Laurie Grasso.
Laurie Grasso
Partner and Co-Head of Global Real Estate at Hunton Andrews Kurth
One of Laurie Grasso’s first tasks as co-head of global real estate at Hunton Andrews Kurth was to get Savanna’s $435 million purchase of 1375 Broadway across the finish line. While the deal would have been a Herculean task in normal times, it happened to be closing during the pandemic’s early months.
“It was just a matter of quarterbacking on high octane, and getting everyone to a funding and closing,” Grasso said, adding that Savanna’s reputation with its lenders helped seal the deal.
Since the start of 2020, Grasso has led $2.6 billion of transactions for the firm, including L+M’s development of the future home of the National Black Theatre in Harlem, Sonesta International Hotels’ acquisition of Red Lion Hotels, and Knighthead Funding’s $61 million financing of a luxury Puerto Rico resort.
But Grasso moved far past deal closings during the pandemic, being tapped by clients for day-to-day advisory services and to pinpoint investment opportunities (and, in some cases, even shepherding clients away from pandemic-related distressed situations in favor of a more compassionate approach).
Looking forward, Grasso sees a rush of activity leading to a “gangbusters” year. Clients are looking to hire and expand, putting together new deal platforms, and looking into secondary markets. “A lot of clients that may have been New York-centric are no longer New York-centric,” she said.
Grasso also expects to be active on the affordable housing and life sciences sides, and has seen an uptick in Uniform Commercial Code (UCC) foreclosures on behalf of mezzanine lenders.
She’s looking forward to one project in particular this summer: Project Destined, a program that teaches minority students about industry fundamentals, will be working with Grasso and her client, Savanna, to teach college students about the firm’s 141 Willoughby ground-up office development in Brooklyn.
“High school students used to go through this program and then get internships,” she said. “Now, we’re doing it with college students and they’re actually getting jobs.”
Come this fall, Grasso, who is joining the group’s advisory board and also serves as co-chair of She Builds, will help launch a Project Destined offshoot that will work with women who lost jobs during the pandemic and aim to get them into commercial real estate.—S.G.
