Mayer Brown Advising CenterPoint Properties in Massive Port Proposal
The AM Law Daily reported that law firm Mayer Brown is advising CenterPoint Properties in what could very well be the largest public-to-private partnership (“P3”) in American history. In an unsolicited bid to state of Virginia, CenterPoint proposed to privatize the Port of Virginia for a $8.9 billion.
Mayer Brown partners Joseph Seliga, John Schidmt, David Narefsky, and associate Jeremy Canon are advising CenterPoint in this gigantic deal. All of these Mayer Brown attorneys specialize in government negotiations and financing infrastructure projects. Mayer Brown has had previous experience with massive deals, including the recent $2.5 billion privatizations of Chicago’s Midway Airport.
The proposed concession for the Port of Virginia, which is the third largest seaport on the East Coast, is the first of its kind. (The US naval base in Hampton Roads is not included in the deal). Virginia has ten days to accept or reject the proposal. If Virginia gives the proposal the green light, the state can solicit other bidders to compete against CenterPoint for the project.
“The need for capital by public entities right now is enormous,” says Mayer Brown partner John Schmidt. “What we are seeing with ports is another segment of the infrastructure world opening up to privatization.” Schmidt also believes the current economic stimulus package might actually push more governments to P3 deals. “The stimulus bill has come nowhere close to meeting needs when expanding facilities,” Schmidt says.
Article Source: Mayer Brown Lands Role on Mammoth ‘P3′ Proposal.
More information on CenterPoint and Mayer Brown:
Property listings for CenterPoint.
Hoover’s published a profile of CenterPoint Properties.
Mayer Brown is profiled on Appellate.net.
Mayer Brown plans merger combination with Hong Kong firm.
Mayer Brown sponsors the The Howard Mayer Brown Fellowship to increase the presence of minority scholars and teachers in musicology.