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Orrick Assists Silver Bay Realty Trust with Its Initial Public Offering


Orrick, Herrington & Sutcliffe LLP has advised Silver Bay Realty Trust Corp. in its initial public offering (“IPO”), making it the first publicly traded Real Estate Investment Trust (REIT) focused on the single-family rental market. The Company raised $245 million in its IPO and its shares trade on the New York Stock Exchange under the symbol “SBY.” The IPO closed on December 19, 2012.
Concurrently with the closing of the IPO, Silver Bay acquired an initial portfolio of single-family residential properties from entities associated with Two Harbors Investment Corp., an existing publicly traded REIT, and Provident Real Estate Advisors LLC, a private capital management firm, in exchange for equity interests in Silver Bay. Silver Bay intends to use the proceeds from the offering to purchase additional single-family properties in accordance with its acquisition strategy. Thus, the overall transaction involved a spin-off, an IPO and an acquisition.

The Orrick team consisted of a multi-practice group of attorneys which included San Francisco capital markets partner Karen Dempsey, New York partner Howard Altarescu, New York structured finance partner Kathy Crost, San Francisco tax partner Grady Bolding, San Francisco real estate partner M.J. Pritchett, San Francisco capital markets senior associate Lynne Hirata, San Francisco special counsel Barbara Lange and San Francisco corporate associate Stephanie Tang.

About Orrick

Orrick is a global law firm with a particular focus on serving companies in the technology, energy and financial sectors. Founded in San Francisco and celebrating its 150th anniversary in 2013, Orrick is recognized by Law360 as one of the “Global 20” leading firms. The firm offers clients a distinctive combination of local insight and consistent global quality across 25 offices. Orrick lawyers are known for delivering commercially oriented advice on sophisticated transactions and have an extraordinary record of wins in high-stakes disputes. Chambers Global cites Orrick for leadership across 39 practice areas and recognizes 86 Orrick lawyers worldwide as leading practitioners.  Selected by Financial Times as one of the most innovative U.S. law firms for the second consecutive year, Orrick is commended for innovation in both client advice and the business of law.  Collaboration – one of the firm’s core values – defines the firm's relationships with its clients, among its lawyers and staff, and with its communities.


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