Real Estate Group Top 10 Highlights 2022 | Page 3

District of Dallas . The Crescent ® is home to over 120 office tenants , and includes various restaurants , a golf simulator , a private club , and an award-winning spa and hotel . The Crescent ® has recently undergone $ 48 million in renovations to enhance the mixed-use development , with infrastructure improvements including a more pedestrian-friendly environment and dual-feed power that increased energy reliability and efficiency .
In addition , Bracewell represented Crescent in its acquisition of The Hotel at Avalon , a 330-room luxury Marriott Autograph Collection hotel located in the metro Atlanta suburb of Alpharetta , Georgia . Crescent is a fully integrated real estate investment , operation and development company . Bracewell lawyers provided services related to all aspects of the leveraged acquisition , including the negotiation of loan documents , equity documents , management agreement and franchise agreement . The hotel , which is also home to the 65,000 square foot Alpharetta Conference Center , is located within the highly acclaimed , $ 1 billion , 86-acre , master planned , mixed-use development community known as Avalon . Crescent ’ s investment in The Hotel at Avalon was made through its private equity fund known as GP Invitation Fund II . Working in conjunction with investors and high-net-worth clients , Crescent acquires , develops and operates high-end properties including Class A and creative office space , hotels , resorts , senior living and multifamily properties throughout the United States .
5 . Equinor Wind US LLC – we represented Equinor as US counsel in its $ 1.1 billion agreement to sell to BP a 50 percent interest in the Empire Wind project and the Beacon Wind project off the US East Coast . As part of the transaction , Equinor and BP agreed to form a partnership to develop other offshore wind projects in the United States . Bracewell ’ s understanding of the unique real estate interests was essential in determining the ownership structure to acquire , develop and manage the project . Equinor currently holds a 100 percent interest in both the Empire Wind and Beacon Wind leases . The transaction supports Equinor ’ s strategy to access attractive acreage early and at scale , mature projects and capture value by de-risking high equity ownership positions . Equinor will remain the operator of the projects for these leases through the development , construction and operations phases . Both wind farms are expected to be equally staffed after a period of time .
In addition , we represented Equinor in the drafting and negotiation of the sublease of additional real estate assets located in the South Brooklyn Marine Terminal , including performing title and survey diligence in support of ongoing negotiations of purchase and sales agreements and conditional grant agreements with the New York State Energy Research and Development Authority ( NYSERDA ).
These projects have enormously consequential onshore real estate components being handled exclusively by the Bracewell real estate team . This work includes acquiring and developing multiple marine ports and electrical substations along the eastern seaboard , developing state-of the-art-manufacturing facilities , and negotiating numerous design , finance and construction agreements to facilitate the projects .
6 . The Museum of Fine Arts , Houston – we represented the Museum in connection with the approximately $ 450 million expansion and redevelopment of its 14-acre campus with four new buildings and two underground garages . Bracewell worked with the Museum with respect to issues related to an economic development agreement with the City of Houston , which involves the City ’ s economic participation in the project in exchange for the Museum ’ s dedication of additional land associated with the expansion of a sculpture garden , as well as all aspects of the development and construction of the project . The project included the 102,000 square foot Glassell School of Art , a 37,000 square foot state-of-the-art conservation center , and a 237,000 square foot exhibition building named for Nancy and Rich Kinder . Instead of a parking garage , parking is underneath the new school and museum building , and more green space was added to the campus . This is a significant project for the Museum resulting in a state-of-the-art , world-class art complex , including the development of a new building to house the Museum ’ s vast modern art collection and significantly update its educational and preservation facilities . The project was named the 2015 Hospitality & Tourism Deal of the Year by the Houston Business Journal .
7 . Interseqt , LLC – we are currently acting as project real estate counsel providing advice to Interseqt LLC , a low carbon projects division of one of the largest midstream operators in the United States , in its joint venture project to capture , transport and store CO2 in the Permian Basin . The project includes two leased sequestration processing facilities and two 50-mile pipelines to transport the captured volumes to nearby sinks for EOR or storage as applicable . This first of its kind , cross-industry partnership will utilize Section 45Q tax credits to accelerate carbon capture infrastructure development , reduce CO2 emissions and permanently store CO2 through geological sequestration . This project will install carbon capture equipment to capture CO2 emissions from two ethanol plants in north Texas and construct pipelines to transport the captured CO2 to end use locations in west Texas where it will be sequestered and utilized in subsurface formations for enhanced oil recovery . Bracewell ’ s in-depth knowledge of the unique right of way acquisition strategy for pipelines without condemnation authority was essential in developing a ROW acquisition plan with the client covering approximately 158 landowner easements , as well as negotiating term sheets for the project ’ s construction lender credit facility and the tax equity financing agreement . bracewell . com