real Estate Solutions
- National Storage Affiliates
- ReNew REIT LLC
- Global Self Storage
- Retail Opportunity Investments Corp.
- Chimera Investment Corp.
- JOSS Realty REIT, Inc.
- Roc360 Real Estate Investment Trust
- CNL Strategic Residential Credit, Inc.
- Apollo Commercial Real Estate Finance, Inc
- Apollo Reality Income Solutions, Inc.
- PIMCO Mortgage Income Trust
- Yes Communities Inc.
- Montecito Medical Real Estate
Work highlights
Advised Apollo Realty Income Solutions, Inc., a non-traded REIT ("ARIS"), in connection with a continuous follow-on public offering of up to $5 billion in shares of ARIS's common stock pursuant to its registration statement on Form S-11, which was declared effective by the SEC on June 26, 2025. Continuing to act as ARIS's counsel in connection with its ongoing reporting obligations under the ‘33 Act and the ‘34 Act as well as corporate governance matters.
Advised Retail Opportunity Investments Corp. in connection with its $4 billion merger and acquisition by affiliates of Blackstone. Blackstone and certain affiliates of Blackstone entered into a definitive merger agreement under which Blackstone agreed to acquire all outstanding common shares of the Company for $17.50 per share, a 34% premium to the Company's closing share price on the last trading day prior to news reports of a potential sale.
Advised CNL Strategic Residential Credit, Inc. on its formation and continuous private offering of up to $1 billion shares of its common stock.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Practice head
Andrew Epstein; Jason Myers; Kathleen Werner
Other key lawyers
Jay Bernstein; Jake Farquharson; Michael Seaton; Hannah Richard