Stephan is the co-chair of the real estate and finance department. His real estate practice encompasses a wide range of real estate activities, including acquisitions, dispositions, leasing, financing, development, construction and restructuring for a wide variety of clients, including REITs, private equity funds, retailers, medical, dental and other professional service providers, gaming companies, universities, and non-profit organizations. Stephan is adept in a broad range of property types such as retail, office, industrial, multi-family and mixed-use and ownership structures including fee simple, ground lease, air space, condominium, planned community and cooperative.
Stephan’s recent significant matters include:
- Counseled owner of a 700,000-square-foot office/data center that is leased entirely to a Fortune 50 U.S. bank and serves as one of three global command centers in connection with: (a) the settlement of a lease renewal dispute with the tenant, and (b) the 1031 exchange of the property to a foreign REIT at a value of ~$239 million.
- Counseled a joint venture in the purchase and leaseback of three properties in two states aggregating ~100 acres and 625,000-square-foot of manufacturing space from a subsidiary of a Fortune 100 company. The properties were valued at ~$46 million, and they served as replacement property for a 1031 exchange.
- Counseled the purchaser of 100% of the membership interests in the owner of an 18-acre parcel of land containing a 199,408-square-foot office building that is entirely leased to a Fortune 50 company pursuant to a long-term triple net lease. The purchase involved the assumption, paydown and readvance of the senior and subordinate debt encumbering the property and the property served as replacement property for a 1031 exchange.
- Counseled the purchaser of a newly constructed multifamily project in Memphis, TN that served as replacement property for a 1031 exchange.
- Counsel a global quantitative trading firm in connection with its purchase of a former television studio from an affiliate of NBCUniversal Media.
Temple University School of Law, LL.M., Taxation
Villanova University School of Law, J.D., cum laude
University of Pittsburgh, B.S., cum laude
Sustaining Member, Samuel Zell and Robert Lurie Real Estate Center, Wharton School of the University of Pennsylvania (2019 – present)
Member, Board of Trustees, Jewish Federation of Greater Philadelphia (2010-2014)
Co-Chair, Commercial Leasing Committee of the Real Property Section of the Philadelphia Bar Association (1997 – 1999)
News & Events
Author, “Calif. Commercial Lease Hardship Bill May Be Unconstitutional,” Law360, June 12, 2020
Presenter, “The Influencer: A Zoom Networking Series,” The Daly Group, April 29, 2020
Presenter, “What You Need to Know and Do Before Construction Resumes on May 1,” April 29, 2020
Author, “What Should Business Owners Do if they Receive a Notice of Unavoidable Delay (AKA Force Majeure Notice)?” March 19, 2020
Author, “Will Business Owners Be Able To Recover COVID-19 Related Losses Under Their Business Interruption Insurance?” March 17, 2020
Author, “Coronavirus/COVID-19: Issues for Commercial Real Estate Owners and Operators to Consider,” March 13, 2020
Author, “Lease Extension Options, Baseball Arbitration and Forfeiting the Ball Game,” published on LinkedIn, February 21, 2017
Author, “Some Things Can and Should Go Without Saying,” published on LinkedIn, February 2, 2017
Speaker, “Advanced REA Issues and Other Short Stories and Tall Tales,” ICSC U.S. Law Conference in Orlando, Florida, October 26, 2012
Author, “Facility Owners, Operators Rev Up to Comply With Motor Vehicle Idling Act,” The Legal Intelligencer, February 4, 2009
Author, “Act 52 Amends the Pennsylvania Mechanics’ Lien Law of 1963,” September 2006
- Counseled owner/developer of a three-building, ~373,000-square-foot, office complex in connection with the negotiation of three office leases with a major health insurance provider that will occupy all the rentable area in the complex, which complex will be entirely renovated over 3-4 years.
- Counseled owner/developer in connection with the negotiation of a long-term lease to a Fortune 12 company that will occupy all or substantially all of a ~429,000-square-foot build-to-suit office building within a mixed-use project that will also contain a multi-level parking garage for ~1,500 vehicles, a ~165 room limited-service hotel, a gastropub within a historic firehouse and public open space.
- Counseled owner/developer in connection with the negotiation of a long-term lease to a Fortune 375 company that will occupy ~144,000-square-foot within a ~363,000-square-foot historic office building.
- Counseled owner/developer of a ~350,000-square-foot project containing luxury student housing and retail/commercial space in connection with a $163 million construction loan secured by a first mortgage on the project.
- Counseled owner/developer of a start-up best-in-class private urban social, hospitality, business and wellness club in connection with a ~75,000-square-foot long-term lease.
- Counseled owner/developer of a start-up best-in-class co-working space provider in connection with a ~34,000 sq. ft. long-term lease.
- Counseled family partnership in connection with the sale of a commercial property to a developer that will redevelop the property into ~16 townhomes.