Jenner & Block has announced hiring Jim Reiland, the chief legal and administrative officer of CA Student Living, as a partner in the firm’s real estate transactions team. CA Student Living is a real estate company that develops and operates housing projects for college students living off-campus and is co-owned by CA Ventures, which has over $15 billion in assets under management.
Reiland, who began his legal career as a commercial litigator and was a partner at Reed Smith and K&L Gates before joining CA Ventures in 2016, expressed enthusiasm for his new role, saying it will allow him to work on both deals and disputes. He also stated that he learned to move from a “transactional mindset to a disputed one.”
While rising interest rates have made real estate investors more cautious, Reiland is optimistic about the commercial real estate market, particularly in the student living industry, which he describes as “relatively recession-proof.” He notes that the broader commercial real estate market has been recovering following the COVID-19 pandemic and that new restaurants are opening and renovations are being unveiled in Chicago’s Loop.
However, not everyone shares Reiland’s optimism. Real estate services firm Transwestern, which recently acquired Chicago-based MB Real Estate, expressed uncertainty about the city’s office market outlook in its Q4 2022 report, citing new office space coming online, unfilled old office space, and remote and hybrid working as contributing factors. Additionally, Transwestern noted that the rapid rise in interest rates, fears of an economic recession, and the sharp downturn in the tech sector could exacerbate these challenges.
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While the real estate market faces some headwinds, Reiland’s move to Jenner & Block underscores the industry’s continued demand for legal talent. With his experience in commercial litigation and real estate transactions, Reiland is well-positioned to help clients navigate these challenges and find growth opportunities.