Due Diligence and Transactional Support
Schiff Hardin LLP's Environmental Law Group has substantial experience in sophisticated real estate and asset acquisition, disposition and financing transactions, including:
- Performing environmental due diligence efficiently for asset acquisitions throughout the country
- Defining the scope of and managing the collection and analysis of reports and other documentation to identify and quantify environmental liabilities and risks
- Interpreting data to assist the client in decision-making
- Developing creative transaction structures and strategies to allocate and manage environmental risks and liabilities during acquisition and disposition of assets
- Effectively responding to and working with co-investors or lenders on environmental issues affecting the transaction
- Managing routine and emergency course-of-business environmental liabilities
Asset and Real Estate Acquisitions and Divestitures
Schiff Hardin attorneys routinely provide support to clients in a variety of industries in their acquisition and disposition of companies ranging in value from $10 million to more than $500 million. We evaluate the environmental risks and liabilities of proposed real estate acquisitions and recommend the best course of action for the company.
We advise clients on issues such as:
- Post-closing remediation obligations
- Preparing assets or real estate that will not remain within the portfolio for sale
- Developing documentation and risk minimization criteria to be met by project sponsors
- Evaluating data submitted by project sponsors as to whether criteria have been met
- Working with sponsors to identify additional steps to minimize environmental risk
- Providing advice on development, indemnity and partnership contract provisions
- Counseling about the short- and long-term risks posed by various projects
We have helped our clients in their acquisitions of the following types of companies:
- A demand labeling business
- A tool company
- An industry-leading commercial tank and pump rental equipment company
- One of the largest national remediation services contractors
- One of the largest residential and commercial asphalt and grading contractor and its various office, industrial and mining properties
- Two leading regional boat manufacturing companies
- A substantial food products manufacturer
- An international truck parts manufacturer
Brownfields and Property Rehabilitation/Re-use Projects
Schiff Hardin Environmental attorneys have represented a number of Midwest developers in rehabilitating and returning to productive use environmentally-challenged real estate. This includes companies involved with numerous mixed use real estate development projects ranging in size from very small to dozens of acres. Many projects have been built on property formerly used by industry or transportation companies. From the first review of Phase I environmental assessments through negotiating contracts for purchase with environmental risk shifting clauses to obtaining no further remediation letters, the environmental group is involved in the development of new communities.
We have been retained as special environmental counsel for Brownfields redevelopment projects in numerous jurisdictions.
Schiff Hardin attorneys have assisted clients with:
- A Brownfields redevelopment project that transformed an illegal dump into an industrial park
- Remediation and sale of a former manufacturing facility which was redeveloped into a warehousing and distribution center
- Removal of asbestos-containing material from existing structures
- Oversight of dismantling of a former military facility
- Remediation and reuse of former manufactured gas plants in many states
Financing Transactions
The Environmental Group assists Schiff Hardin transactional teams in financings of various assets such as:
- Power plants
- Office buildings
- Hospitals
- Manufacturing facilities
- Food processing facilities
- Airports
We assist in the assessment of environmental and regulatory risks affecting such assets. Successfully structuring senior and subordinated debt or negotiating mezzanine financing requires proper identification and quantification of the potential risks associated with environmental liabilities. We identify not only the obvious risks posed by on-site contamination but also risks associated with regulatory changes, compliance issues or management practices.
