David Arnburg advises owners, developers, and lessees of commercial and industrial real estate. A significant portion of his real estate practice involves leasing and management of commercial office buildings. David's practice also includes advice to clients on (a) the form and structure of real estate ownership, (b) ground leases, (c) acquisition and sale of commercial properties, (d) financing of real estate projects, (e) property management agreements, and (e) construction contracts.

David is past Chairman of the Firm's Tax and Financial Practice Group. In the tax and financial planning area, David advises clients on compensation and employee benefit matters. This work includes (a) structuring and preparation of employment contracts and other compensation packages, (b) planning, drafting, qualification and administration of qualified pension, profit sharing and 401(k) plans, (c) implementation and administration of health, dental and other welfare plans and cafeteria plans, and (d) structuring of stock option agreements, phantom stock plans for closely held businesses, bonus and other incentive compensation plans and executive deferred compensation arrangements.

Representative Matters

• Counsel for several significant Chicago Loop commercial properties, including 111 East Wacker, 233 N. Michigan, 222 N. LaSalle, 20 N. Clark and 1 N. State (retail).
• Local counsel for group that acquired the Sears Tower in Chicago, including $825 million of securitized mortgage and first and second level mezzanine financing.
• Local counsel to group that acquired three office buildings in Chicago including $140 million of securitized mortgage and mezzanine financing secured by all three buildings.
• Like kind exchange of interest in apartment building for 40% tenancy in common interest in a leasehold interest in a 1.6 million rsf twin tower office property in Philadelphia. Represented both TIC owners in all lease transactions for 10+ years, in acquisition of fee interest, in $20 million plus renovation of project, the refinance of property and sale of tenancy in common interest.
• Condemnation of a partial interest in an air rights leasehold interest including a partial condemnation of major office building located on air rights. Compensation included negotiation of new  air rights leases which would wrap around the existing air rights leases for three office buildings extending the effective term of the air rights leases, modifying the effective rents payable during the term of the existing leases and providing for the potential redevelopment of the parcels.
• Negotiation of ground lease and easements, covenants and restrictions for use of adjacent parking structure in connection with the development of a 360 room all suites hotel in Chicago.  Representation included negotiation of management agreement with major hotel chain, negotiation of construction and mezzanine loan financing and negotiation of sale of hotel prior to opening.
• Negotiation of long term lease for the Cadillac Palace Theatre in connection with its renovation as a major Chicago theatre for Broadway shows.
• Negotiation of management agreement and financing with major hotel operator in connection with the development of a 369 room hotel in Chicago O’Hare area. Representation included negotiation of construction financing and construction agreement, negotiation of restaurant facilities to major Chicago restaurant operator, refinance of hotel after completion of construction and sale of hotel after stabilization.
• Acquisition of retail portion of Chicago building being subdivided into retail and office parcels including negotiation of $40 Million securitized mortgage and mezzanine financing.  Representation included review of declaration of covenants, conditions restrictions and easements governing operation of the building. 
• Disposition of two single tenant office buildings to major real estate fund, valued at $70 million. 

Professional and Civic Affiliations

• ASPA Benefits Council of Chicago
• Chicago Mortgage Attorneys Association
• Building Owners and Managers Association of Chicago, affiliate member
• National Association of Industrial and Office Properties (NAIOP), affiliate member
• American Bar Association
• Illinois Bar Association
• Chicago Bar Association

Articles

• New Tax Rules for Deferred Compensation, GR Review, Summer 2005
• Handling the Holdover Tenant, Chicago BOMA Report