Steven M. Lutt
Biography
Overview
Mr. Lutt represents owners, developers and private equity investors in a wide range of domestic and international joint venture, partnership, financing and distressed debt real estate transactions, as well as the acquisition, disposition, development, leasing and management of various classes of real estate, including commercial, industrial, energy, office, data center, hospitality, residential and mixed-use properties. Additionally, Mr. Lutt represents clients in the hospitality sector in connection with joint ventures, acquisitions, dispositions, public, private and government sponsored financings, including acquisition and construction financings, resort development, and management agreements. He also represents private equity investors and other clients in a variety of domestic and international mergers, acquisitions, divestitures, joint ventures and restructurings.
On both domestic and cross-border transactions, Mr. Lutt works in close cooperation with White & Case lawyers in related areas, such as tax, bankruptcy, infrastructure/projects, power and disputes, as well as with lawyers throughout our worldwide network.
Experience
Kohler Co. in the multi-jurisdictional carve-out and sale of its energy business to Platinum Equity and its continued investment in its energy business in partnership with Platinum Equity.
PWM Property Management LLC in the sale of its interests in the commercial office tower located at 245 Park Avenue in New York City to an affiliate of SL Green Realty Corp., the largest landlord in Manhattan. The transaction was valued at approximately US$2 billion.
Aramco, one of the world's largest integrated energy and chemical companies, on its entry into an Equity Purchase Agreement with US-based automotive services provider Valvoline, Inc. to acquire Valvoline, Inc.'s Global Products Business for US$2.65 billion.
NRG Energy, Inc. (NYSE: NRG), an integrated power company involved in energy generation and retail electricity, in its sale of various assets, including sale and lease-back of the land underlying Astoria Generating Station, to Beacon Wind Land LLC, a joint venture formed by Equinor and BP.
Onward Energy, a portfolio company of J.P. Morgan Asset Management Infrastructure Investments Group, in its acquisition of two combined-cycle, gas-fired power generation facilities located in South Carolina and Maryland.
Schneider Electric Industries SAS, a global leader in the digital transformation of energy management and automation, on the €723 million sale of its industrial sensors business, Telemecanique Sensors, to YAGEO Corporation, a global electronic component and service provider based in Taiwan.
Calpine Corporation in transactions, including in:
- its agreement with Constellation (Nasdaq: CEG) under which Constellation will acquire Calpine in a cash and stock transaction valued at an equity purchase price of approximately $16.4 billion, composed of 50 million shares of Constellation stock and $4.5 billion in cash plus the assumption of approximately $12.7 billion of Calpine net debt; and
- its acquisition of the Quail Run Energy Center in Odessa, Texas, from Lotus Infrastructure Partners.
Hertz Global Holdings, Inc. (OTCPK:HTZGQ) in the US$7.22 billion reorganization and recapitalization of the company in the context of the company's Chapter 11 proceedings.
EnCap Investments L.P., a leading private equity firm specializing in the energy industry, in its sale of Broad Reach Power LLC, one of the premier independent utility-scale energy storage and renewable energy platforms in the United States and a portfolio company of EnCap, to the French multinational utility company ENGIE.
Beal Bank USA in its sale of (1) Harquahala Generating Facility, a 1,092 MW natural gas-fired, combined cycle power plant located in Maricopa County, Arizona, to a joint venture formed by BlackRock and Capital Power, (2) La Paloma Generating Facility, a 1,160 MW natural gas-fired, combined-cycle power plant located in Kern County, California, to Capital Power, and (3) New Athens Generating Facility, a 1,080 MW natural gas-fired, combined-cycle power plant located in Athens, New York, and Millennium Generating Facility, a 360 MW natural gas-fired combined-cycle generating facility located in Charlton, Massachusetts, to Gate City Power – NE Generation LLC. The purchase price attributable to Capital Power is US$1.1 billion, subject to customary adjustments.
Altria Group, Inc. in the US$1.2 billion sale by its subsidiary, UST LLC, of its Ste. Michelle Wine Estates (Ste. Michelle) business to Sycamore Partners Management, L.P.
A consortium composed of Brookfield Infrastructure, its institutional partners and GIC, Singapore's sovereign wealth fund, on the US$8.4 billion acquisition of Genesee & Wyoming Inc. (NYSE: GWR), a freight railroad owner and operator based in the United States.
Motiva Enterprises in connection with its acquisition of Flint Hills Resources' chemical plant in Port Arthur, Texas.
Ultrapar Participacoes SA in the US$1.3 billion sale of its specialized chemicals unit, Oxiteno, to Thailand's Indorama Ventures PCL. The transaction included all of Oxiteno's operations in Argentina, Brazil, Colombia, Mexico, United States, and Uruguay.
Macquarie Infrastructure Corp. (NYSE: MIC) and its related entities in the sale of three businesses, including (i) the US$4.475 billion sale of its Atlantic Aviation business to KKR; (ii) the US$2.685 billion sale of International-Matex Tank Terminals to Riverstone Holdings LLC.; and (iii) the US$514 million sale of the MIC Hawaii businesses to Argo Infrastructure Partners, LP.
Macquarie Infrastructure Partners in the acquisition of Netrality Data Centers from funds managed by Abrams Capital Management.
Macquarie Asset Management, the world's largest infrastructure manager, in its acquisition of DTG Recycle, Washington State's leading independent vertically integrated non-MSW recycling business.
A Middle Eastern institutional investor in connection with its (i) limited partnership investment in a multibillion-dollar mixed-use development project in the Hudson Yards district of New York City; and (ii) joint venture common and preferred equity investment in a US$400 million branded hotel and residential condominium project in the United States.
A China-based investor in connection with:
- its US$270 million investment, as 80 percent equity partner, and first outside investor with leading world-wide developer for the development of a 1.3 million rentable square-foot property consisting of an office building and retail areas in the Hudson Yards district of NYC; and
- its US$201 million investment, as 80 percent equity partner for the redevelopment of an existing high-profile property located in Brooklyn, NY into approximately 622,000 of new rentable square feet of office space to be overbuilt on existing retail portion of the property.
A foreign investor in connection with:
- its investment in two joint ventures developing senior living facilities in New York City; and
- its acquisition of a 49 percent stake in a real estate joint venture wholly owned by a US-based real estate fund, which retained a 51 percent interest. The JV holds a diverse group of real estate investments through its REIT subsidiaries.
Carlyle Power Partners in the US$590 million acquisition of three natural gas-fired generation facilities in New England, known as Bridgeport Energy, Tiverton Power and Rumford Power.
An international private equity fund based in Hong Kong, in its investments in joint ventures for two office tower projects and a luxury residential condominium project, all in New York City, and related divestitures from two of the projects.
