Peter Aitelli represents domestic and foreign clients in a wide range of commercial real estate equity and debt transactions, including acquisitions and sales; financing (including permanent, construction and participating mortgage loans and other forms of “hybrid” debt); leasing; and the structuring and formation of joint ventures and other investment vehicles for the development, ownership, and operation of all major property types, such as office buildings, shopping centers, multifamily projects and hotels. Mr. Aitelli represents institutional lenders and CMBS special servicers in loan workouts, judicial and nonjudicial foreclosures, receiverships and REO dispositions. His clients include pension funds and their advisors, banks and other financial institutions, private equity firms and other investors in connection with their real estate investments.
Mr. Aitelli is the Chair of the California State Bar Real Property Law Section, a member of the American College of Real Estate Lawyers (ACREL) and the Chair of the Leasing Committee of ACREL, and a member of the Pension Real Estate Association (PREA). He served as the Chair of the 2011 annual Real Property Law Retreat for the California State Bar.
Mr. Aitelli is listed in Best Lawyers in America for Real Estate Law and is named as a leading real estate lawyer in Practical Law Company’s PLC Which lawyer? Yearbook and PLC’s Cross Border Corporate Real Estate Handbook, and by Law & Politics Magazine and San Francisco Magazine as a “Northern California Super Lawyer” in the area of Real Estate (all publications based on client and peer recommendations). He is also recommended as a leading lawyer by Legal 500 US 2011.
Mr. Aitelli is a frequent speaker on real estate topics for American Law Institute-American Bar Association (ALI-ABA), California Continuing Education of the Bar (CEB) and other continuing legal education organizations. He has served since 1998 as a panelist and since 2001 as the moderator for CEB’s semi-annual “Major Real Property Acquisitions” program. He also serves on the faculty of both the annual ALI-ABA three-day course of study, “Modern Real Estate Transactions,” and the annual ALI-ABA two-day course of study, “Commercial Real Estate Leases.” Mr. Aitelli was an editorial consultant for the books “California Ground Lease Practice” and “California Title Insurance Practice,” both published by CEB, and an author of the “Commercial Real Estate Transactions Handbook,” published by Wolters Kluwer Law & Business|Aspen Publishers in 2009.
Representative Transactions
Acquisitions and Dispositions
- Represent pension fund advisor in the acquisition of controlling interest in 3.7 million square foot portfolio of “lifestyle” shopping centers in the Western United States with a value of $900,000,000 and the $220,000,000 acquisition of the Denver Grand Hyatt and adjacent 39‑story class A office building.
- Represent overseas investor in the $1 billion acquisition of portfolio of 69 apartment properties containing 21,000 residential units in the United States.
- Represent Hitachi Ltd. in the acquisition of 5,000,000 square foot real estate portfolio with properties in the United States, Japan, China, Singapore, Thailand and Mexico.
- Represent real estate investment trust (REIT) and pension fund in the $400,000,000 acquisition of 1.2 million square foot office development in the San Francisco Bay Area.
- Represent purchaser in acquisition, joint venture, financing and subsequent sale of 6,700‑acre parcel on the Island of Kauai.
Financing/Debt Acquisition/Loan Workouts, Foreclosures and Receiverships
- Represent Wachovia and Bank of Hawaii as lead lenders in the $210,000,000 syndicated construction financing of retail development in Hawaii.
- Represent U.S. Bank and Wachovia in the syndicated construction financing of class A office buildings in San Diego and Sacramento.
- Represent Citibank, N.A. in the financing of class A highrise office building in the San Francisco Financial District.
- Represent Brookfield Asset Management in the restructuring and foreclosure of $230,000,000 mortgage loan secured by class A office building in San Francisco.
- Represent private equity firm in the acquisition and foreclosure of $250,000 mortgage loan secured by luxury resort in Southern California.
- Represent CMBS special servicer in the foreclosure of $220,000,000 mortgage loan secured by hotel and golf course resort in Hawaii.
Leasing
- Act as landlord’s counsel in leasing of 2,000,000 square foot office and R&D portfolio in San Francisco Bay Area.
- Represent Hitachi Ltd. in lease from IBM Corporation of 3,000,000 square foot office, R&D and manufacturing portfolio.
- Represent national retailer in 800,000 square foot lease and development of warehouse and distribution center.
Speaking Engagements
- Modern Real Estate Transactions
American Law Institute-American Bar Association (ALI-ABA)
Boston, 2011; Chicago, 2010; Santa Fe, New Mexico, 2009; Boston, 2008; San Francisco, 2007
- Commercial Real Estate Leases: Selected Issues in Drafting and Negotiating in Current Markets
American Law Institute-American Bar Association (ALI-ABA)
Philadelphia, 2011 and 2010; Chicago, 2009; Boston, 2008; San Francisco, 2007
- Real Estate Joint Ventures and Funds: Current Challenges, Strategies and Opportunities
Law Seminars International
San Francisco, 2010
- The Defaulted Real Estate Project: Enforcement of Commercial Real Estate Loans
American Law Institute-American Bar Association (ALI-ABA)
Philadelphia, 2010; National Webcast
- California Anti-Deficiency Legislation: Enforcement of Defaulted Real Estate Loans
Joint Presentation of the California State Bar and the San Diego County Bar Association
San Diego, 2010
- Steiner v. Thexton: No More Free Looks in Real Estate Purchase and Sale Agreements
Alameda County Bar Association Real Property Law Section
Oakland, 2010
- Major Real Property Acquisitions
California Continuing Education of the Bar (CEB)
San Francisco and Sacramento (2007, 2005, 2003, 2002, 2001, 2000 and 1998)
- Commercial Real Property Acquisitions
Lorman Education Services
Sacramento, 2008
- Current Trends and Opportunities in Timberland Investments
4th Timberland Investing World Summit
San Francisco, 2008
- Commercial Real Estate Leases
Law Seminars International
San Diego, 2007
- Understanding the Sophisticated Real Estate Practice
Practicing Law Institute
San Francisco, 2001
- Negotiating Leases
CLE International
San Francisco, 2001