To sort out this complicated transaction, HP turned to Sherin and Lodgen attorney Peter Friedenberg, who oversaw a diverse team of engineers, surveyors, utility consultants, title insurers, and local counsel. Each was assigned their role in working out the large number of details.
Working against a deadline that even HP felt was likely unattainable, Friedenberg and his team at Sherin and Lodgen negotiated the terms of the sale to Lone Star and drafted a 200 page cross-easement agreement dealing with 11 separate building services, as well as supply agreements for chilled water service and a new set of architectural and use restrictions.
With the assistance of local regulatory counsel, he also negotiated agreements for the continued supply of high-voltage electricity through the privately-owned electrical transmission and distribution facilities to the buildings being sold so as to ensure that HP remained in compliance with the requirements of Texas’ electricity deregulation statute.
Throughout the negotiations and closing, senior HP executives demanded daily progress updates and assessments of the probability of meeting the closing schedule.