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Fundamentals and Current Issues in Vertical Subdivisions

 
Learn about the latest issues impacting vertical subdivisions.Vertically subdividing a building into individual air rights parcels are becoming more common for a number of reasons, including necessitated by redevelopment and reuse, by marketability of the parts being worth more than the whole and by an increased specialization of property owners. The vertical subdivision process can be very complex, requiring the balancing of a number of contravening interests, including defining common areas, common costs and expenses, allocation of control, use restrictions, construction standards and limits, services provided to each parcel owner and delineation of each owner’s responsibility. This topic will review the means by which a party can vertically subdivide a building into sectioned air rights parcels. This topic will discuss the issues that arise when drafting the governing reciprocal easement agreement for a vertically subdivided building. Any party that desires to vertically subdivide a building or that will own, lease or hold a mortgage or other interest in a vertically divided air rights parcel will benefit from this information.

Faculty

Larry N. Woodard

Larry N. Woodard

Honigman LLP

Agenda

Faculty

Larry N. Woodard

Larry N. Woodard

Honigman LLP

  • Partner of real estate practice group of the Chicago office of Honigman LLP
  • Practice emphasis in all areas of real estate law, including commercial real estate transactions, real estate development, joint ventures, real estate-based lending, loan workouts, foreclosures, construction law and mechanics liens
  • Represents Fortune 500 companies, developers, regional and national banks, institutional investors, special servicers, higher education institutions, units of local government, REITs, contractors, landlords, tenants, receivers and real estate brokers
  • Noted speaker and writer on a variety of real estate topics
  • Completing acquisition, economic incentives, leasing and complete redevelopment of 1.6 million square food corporate headquarters
  • Recently completed one of the largest investments of Chinese capital in the country
  • Publishing a treatise on reciprocal easement agreements and vertical subdivisions
  • Adjunct professor of law, The John Marshall Law School
  • Member of the International Council of Shopping Centers and the American, Illinois State and Chicago Bar Associations
  • J.D. degree, LL.M. and B.S. degrees in real estate, University of Illinois and The John Marshall Law School
  • Can be contacted at 312-701-9331 or [email protected]

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