IFLR1000 Reviews

Financial and corporate

Since its founding in 1919, Ballard Spahr has grown to 15 offices nationwide. The firm launched in in Philadelphia and this remains its largest office, closely followed in scale by Baltimore and Washington DC. 


Focusses / specialisms

The Phoenix, Arizona office is highly regarded for its top tier work in the state.

The firm is experienced in many practice area across its offices, including M&A, banking, capital markets, project development and real estate.

The Las Vegas, Philadelphia, Minneapolis and Phoenix offices are well known for its work in M&A. The M&A, the firm represents strategic buyers and sellers in acquisition related matters.

In capital markets, the firm represents issuers in bond offerings, share offerings and IPOs. The banking team represents borrowers in credit facilities, loan agreements, project financing and acquisition financing. 

The project development team represents developers in P3 and private projects in the transportation, infrastructure, energy and oil and gas industries.

Real estate is a large focus firm wide, where the team represents commercial, residential and industrial developers, investors and REITs in real estate matters such as acquisitions, financing and development.


Key clients

Key clients for the firm include Slang Worldwide, SVCP Management, Concrete Pumping Holdings, Healthpeak Properties, City Office REIT, Kilroy Realty, Upsher-Smith Laboratories, State Bankshares, Greystone & Co, 8minute Solar Energy, Pacific Southwest Development, VICI Properties, PNC Bank, Brixmor Propery Group, Citizens Bank Park, Cascata Packaging, SilencerCo and Kodiak Cakes.


Research period review: 30th edition (2019/2020)

The firm has a diverse research cycle, with each office seeing different trends.

The teams in the Colorado offices advised strategic acquirers and sellers in acquisition related matters. Real estate and cannabis were popular industries for the Colorado teams. In financial matters, the team advised borrowers in ABL and term loan agreements and issuers in public share offerings.

The Baltimore, Maryland office advised borrowers in refinancings, credit facilities and mortgage loan agreements. It also advised issuers in public share offerings, ATM offering programs, bond offerings, tender offers, shelf registrations and derivatives. Many of its clients were real estate developers, investors or REITs. The team also advised clients in the real estate industry on property development matters.

The Minneapolis office represented strategic acquirers and sellers in acquisitions in the financial services and pharmaceutical industries.

The Las Vegas team represented real estate developers, financial sponsors and REITs in various real estate development projects and sales.

The Philadelphia team advised a private equity firm in an acquisition and a lender in several credit facility and ABL agreements. It also advised developers and public institutions in P3 and private projects in the social infrastructure, oil and gas and transportation infrastructure industries. A large part of its work was in advising real estate developers, investors and REITs in commercial and residential development projects and acquisitions.

The Salt Lake City off represented borrowers in a separate refinancing and term loan agreement. It also advised issuers in share offerings and strategic acquirers and sellers in merger and acquisition related matters. The team represented developers in residential and hotel real estate projects. 

In terms of lateral moves, the Salt Lake City office brought over M&A partner Travis Marc Wilson from Jones Waldo Holbrook & McDonough. The Baltimore office brought over public finance partner John Smolen from Nossaman. The Philadelphia office lost partners James MacDonald III, who left for Stevens & Lee, Craig Circosta, who left for Holland & Knight, Peter Hennessy, who moved in-house and David Pollack, who retired.


Deal highlights: 30th edition (2019/2020)

C7 Data Centers merger with DB Data Center Holdings

City Office REIT 6.625% Series A preferred stock at-the-market share offering

IPS and Alleghany Capital acquisition of Cardinal Holdings

Slang Worldwide $67 million acquisition of Organa Brands’ National Concessions Group

Southern Bighorn 475MW solar and 540MWh storage project

WEX $425 million acquisition of Discovery Benefits