Haynes Boone represented Rexmark Holdings in obtaining a $505 million settlement from Amtrak for its acquisition of the leasehold interest in Washington, D.C.’s Union Station. The settlement ends what is believed to be the largest eminent domain case in United States history based on valuation.
Under the agreement, Amtrak will pay its initial $250 million deposit plus an additional $255 million. U.S. District Judge Amit P. Mehta approved the settlement, ending a legal dispute that began in April 2022 when Amtrak began condemnation proceedings to take control of the 117-year-old transportation hub.
Haynes Boone led the valuation portion of the case for Rexmark, assembling and managing a team of more than a dozen experts in valuation, property use and capital markets. The final amount is more than double Amtrak’s first offer for the property.
“Establishing the market value of a unique asset like Washington Union Station is a team effort. We brought in the best real estate and valuation minds in the business and worked together with top practitioners at our co-counsel firms,” said Haynes Boone Real Estate Litigation Partner Brett Dockwell. “We’re proud Kookmin Bank and its U.S. agent, Rexmark Holdings, trusted us to guide them through a challenging process and are pleased they were able to obtain a favorable outcome.”
Along with Dockwell, Partner Aimee Furness led the firm’s trial team with Counsel Heather Barger and Associates Amanda Gayer and Aishlinn Bottini. Haynes Boone worked alongside co-counsel from Morrison Cohen LLP, Holland & Knight LLP and Kramer Levin Naftali & Frankel LLP.
Haynes Boone's Real Estate Litigation Practice Group assists clients in resolving property-related disputes by counseling on risks, seeking resolutions that avoid costly litigation and aggressively pursuing clients' rights in all forums. The firm represents property owners, developers, landlords, lenders and REITs in matters involving title disputes, lease issues, condemnation, eminent domain and other real estate conflicts. Haynes Boone handles a wide variety of claims, including title disputes, lease-related issues, foreclosures and contract disputes, with a client-centered, business-focused approach.
Under the agreement, Amtrak will pay its initial $250 million deposit plus an additional $255 million. U.S. District Judge Amit P. Mehta approved the settlement, ending a legal dispute that began in April 2022 when Amtrak began condemnation proceedings to take control of the 117-year-old transportation hub.
Haynes Boone led the valuation portion of the case for Rexmark, assembling and managing a team of more than a dozen experts in valuation, property use and capital markets. The final amount is more than double Amtrak’s first offer for the property.
“Establishing the market value of a unique asset like Washington Union Station is a team effort. We brought in the best real estate and valuation minds in the business and worked together with top practitioners at our co-counsel firms,” said Haynes Boone Real Estate Litigation Partner Brett Dockwell. “We’re proud Kookmin Bank and its U.S. agent, Rexmark Holdings, trusted us to guide them through a challenging process and are pleased they were able to obtain a favorable outcome.”
Along with Dockwell, Partner Aimee Furness led the firm’s trial team with Counsel Heather Barger and Associates Amanda Gayer and Aishlinn Bottini. Haynes Boone worked alongside co-counsel from Morrison Cohen LLP, Holland & Knight LLP and Kramer Levin Naftali & Frankel LLP.
Haynes Boone's Real Estate Litigation Practice Group assists clients in resolving property-related disputes by counseling on risks, seeking resolutions that avoid costly litigation and aggressively pursuing clients' rights in all forums. The firm represents property owners, developers, landlords, lenders and REITs in matters involving title disputes, lease issues, condemnation, eminent domain and other real estate conflicts. Haynes Boone handles a wide variety of claims, including title disputes, lease-related issues, foreclosures and contract disputes, with a client-centered, business-focused approach.
