Eric L. Stern counsels real estate investors, owners and end-users in the acquisition, financing, restructuring, and disposition of office and industrial buildings, retail centers, hotels, development parcels, residential subdivisions, student housing projects, and other mixed-use properties. Real estate investment trusts (REITs), institutional lenders, national and regional retailers, and other corporate end-users are among his clients. Co-leader of the firm’s real estate practice, Eric represents the nation’s largest developer, owner, and manager of high-quality student housing in transactions throughout the United States. In 2014, Eric advised on a student housing project that was named the "2015 Deal of the Year" by The Philadelphia Business Journal.
Eric handles deals through the United States, with a particular presence in the Northeast and Mid-Atlantic states.
A frequent speaker and writer, Eric lectures on real estate issues to regional and national organizations, including the American Bar Association (ABA), the International Council of Shopping Centers, CLE International, Law Seminars International, the Philadelphia Bar Association, and the Pennsylvania Bar Institute. Eric has also been a frequent lecturer at The University of Pennsylvania Law School. He writes on commercial leasing and subleasing topics, including exclusivity of use, operating covenants, structuring sublease relationships, and obtaining landlord consents.
Eric is a member of the American College of Real Estate Lawyers (ACREL) and has held regional and national positions with real estate organizations. Eric was recently named “Lawyer of the Year” for Philadelphia Real Estate Law by The Best Lawyers in America (2016) and has been recognized by Chambers USA: America’s Leading Lawyers for Business and Best Lawyers since 2003. In 2014, The Philadelphia Business Journal honored Eric as one Philadelphia’s most influential real estate lawyers.
Representing American Campus Communities (NYSE:ACC) in long-term ground lease transactions on college and university campuses in multiple states for the development of student residence and mixed use projects.
Represented Iovance Biotherapeutics (NASDAQ: IOVA) in the negotiation of a lease agreement to build an approximately 136,000 square foot commercial-scale facility to support US production of tumor infiltrating Lymphocyte cell therapy products in Philadelphia at the Navy Yard, a dynamic urban development.
Represented Incyte Corporation (NASDAQ: INCY) in the negotiation of its new 190,000 square foot headquarters lease in New Castle County, Delaware involving the repurposing of an architecturally significant structure that now houses research and development, laboratory, offices, and 500+ employees.
Represented a pension plan in the sale of land and negotiation of a 99-year ground lease of the Hall of States building in Washington, D.C., which generated cash proceeds of approximately $160 million for our client.
Represented Drexel University in completing a long-term ground lease development deal with a publicly-traded student housing REIT for the development of a new 1,300 bed, 580,000 square foot student housing facility with a new dining hall and retail components on the university's urban campus. Mr. Stern simultaneously represented the university in its acquisition of long-term control of a second 452,000 square-foot student housing facility located nearby.
Represented a publicly-traded provider of real estate and relocation services in its lease of a new, 270,000 square-foot, LEED Silver Certified corporate headquarters facility in New Jersey.
Represented a global private equity fund in a series of transactions relating to a 53-story, 1 million square foot marquee office building in Philadelphia, PA.
Represented a publicly-traded REIT in sale-leaseback and financing of 388 properties in 19 states aggregating approximately 14.9 million square feet in two portfolio transactions for an aggregate purchase price of $1.05 billion.
Represented a publicly-traded REIT in acquisition of Boston, MA 1,050,000 square-foot office tower and parking garage for $705 million.
Boston College Law School, 1981, J.D., With Honors
Brandeis University, 1978, B.A., With Honors
U.S. Supreme Court
U.S. District Court for the Eastern District of Pennsylvania
Awards and Affiliations
Fellow, American College of Real Estate Lawyers (2000–present)
Ranked, Real Estate, Pennsylvania, Chambers USA (2003–2019)
Ranked, Chambers Global: The World's Leading Lawyers (2010)
Recommended, Real Estate, The Legal 500 US (2015–2019)
Recommended, Real estate: Real estate investment trusts (REITs), The Legal 500 US (2019)
Recognized, Real Estate Law, Philadelphia, The Best Lawyers in America (2006–2019)
Lawyer of the Year, Real Estate Law, Philadelphia, The Best Lawyers in America (2016)
AV Preeminent Peer-Review Rated by Martindale-Hubbell (2009–2019)
Recognized, "Heavy Hitters of Real Estate," Philadelphia Business Journal (2014)
Recognized, Who’s Who Legal: Real Estate (2013–2018)
Member, Editorial Advisory Board – Real Estate, Law360 (2012, 2014)
Member, Higher Education Real Estate Lawyers (HEREL) (2014–present)
Member, Advisory Board, Samuel Zell and Robert Lurie Real Estate Center, The Wharton School, University of Pennsylvania (2000–2016)
Member, National Association of Real Estate Investment Trusts (NAREIT)