Commercial Real Estate; Limited Partnerships; Agency; Foreign Discovery
A foreign national residing in London invested $8 million in a real estate development project in Atlanta, but the project did not achieve the predicted success level. A provision of the investment documents allowed the investor to sell his interest to the developer at the price paid upon the occurrence of certain events. Those events occurred and the investor notified the developer of his intent to exercise his rights to sell. However, the investor's former agent filed a suit claiming that he was in fact a partner, objecting to the sale and seeking an injunction against the sale. The Firm, representing the foreign investor, conducted extensive discovery in Europe and negotiated a settlement that included the full $8 million investment and all costs related to the defense.