Focus

Levenfeld Pearlstein’s Exchange Services Group has a singular focus on Internal Revenue Code Section 1031 like-kind exchanges.  Our exchange practice is unique in that our tax expertise resides in the transactional attorneys who know how to close transactions. At LP there is no gap between technical tax advice and the ability to implement solutions.  The group provides comprehensive 1031 services to private and institutional investors, real estate investment trusts, corporations, syndicators of tenancy-in-common transactions and qualified intermediaries.

Overview

Our attorneys structure exchanges in forward, reverse, build-to-suit, mass asset and auction modes, and have developed specialized exchange techniques utilizing synthetic leases, air rights, series limited liability companies and contract sales. We have handled exchanges involving all manner of real estate, aircraft, automobile fleets, transport ships, manufacturing equipment, franchises, FCC licenses, artwork and collectibles.

We structure Revenue Procedure 2002-22 compliant syndications for tenancy-in-common (TIC) program sponsors. In addition to structuring programs, we write offering memoranda and make securities filings. We believe we have pre-eminent expertise in closing TIC transactions with CMBS/securitized financing -- the members of the Exchange Services Group include our best real estate and finance attorneys who regularly buy, finance and sell exchangeable assets. 

We are known as problem-solvers, and regularly work with other law firms and accounting firms in a special counsel role to assist in transactions they are handling for their own clients. We pride ourselves in creative risk-balanced solutions. For instance, we were handling reverse (parking) exchanges and structuring tenancy-in-common programs for many years before the IRS adopted its safe-harbor rules and rulings guidelines in these areas.

Services

• Structure exchanges of conventional and multi-use real estate, including leasehold interests, air rights, synthetic leases
• Develop private exchange programs for real estate investment trusts and other institutional investors
• Handle aircraft exchanges, including purchases, sales, financing, charter arrangements and state sale/use tax issues
• Develop strategies for complex partnership/joint venture exchanges
• Structure, prepare offering documents for and close tenancy-in-common (TIC) programs in conventional “TICs on title” and “DST” structures
• Develop mass asset and sale at auction exchange programs
• Structure forward, reverse and “build-to-suit” exchange programs for banks, trust companies and other intermediaries, and provide no-billing, day-to-day back up for our exchange intermediary clients who have questions on exchanges they are administering
• Through our affiliate Virginia Properties, L.L.C., we provide “back office” reverse exchange services to a number of prominent exchange companies who do not handle reverse exchanges or limit their reverse exchanges to certain asset classes