Olshan Represents Korein Family in the Restructuring of the Ground Lease at the Landmarked Lever House
The Real Deal has reported on Olshan's representation of the Korein family in the restructuring of the ground lease at the landmarked Lever House, built in 1952 and known for its beautiful blue-green glass curtain-wall. It is one of the most prestigious office buildings in New York. The restructuring involved an amendment of the existing ground lease with the tenant, a joint venture of Waterman and Brookfield, and the extinguishment of a prior ground lease held by RFR. RFR retained a subordinated interest in the ground lessee going forward. The restructuring ended several years of litigation and uncertainty and sets the building on a path to continued prominence. Sam Ross led the Olshan team which included Tom Kearns, Dov Brandstatter, Hyman Kindler and Tom Fleming. The Korein family has owned the fee position since 1985 when it was acquired by Sarah Korein, the grandmother and great grandmother of the current controlling family members.