Latham & Watkins Advises Ares in US$1 Billion Platform Office Focused Joint Venture with RXR

Ares Management Corporation, a leading global alternative investment manager, and RXR, a leading real estate owner, operator, and developer in the New York Tri-State area, have entered into a platform joint venture to form a US$1 billion fund targeting debt and equity investments in distressed commercial properties primarily located in New York City. The joint venture partners have committed US$500 million to the venture, with the option to commit an additional US$500 million to the platform pursuant to the definitive agreement.

Latham & Watkins LLP advised two Ares Management funds in the transaction with a deal team led by New York partner and Global Co-Chair of the Real Estate Practice Michelle Kelban and Washington, D.C. counsel Kimberly Lucas, with associate Tim Wilt. Advice was also provided on tax matters by Century City partner Pardis Zomorodi; and on employment and benefits matters by Boston partner Josh Friedman.