Our Firm



Winthrop Real Estate Advisors is a nationally known consulting firm that provides creative solutions and innovative strategies for complex real estate and business issues. Understanding the risks and opportunities involved in real estate investment is critical to maximizing the value and return on assets. We focus on domestic and international market dynamics and how they affect real property and investment decisions. Winthrop professionals help our clients understand the increasingly complex opportunities and challenges associated with a global economy and multinational players. We have a deep expertise in economic and financial consulting, forensic analysis, litigation and expert testimony, development advisory services, due diligence, valuation, strategic planning and bankruptcy.

Leadership


I help clients understand the complex issues related to litigation, project development, lease negotiations and the acquisition and disposition of major real estate assets and assist in developing strategies to achieve the best possible outcomes.

Expertise

  • Real Estate Advisory Services
  • Forensic Investigations
  • Litigation Consulting
  • Expert Testimony

Education / Professional Designations

  • University of California at Berkeley
    -- concentration in economics
  • Counselors of Real Estate - CRE
  • Fellow of the Royal Institute of Chartered Surveyors - FRICS
  • Member of the Appraisal Institute - MAI

Selected Experience

  • Ms. Haskell has been active in the real estate industry for over 30 years
  • She has performed forensic investigations on high profile cases and provided opinions used in settlement negotiations and at legal proceedings
  • She has provided consulting services and expert testimony for major litigation matters ranging from luxury retail and condominium complexes to nuclear power plants
  • Ms. Haskell has provided advice to private developers and investment groups on proposed and existing retail, mixed use, hospitality, resort and entertainment properties
  • She has assisted in corporate mergers and acquisitions providing advisory services related to real estate matters
  • Ms. Haskell has assisted national corporate clients develop short and log term strategies for their real estate portfolios
  • She assisted investment banks and REITS develop strategies for national real estate portfolios during the recent economic recession
  • Ms. Haskell has been retained as an expert in major bankruptcy cases and performed workouts for lenders, trustees and creditor groups

Speaking Engagements

  • Guest lecturer on the effective presentation of the income approach in complex litigation matters at the American Law Institute's 2014 annual conference in New Orleans, Louisiana
  • Guest lecturer on global and national capital markets at the 2013 Popp Hutcheson PLLP Property Tax Seminar in Austin, Texas
  • Guest lecturer on complex valuation issues at the American Law Institute's 2013 annual conference in Miami, Florida
  • Guest Lecturer on Anticipating the New Normal at the Advancement Board of Real Estate Development (ABRED) Spring Meeting at Clemson University in South Carolina
  • Guest lecturer on economic cycles and real estate investment strategies for the Georgia Bar Association's 2011 Commercial Real Estate Conference in Atlanta, Georgia
  • Guest lecturer on rebuttal reports and expert testimony at the American Law Institute/American Bar Association's (ALI ABA) 2012 annual conference in San Diego, California
  • Guest lecturer on valuation and negotiation issues related to the Central Artery/Third Harbor Tunnel Project in Boston, Massachusetts at the National Real Estate Forum annual convention
  • Guest lecturer on litigation issues and expert testimony related to real estate at the annual convention of the Massachusetts Bar Association in Boston, Massachusetts
  • Guest lecturer on transmission corridor property rights and the class action law suits resulting from the installation of fiber optic cable by utility companies at the Edison Electric Institute (EEI) annual convention in Seattle, Washington
  • Guest lecturer on complex commercial litigation at the South Carolina Bar Association Eminent Domain Conference in Charleston, South Carolina
  • Taught courses on the valuation of partial interests in real property as well as eminent domain methodology to real estate professionals and attorneys involved in the construction of the Tren Urbano Project in San Juan, Puerto Rico
  • Guest lecturer on eminent domain appraisal practice and theory at the Counselors of Real Estate National Convention in Seattle, Washington
  • Guest lecturer on valuation issues related to the Central Artery/Third Harbor Tunnel Project at the American Society of Appraisers National Convention in Boston

Clients

Services

Understanding the risks and opportunities involved in real estate investments is critical to maximizing the value and return on these assets. Whether organizations are acquiring or divesting real estate assets, managing them as part of a portfolio, or resolving real estate disputes, Winthrop has the expertise and global experience to help corporations, REITS, hedge funds, law firms, financial services and insurance companies, creditors, bondholders and governmental agencies optimize results. We help our clients understand the implications of economic and social trends as well as governmental and regulatory actions. Our credentialed professionals have a wide range of expertise, each with hands-on experience.

We offer a comprehensive suite of services:

The success of complex litigation is dependent upon seasoned professionals with specialized expertise and communication skills. Winthrop professionals have the market knowledge and technical expertise to assist legal counsel on a wide range of issues ranging from real property rights to prudent lending practices. We understand the economic, financial and regulatory dynamics that affect value and marketability and have testified on behalf of both plaintiffs and defendants on a diverse range of issues.

Our years of experience help us quickly identify and understand the key issues in a dispute. With deep real estate experience in all property types, we provide comprehensive analysis supported by unique insights and innovative negotiating strategies. We provide expert services and forensic investigations in the following areas:

Client: Owners of a Major League Baseball Team

Location: Northeastern United States

Issue: The client required assistance in determining the value for an iconic baseball stadium and negotiating with the municipality to arrive at a fair real property assessment.

Project requirement: WREA performed a study of rents paid by major league baseball teams for both privately and publicly owned stadiums throughout the United States. WREA quantified the categories of revenues, isolated those revenues attributable to the real property and applied the appropriate ratios to the baseball stadium at issue.

Result: The client was able to negotiate a fair and equitable real property assessment and avoided protracted litigation.

Client: Major development company and legal counsel

Location: Mid-Atlantic region of the United States

Issue: Owners of two adjoining parcels leased land to a development company for construction of a large mixed-use project comprised of high-end retail, luxury condominiums and a hotel. The landlords breached the ground lease by refusing to grant estoppel certificates and contesting the building permits.

Project requirement: WREA professionals conducted a market study of the supply and demand for retail and residential space as well as hotel rooms during the relevant time periods, prepared an analysis of the value of the development if it had proceeded as anticipated as well as an analysis of the profits lost as a result of the breach.

Result: A jury awarded the client lost profits of $36M plus attorneys fees. The landlord appealed but the decision was upheld by the Court of Appeals.

Client: Development company and legal counsel

Location: Mid-Atlantic region of the United States

Issue: Developers hired a national construction company to build a 664-bed student housing facility on the perimeter of a large university. The construction contract required substantial completion well in advance of commencement of the Fall term. The construction company failed to comply with the schedule, resulting in a monetary loss of rental income until the Spring term. In addition, there were substantial construction defects that compromised the integrity of the exterior and interior of the building. The developer sued the construction company for damages.

Project requirement: WREA professionals conducted an analysis of the supply and demand for good quality student housing during the relevant time periods, prepared an analysis of the value of the development if it had proceeded on schedule and if it had been constructed in compliance with the contractual agreement as well as an analysis of the revenue lost as a result of the construction delay and defects.

Result: The case was heard by a mediator, who awarded damages to the development company based on the contractual agreement, monetary losses due to project delay and the cost to repair all construction defects.

Client: Major development company and legal counsel

Location: Southeastern United States

Issue: Developer had obtained financing from a lender to construct a mixed-use project comprised of retail, office and residential condominiums overlooking the Harbor. The project was on time, was under budget and in compliance with the required number of sale commitments. The FDIC took over the lender and refused to honor the loan commitment, which ended the project. The developer sued the FDIC for damages.

Project requirement: WREA professionals conducted an analysis of the supply, demand and achievable price for retail, office and residential space in the market during the relevant time periods, prepared an analysis of the value of the development if it had proceeded as anticipated as well as an analysis of the monetary losses caused by the FDIC's actions.

Result: The case was settled prior to trial.

Client: Consortium of major corporations and legal counsel

Location: Northeastern United States

Issue: The owners of a Superfund site had declared bankruptcy and the corporations that had done business with the owners were held liable for remediating the site as well as paying for off-site damages caused by the migration of hazardous substances. The consortium and legal counsel required professional assistance in determining the monetary damages to surrounding land owners.

Project requirement: WREA professionals analyzed the impact of environmental contamination on the affected properties including the lack of marketability and the short and long term diminution in value. We worked with environmental engineers to quantify the clean up costs and time line for remediation.

Result: The consortium was able to comply with Federal mandates to fund the clean up as well as negotiate with the affected property owners.

Client: REIT and legal counsel

Location: Western United States

Issue: REIT had acquired a portfolio of net leased properties from an investment group based on reported financial performance and the risk profile of the tenants. The investment group had assembled the portfolio over a one year period through sale/leaseback transactions. Subsequent to acquisition by the REIT, most of the tenants defaulted on the leases and vacated the properties. The REIT filed suit claiming that the financial reporting was fraudulent and that the leases were never sustainable.

Project requirement: WREA was retained by the REIT to provide expert testimony on the commercial reasonableness of the financial projections and the sustainability of the individual leases.

Result: The case was settled prior to trial.

Client: Investors in a publicly traded REIT and legal counsel

Location: Mid-Atlantic region of the United States

Issue: Investors were suing the managers of a publicly traded REIT claiming that the management costs were excessive and that the managers had failed to correctly assess fair value and report impairments to the SEC over a three year period.

Project requirement: WREA was retained by the investors to review financial and other documents during the relevant time period and provide expert testimony related to the management costs of competitive REITS, the value of the assets in the portfolio over the relevant time period and the impairments that should have been reported to the SEC.

Result: The case was settled prior to trial.

Client: Investors in TIC national portfolio

Location: 150 existing and development properties in locations throughout the United States

Issue: Investors were suing the managers of a national portfolio of TIC assets who had filed bankruptcy to avoid liquidation of non-performing assets.

Project requirement: WREA reviewed the portfolio to determine which assets should be liquidated and which assets had upside potential with prudent management and development expertise.

Result: WREA was able to help the clients limit risk and maximize value.

Client: Development company and legal counsel

Location: Southeastern United States

Issue: Development company was unable to sell completed condominium units prior to the economic downturn because the law firm responsible for drafting the condominium documents had not complied with state regulations. As a result, unit closings were delayed and the development company sustained monetary losses.

Project requirement: WREA was retained by legal counsel to quantify the damages resulting from the delayed unit sales as well as the impact of the economic downturn on potential revenue.

Result: The case is ongoing.

Client: Utility company

Location: California

Issue: A major west coast city was attempting to acquire all of the transmission and distribution assets within the jurisdictional boundaries by eminent domain in order to municipalize the operating network.

Project requirement: WREA was retained by the general counsel of the utility company to quantify the damages resulting from the eminent domain acquisition of the T&D assets as well as the operating network.

Result: The city withdrew the legal action.

Client: Insurance company and legal counsel

Location: West Coast

Issue: The insurance company had financed the development of a regional shopping center and the developer had declared bankruptcy midway through construction. The matter at issue was the value of project as it existed and the probable future value when complete.

Project requirement: WREA was retained by legal counsel to value the existing development and perform a market study to determine the feasibility of the development as proposed, the cost to finish the project and the time requirements to fully lease the space.

Result: The judge ruled for the client.

Real estate plays a significant role in most investment portfolios. Winthrop Real Estate Advisors provides critical business intelligence on the opportunities and risks of property sectors in different geographic regions. We assess the contingent liability of real estate assets acquired through mergers and acquisitions and portfolios held by corporations, REITS, private equity firms, hedge funds and investment banks. We give clients the information and advice necessary to develop effective strategic plans, optimize assets, and make critical and timely decisions.

Client: Private investment fund

Location: Northeastern United States

Issue: Client was negotiating to acquire a large ski resort that included a luxury hotel, retail, existing condominiums and developable land entitled for commercial and/or residential development.

Project requirement: WREA was retained to analyze the existing development and determine the most profitable mix of potential uses based on market demand and achievable price for the various components.

Result: The client acquired the property and revised the existing entitlements to reflect market demand.

Client: National developer

Location: Southeastern United States

Issue: Client had acquired 4,000 acres of land that was master planned for residential, commercial and industrial development in a high growth area near a major port and adjacent to an interstate highway.

Project requirement: WREA was retained to analyze the master plan and determine if it reflected the most profitable mix of potential uses based on market demand, achievable price for the various components and proximity to the port.

Result: WREA recommended revising the master plan to focus less on residential development and more on industrial uses to accommodate international manufacturers and shipping companies from Asia and Europe.

Client: Owner of a regional bank building

Location: Southeastern United States

Issue: The lease to the bank was due for renewal and the tenant and landlord could not agree on market rent.

Project requirement: WREA was retained to analyze leases of competitive free-standing bank buildings and determine the appropriate market rent.

Result: The lease was renewed at the suggested rate.

Client: Investment Bank

Location: United States

Issue: The client needed assistance in developing a short and long term disposition strategy for a portfolio of on-going development projects throughout the United States and identifying potential buyers for the assets.

Project requirement: WREA was retained to analyze each project and determine the short and long term economic viability based on the competitive market environment. We provided a variety of development alternatives based on the strength of the individual projects and identified regional and national investors actively acquiring assets.

Result: The client was able to prioritize disposition of the assets based on WREA recommendations.

Real estate plays a significant role in most investment portfolios. Winthrop Real Estate Advisors provides critical business intelligence on the opportunities and risks of property sectors in different geographic regions. We assess the contingent liability of real estate assets acquired through mergers and acquisitions and portfolios held by corporations, REITS, private equity firms, hedge funds and investment banks. We give clients the information and advice necessary to develop effective strategic plans, optimize assets, and make critical and timely decisions.

Client: National defense contractor

Location: United States

Issue: The client had corporate campuses throughout the United States and wanted to determine which locations offered the best alternatives for expansion from a demographic, real estate and regulatory perspective.

Project requirement: WREA was retained to analyze the economic, demographic and regulatory issues that affected each corporate facility and prepare a short and long term real estate strategy to accommodate both corporate expansion and consolidation.

Result: The client was able to implement a corporate real estate strategy using the WREA findings.

Client: State governmental agency

Location: Northeastern United States

Issue: The client had excess property in a prime urban location that was in high demand for upscale mixed-use development.

Project requirement: WREA was retained to analyze the most profitable use of the property and develop a disposition strategy for the land and air rights. WREA also assisted the client evaluate offers and select the most viable development group.

Result: The client was able to secure a commitment at a favorable price.

Client: REIT

Location: Midwestern United States

Issue: The client was acquiring five telecommunication companies to expand the existing network. The portfolios included real estate assets ranging from corporate headquarters to small distribution facilities.

Project requirement: WREA was retained to analyze the real estate assets and determine the contributory value to the acquiring REIT.

Result: The client acquired the companies and is operating a successful telecommunications network across the Midwest.

Distressed and underperforming properties present unique challenges to owners, secured and unsecured creditors and bondholders. Winthrop Real Estate Advisors has broad real estate and financial expertise allowing us to quickly identify and address critical issues that affect asset performance and long-term value. We work with all stakeholders to maximize the return of capital as well as preserve value.

Client: Consortium of Lenders

Location: Las Vegas, Nevada

Issue: The owners of a major casino and resort were in bankruptcy and had filed a workout plan with the court. The clients needed professional assistance in determining the reasonableness of the proposal.

Project requirement: WREA was retained to analyze the owners' financial projections and determine the short and long-term economic viability based on the competitive market environment and prospects for future operations.

Result: The consortium requested several modifications to the workout plan, which were granted by the court.

Distressed and underperforming properties present unique challenges to owners, secured and unsecured creditors and bondholders. Winthrop Real Estate Advisors has broad real estate and financial expertise allowing us to quickly identify and address critical issues that affect asset performance and long-term value. We work with all stakeholders to maximize the return of capital as well as preserve value.

Client: REIT

Location: Northeastern United States

Issue: The client had several Class A office properties in prime urban locations throughout the Northeast and was considering selling one or more of the buildings.

Project requirement: WREA prepared financial projections and performed property valuations assuming a three to five year holding period.

Result: The client was able to strategically sell some assets but retained those with strong upside potential.

Client: Shopping Mall REIT

Location: Northern Virginia

Issue: The client was appealing the real estate assessment for Fiscal years 2009 through 2012.

Project requirement: WREA prepared appraisals of the property for each fiscal year based on economic conditions during the relevant time period.

Result: The client was able to negotiate with the County for a reduction in taxes.

Client: Group of Investors

Location: Northeastern United States

Issue: The client was seeking financing for a full service resort comprised of three hotels, a golf course and excess land permitted for residential development.

Project requirement: WREA prepared financial projections for each component and performed property valuations.

Client: State and Local Government

Location: Southern United States

Issue: The client was in the process of selling a major sports arena and needed to determine a reasonable price based on several development scenarios.

Project requirement: WREA assisted the client by preparing valuations of the property based on alternate development scenarios.

Client: National Railroad

Location: Texas

Issue: The client was selling a rail corridor to a regional short line railroad.

Project requirement: WREA prepared an appraisal of the rail corridor using appropriate valuation techniques.

Client: Consortium of Lenders

Location: Pacific Northwest

Issue: The client had financed the construction of a biodiesel facility that had closed three months after completion because production costs exceeded market price for the product.

Project requirement: WREA conducted extensive market research to determine the best reuse of the facility and identify potential corporate investors/buyers. We provided the client with a range in value depending on the proposed use and investment structure.

Result: An investment group acquired the facility.

Client: Governmental Agency

Location: Southeastern United States

Issue: The client was seeking financing from the Federal Government for construction of an intermodal facility and related development to support expansion of the eleventh busiest port in the country.

Project requirement: WREA performed an appraisal of properties owned by the agency ranging from office and industrial buildings to a rail corridor connecting an international automobile manufacturer to the regional transportation network.

Client: Utility Company

Location: West Coast

Issue: A municipal government was trying to acquire a portion of the clients' transmission and distribution (T&D) assets by eminent domain.

Project requirement: WREA performed a valuation of the underlying land and property rights as well as the value of the assembled network. We analyzed acquisitions of existing T&D networks throughout the country to identify investment parameters and determine the time requirements, environmental risks and cost associated with constructing a new network.

Winthrop provides the business intelligence and rigorous analysis critical to successful real estate development. We help developers and investors understand current issues affecting financial and real estate markets in specific regions of the country as well as the economic issues that affect demand and pricing for single assets or portfolios. Our broad experience in major metropolitan markets across the country as well as our familiarity with all property types make us uniquely qualified to provide strategic advice that helps clients optimize profitability and reduce risk. We give clients the information and options necessary to develop effective strategic plans and make well-informed business decisions.

Client: Private investment fund

Location: Northeastern United States

Issue: Client was negotiating to acquire a large ski resort that included a luxury hotel, retail, existing condominiums and developable land entitled for commercial and/or residential development.

Project requirement: WREA was retained to analyze the existing development and determine the most profitable mix of potential uses based on market demand and achievable price for the various components.

Result: The client acquired the property and revised the existing entitlements to reflect market demand.

Client: National developer

Location: Southeastern United States

Issue: Client had acquired 4,000 acres of land that was master planned for residential, commercial and industrial development in a high growth area near a major port and adjacent to an interstate highway.

Project requirement: WREA was retained to analyze the master plan and determine if it reflected the most profitable mix of potential uses based on market demand, achievable price for the various components and proximity to the port.

Result: WREA recommended revising the master plan to focus less on residential development and more on industrial uses to accommodate international manufacturers and shipping companies from Asia and Europe.

Industry Experience





Winthrop professionals produce results. We have years of experience working collaboratively with clients on a diverse range of issues. Our deep market knowledge and global expertise allows us to be creative and effectively address the increasingly complex legal, regulatory and economic environment. We optimize results for our private and public clients whether they are acquiring or divesting real estate assets, managing assets as part of a portfolio, resolving or litigating disputes or seeking to maximize the profitability of development. We have worked throughout the United States and internationally on a diverse range of assignments involving commercial, industrial, multifamily and special purpose properties.




Contact us



Winthrop North
265 Franklin Street, Suite 1702
Boston, Massachusetts 02110
T: 617.366.7588
Email: dhaskell@winthroprea.com



Winthrop South
P.O. Box 54
Columbia, South Carolina 29202
T: 803.586.3514
Email: dhaskell@winthroprea.com