Steven M. Lutt

Member | Transactions

11 Grand Central East
New York, New York 10017

New York
Connecticut

Represented a global alternative asset management group in connection with its joint venture investment for the purchase of a multi-family property located in NYC valued in excess of $100 million, including assumption of Freddie Mac loan and foreign co-investment transaction. Also represented the group on two smaller investments in joint ventures to purchase and redevelop commercial properties in Connecticut, including addressing structuring and financing matters.
Represented a private foreign investor in its $54 million purchase of an internationally branded hotel in NYC, together with structuring for the transaction and negotiations with the hotel manager and franchisor.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented 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.
Represented Motiva Enterprises in connection with its acquisition of Flint Hills Resources’ chemical plant in Port Arthur, Texas.
Represented 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.
Represented 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.
Represented Macquarie Infrastructure Partners in the acquisition of Netrality Data Centers from funds managed by Abrams Capital Management.
Represented 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.
Represented 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 NYC; and (ii) joint venture common and preferred equity investment in a US$400 million branded hotel and residential condominium project in the United States.
Represented 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.
Represented a foreign investor in connection with its investment in two joint ventures developing senior living facilities in New York City.
Represented 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.
Represented 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.