Patrick J. McNerney

• Currently represents a significant number of the most prominent office, retail, hotel and multifamily real estate assets located in the Central Business District of Chicago, Illinois.
• Recently successfully resolved a multi-million dollar tax exemption litigation for a large medical services provider which had been ongoing for many years and was resolved in the client’s favor.
• Represented a large publicly traded real estate investment fund in connection with transfer/recordation tax, property tax, and mortgage tax issues associated with the repositioning of a $16 billion portfolio of real estate assets located in 47 states and hundreds of counties and municipalities.
• Represented a large real estate investment fund seeded with unique multi-state property investments in dispute with California assessment and taxing authorities contesting multi-billion dollar entity interest transfer and Proposition 13 change in ownership issues.
• Represented a large publicly traded real estate investment fund in connection with the transfer/recordation tax, and mortgage tax implications and potential property tax liabilities presented by the $7.9 billion dollar merger of two entities. The real estate assets are located in 41 different states and hundreds of counties and municipalities.
• Represented a large publicly traded real estate investment trust in connection with the transfer/recordation tax, and mortgage tax implications and potential tax liabilities presented by the $3.2 billion dollar merger of two entities. The real estate assets are located in numerous states, counties, and municipalities.
• Represented a pre-eminent owner of an assemblage of properties comprising a prestigious and diverse integrated vertical retail mall and mixed-use development. Secured over $17M in property tax savings and refunds.
• Represented a private real estate fund in connection with managing the property tax issues associated with a large commercial office property; secured in excess of $12 million in property tax reductions and refunds.
• Represent a major entertainment company: provide property tax management services and assessment appeal services; challenge property tax burdens on commercial properties located in California, Illinois, Indiana and New York – secured multiple millions of dollars in property tax savings.
• Represented a numerous charitable/educational institutions; secure property tax exemptions on properties used for charitable, educational, religious, and other tax exempt purposes.
• Secured in excess of a $5.5 million transfer tax refund for a large, publically traded, satellite communication and entertainment company based in Washington DC.
• Represented large, multi-state telecommunications network; devised innovative personal property tax depreciation argument; negotiated with local and state assessment/taxing officials; filed assessment challenge in court and negotiated a tax refund of almost $37 million.
• Represented major oil refinery in Indiana Tax Court and secured property tax refund of more than $18 million.
• Represented major waste disposal company in property tax case of first impression; case tried in circuit court and twice appealed to the Illinois Appellate Court and once to the Illinois Supreme Court - victory resulted in tax savings of more than $16 million.
• Represented major telecommunications company in a property tax case of first impression in Wisconsin Circuit Court that resulted in a $1.6 million tax refund.
• Represented major entertainment company in an assessment appeal which challenged the property tax burden on a large commercial property - saved in excess of $1.5 million.
• Represented major international electrical component manufacturer and food processing company in Illinois property tax cases of first impression and secured tax refunds of more than $1 million.
• Represented major telecommunications company before the Michigan Tax Tribunal and secured a property tax refund of more than $1 million.
• Structured $900 million acquisition of a large, multi-state hotel property portfolio to efficiently manage transfer/recordation tax exposure. The hotel assets were located in 29 different states and numerous counties and municipalities, most with unique transfer/recordation tax laws and regulations.
• Advised large, private, multi-billion dollar real estate fund on restructuring from a real estate separate account investment format to an open-end, commingled investment fund and secured millions of dollars in transfer tax savings.
• Devised transfer tax efficient structures on multiple, multi-state portfolio and real estate fund transactions securing millions of dollars in transfer tax savings.
• Resolved multiple Illinois transfer tax litigation cases; in one dispute our client saved more than $800,000 in taxes, penalties and interest.
• Co-authored United States Supreme Court Petition for Writ of Certiorari and Reply Brief regarding a property tax case for a major tool and hardware manufacturer.

The John Marshall Law School, JD

Loyola University Chicago, BS

• Illinois

Gericht

• US District Court for the Northern District of Illinois

• Member of the Building Owners and Managers Association (BOMA) Tax Committee
• Lead team that proposed and secured passage of new legislation affecting Illinois Captive REITs. (2015)
• NAREIM (National Association of Real Estate Investment Managers) (2013)