Attorneys at global law firm Greenberg Traurig, LLP represented SouthState Bank, N.A. in connection with a sale and leaseback of 165 of its retail bank properties across the Southeast.
SouthState sold the bank branches to affiliates of Blue Owl Real Estate Capital for $467 million in cash and agreed to rent them back under triple net leases with initial terms of 15 years.
The portfolio includes more than 1.18 million square feet of space spanning Alabama, Georgia, Florida, North Carolina, South Carolina, and Virginia. SouthState does not plan to close any branches or exit any markets as part of the sale-leaseback, according to a Securities and Exchange Commission filing by the company.
Greenberg Traurig handled all legal aspects of the transaction on behalf of SouthState, including the negotiation, execution, and closing of the portfolio purchase and sale agreement, as well as the triple net leaseback agreement with Blue Owl.
“Greenberg Traurig was able to assemble a multidisciplinary team of more than a dozen attorneys from multiple offices nationwide to assist SouthState in closing this complex transaction on schedule,” said Greenberg Traurig Real Estate Practice Shareholders Jonathan M. Perry and Adam R. Seligman, who represented SouthState in the deal. “It’s a testament to the firm’s unique collaborative culture, deep resources, and dedication to providing clients with sophisticated, creative, and solutions-oriented legal advice.”
In addition to Perry and Seligman, the Greenberg Traurig deal team included Co-President and Real Estate Practice Co-Chair Michael J. Baum, Shareholders Giuliano Apadula and Richard J. Melnick, Of Counsel David C. Freinberg, and Associates Bethany Bigler, Madeline Boyles, Laura Jacobi, Laura Maxwell, Jonathan R. Pickett, Ali Sachoo, Brandon M. Salky, and Jeremy Rupert Wells.
SouthState Corporation (NYSE: SSB) is a financial services company headquartered in Winter Haven. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage, and wealth management solutions to more than 1.5 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, and Virginia. Additional information is available at SouthStateBank.com.
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