Contaminated Properties : Brownfields Development

…buyers are increasingly willing to assume some risk in acquiring contaminated property…

In today’s hot real estate market, and with the continued shortage of suitable commercial and industrial property for development, buyers are increasingly willing to assume some risk in acquiring contaminated property (and their lenders are similarly comfortable with that risk.) If you are selling, we can help obtain a “no further action” determination to facilitate the sale, or we can negotiate a reliable release and “hold harmless” agreement with the buyer to protect your remaining assets from residual “owner or operator” liability. If you are buying, we can assess the risks of legacy contamination on the property and help you limit your exposure with a Prospective Purchaser Agreement (“PPA”) with the State and/or by ensuring that you quality for Bona Fida Prospective Purchaser (“BFPP”) protection under federal law.