Legal Jobs: Commercial real estate is a ‘treasure trove of opportunities’ for law aspirants

By Priyesh Sharma

NEW DELHI : Not long ago, the realm of real estate was akin to unchartered backwaters within my legal field. As a mergers and acquisitions (M&A) and private equity-venture capital (PE-VC) counsel, dealing with real estate leases and title opinions felt dry, repetitive and far from the dynamic world of corporate law.

However, my opinion gradually changed as I got more involved in the commercial real estate sector, leading major deals. Fortunately, this shift in my perspective turned out to be a positive one.

In the realm of commercial real estate today, it is not just a lucrative haven for investors, it’s a formidable arena brimming with challenges for in-house legal architects entrusted with safeguarding these assets. Against the backdrop of the turbulent COVID-19 pandemic, this industry has not only weathered the storm but has magnetised both domestic and international investors. Even in an era dominated by the work-from-home and the co-working revolution, India’s commercial real estate arena beckons prominent investment funds.

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‘Legal’ real estate

The robust return on investment and the enticing prospects promised by Real Estate Investment Trusts (REITs) ensure that this industry remains perched atop the investment hierarchy. From a business vantage point, we’ve witnessed the reinvigoration of colossal commercial leases and enduring contracts, even at the peak of the pandemic, underscoring the business resilience of this sector. On the investment frontier, the Indian real estate market has been graced by some of the most monumental real estate transactions in terms of both deal value and sprawling spaces over the past two years.

My journey with J Sagar Associates and its esteemed real estate developer clients opened my eyes to the intriguing world of “legal” real estate. I remember the day I received the term sheet for Blackstone’s massive portfolio acquisition of Prestige’s multiple commercial and retail properties.

At the time, my primary goal was to get through it quickly so I could return to the more captivating world of PE-VC deals. Little did I know that this term sheet would completely change my perspective and priorities. As it turned out, this deal became the third-largest real estate transaction ever, with a host of new commercial, contractual, structural and legal complexities that were unfamiliar to someone with my background in PE-VC. Suddenly, fields like “e-commerce” and “fintech” seemed less exciting in comparison.

In-house role

Regarding the “in-house” role, it is undeniably as demanding as any work in a law firm. The learning curve is never-ending and the exposure is boundless when combining deal-related and routine business work. Commercial real estate encompasses high-value routine tasks and exceptionally challenging M&A aspects. Some of the noteworthy components in this field include:

• Commercial Leasing: As the core business activity for any commercial real estate lawyer, commercial leasing is just as engaging and intricate in terms of documentation and negotiations as any other corporate transactional document.

• Asset Management: Once you enter this domain, there’s no turning back, as nurturing and enhancing these assets become a passion.

• Infrastructure and Power: These aspects complement the core real estate work and substantially enrich the work profile.

• Contemporary Notions: Concepts like “ESG” (environmental, social, and governance) and “green leases” have their unique allure and contribute to the “social” aspect of commercial deals.

• Investment Funds: If you work with investment funds, you’ll never miss your favourite transactional work and negotiation tables. It’s worth noting that REITs have added another strong dimension to this entire work profile.

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The scope and prospects in the commercial real estate sector are poised for continual growth. Whether you find yourself in a real estate team at a major law firm, a specialised real estate firm, or you are directly managing assets as an in-house counsel, the opportunities and challenges in this field are boundless. It’s a dynamic sector that promises a fulfilling and ever-evolving career for aspiring Indian lawyers and law students.

In conclusion, for those with a legal acumen and an appetite for challenges, the world of Indian commercial real estate is a treasure trove of opportunities waiting to be explored. As you navigate this dynamic landscape, remember that the skyscrapers, sprawling business complexes and bustling shopping districts you see are not just physical spaces; they are the embodiments of countless legal intricacies and transactions.

So, as you embark on your journey into the heart of this ever-evolving industry, envision yourself not merely as a legal practitioner but as a key player in shaping the future of India’s commercial real estate, where every document you draft, every deal you negotiate and every contract you oversee becomes a part of the tapestry that is redefining the nation’s skyline and economic landscape. In this arena, the only limits are those you place on your own ambition and curiosity, so seize the opportunity and embark on a legal adventure in the realm of commercial real estate. The future beckons, and it’s waiting for you to leave your mark.

Priyesh Sharma is Assistant Vice President- Legal, Nucleus Office Parks, a Blackstone Company.