Dustin Calkins


San Francisco

Dustin keeps his client’s transactional needs top of mind when negotiating deal risk and does not lose sight of closing the deal.

Dustin has significant experience representing leading public and private, and national and international real estate investors on a broad array of commercial assets, including industrial, multifamily, office, hotel and retail properties.

Drawing on this experience, he guides his clients throughout the life cycle of their real estate investments and provides practical and succinct legal advice. He helps clients form joint ventures for numerous purposes, including large scale investments, developments and recapitalizations. Dustin advises on acquisitions and dispositions of single assets as well as large national portfolios, ground-up developments and large scale re-developments, commercial leases, and complex loan facilities.

Dustin has been recognized for outstanding real estate work across the United States by Chambers USA from 2016-2019 and 2021-2022. He is described by clients as “hard-working, extremely knowledgeable and a great negotiator.” A client also remarked that his "insight and experience, as it relates to every obstacle of transactions, provides my company with comfort and protection." He was also named in the Legal 500 2022 guide as a key lawyer in Orrick’s real estate practice and one client observed that “personal connections beyond an intense and complicated workload. Dustin firmly sticks out in this category.”

Dustin works regularly with the transaction teams of leading institutional real estate investors, including BentallGreenOak, CalPERS, DWS / RREEF Management, Gerding Edlen, GLL US Office, L.P., Los Angeles County Employees Retirement Association, PNC Realty Investors, Prometheus Real Estate Group, Stockbridge Capital Group and USAA Real Estate.

  • Highlights of Dustin’s transactions include advising:

    • DWS Group / RREEF Property Trust on the acquisition of a 49% stockholder interest in 525 Market Street, an office tower in San Francisco. Also advised on a complex conversion of the property owner into a private REIT and the $682 million CMBS loan.
    • A private equity fund on its more than $400 million disposition of its multifamily development portfolio across multiple markets.
    • USAA on its $1.1 billion joint venture acquisition and financing of five regional malls from Westfield, which according to Real Estate Alert was the 2nd largest retail sale (portfolio) in 2015.
    • Heitman America Real Estate Trust on its acquisition and financing of The Shops at Wailea in Hawaii, which according to Real Estate Alert was the 9th largest retail sale (individual) in 2015.
    • A real estate investment trust on its north of $1 billion acquisition and financing of an office and industrial property portfolio across the United States.
    • An international fund on its formation of a joint venture and the $245 million acquisition and financing of an approximately 300-unit multifamily complex redevelopment located in the San Francisco Bay Area.
    • An international fund on its $148 million acquisition of Buildings 2, 3 and 4 at “Stadium TechCenter,” a Class A office/R&D center located in Santa Clara, California.