Paul Hastings LLP, a leading global law firm, announced today that the firm represented GI Partners (“GI”), a leading mid-market private equity firm, in the sale of its 75% ownership stake in FlatIron Crossing, a 1.7 million square foot class-A regional mall located in Broomfield, CO, to its joint venture partner, Macerich (NYSE: MAC), a public real estate investment trust.
Paul Hastings also represented GI Partners when the firm invested in FlatIron Crossing in 2009, acquiring its 75% interest in the mall from Macerich, who remained the operating partner in the venture.
GI reported that the sale of FlatIron Crossing generated a return of approximately two times invested capital and over a 25% gross internal rate of return to limited partners of GI Partners Fund III, L.P.
Real Estate partner John Simonis led the Paul Hastings team, which also included Tax partners Douglas Schaaf and Tom Wisialowski, associate Antonella Castro and senior paralegal Jon Montgomery.
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