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9 February 2023

New Environmental Diligence Standards: What They Mean For Prospective Owners, Operators And Investors (Video)

SM
Sheppard Mullin Richter & Hampton

Contributor

Sheppard Mullin is a full service Global 100 firm with over 1,000 attorneys in 16 offices located in the United States, Europe and Asia. Since 1927, companies have turned to Sheppard Mullin to handle corporate and technology matters, high stakes litigation and complex financial transactions. In the US, the firm’s clients include more than half of the Fortune 100.
Property owners, lessees, investors and insurers will face a range of difficult questions and issues in the coming years, as important changes to Phase I Site Assessments (ESAs) go into effect.
United States Environment

Presented by

  • Nicholas van AelstynPartner, Sheppard Mullin
  • E. Gail SuchmanPartner, Sheppard Mullin
  • Louise DybleAssociate, Sheppard Mullin

Property owners, lessees, investors and insurers will face a range of difficult questions and issues in the coming years, as important changes to Phase I Site Assessments (ESAs) go into effect. ASTM International Standard E1527-21 will be officially incorporated into federal regulations as a means of meeting the All Appropriate Inquiries (AAI) Rule on February 13, 2023, and will become the sole standard for AAI under federal regulations one year later.

Discussion topics:

  • changes in Phase I ESA procedures and scope, and implications for commercial and industrial real estate transactions, including redevelopment and "brownfields" projects;
  • the expanded definition of "recognized environmental condition" to include "likely" contamination;
  • the addition of "emerging contaminants" as an official "non-scope" consideration, including naturally-occurring substances such as methane and synthetic chemicals such as PFAS;
  • strategies for preserving confidentiality during investigation;
  • managing costs and time requirements; and
  • how to determine the appropriate scope to support financing or insurance coverage and minimize risk.

The cost, sensitivity and scope of environmental diligence is changing; this webinar will help businesses prepare to negotiate those changes.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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