Weil, Gotshal & Manges has lured Evan Levy, head of the real estate capital markets practice at Skadden, Arps, Slate, Meagher & Flom, to its New York City office.
Levy, who joins Weil as a partner, advises clients on real estate financings, fund formation, securities offerings, restructurings, and REITs. His clients include fund sponsors and investors, borrowers, lenders, creditors, debtors, purchasers, sellers, and issuers in the real estate space.
The announcement of Levy’s hiring comes just three weeks after Weil made a high-profile hire in London, adding private equity partner Mark Thompson, who had previously been at Sidley Austin. The addition of Thompson helped stem the loss from several partner departures at Weil’s London outpost in recent months.
Levy said he was eager to seize the new opportunity at Weil partly because of his personal experience with partners at the firm.
“I’ve known Phil Rosen for 21 years, and I’ve worked across the table from Michael Bond on several significant transactions,” Levy said. “The draw here was joining a market-leading real estate practice and working with people who are really great partners.”
A real estate practice aspiring to serve clients in a complex and cyclical real estate market needs, above all, breadth of expertise on the part of its lawyers, Levy added.
“You have to be able to address all phases of the real estate market cycle. Depending on where we are, that could mean acquisitions, development, raising private equity funds, or doing REITs, financings, or M&A,” he said.
Given the possibility of a major financial downturn in the coming years, Levy said he finds it hugely advantageous to practice law at a firm that has long been an acknowledged leader in the restructuring field.
“As cycles turn, workouts and restructurings can help refresh the market. We have had a long and robust economic expansion in the U.S. since 2009-2010. But this far into an economic expansion, you have to think about the possibility of a market correction in the next few years,” he said.
Michael Aiello, chairman of Weil’s global corporate practice, said in a statement that Levy will be an important addition to the firm’s real estate practice. “His sophisticated market knowledge and reputation as a top real estate lawyer are exceptional,” he said.