Imagine a scenario where summer associates enter the fictional – but ever-entertaining – Miami high-stakes real estate negotiation involving none other than Taylor Swift, Travis Kelce, and Scooter Braun. This wasn’t just any transaction—it was a meticulously crafted exercise, designed by none other than Jessica Buchsbaum, to impart invaluable lessons about the complexities of real estate law and negotiation.

The function of the mock real estate exercise is to let summer associates learn and follow the entire arc of a real estate transaction, which normally would last much longer than the two months we spend at Bilzin Sumberg over the summer.

The Initial Moves: Drafting the LOI and PSA

Under the guidance of seasoned mentors Phil Sosnow and Manny Gonzalez, both teams of summer associates embarked on drafting a Letter of Intent (LOI) and a Purchase and Sale Agreement (PSA). Each team had its coach: Salomé, an insightful partner with a knack for detail and strategy, led Swift and Kelce’s team, while Lauren, a sharp associate with a keen understanding of real estate dynamics, guided Braun’s team.

The LOI outlined the interests of Swift and Kelce in acquiring a prime piece of Miami real estate—a piece of land in the heart of Brickell. Meanwhile, both team’s worked to craft a PSA that aimed to protect their individual interests while leveraging their negotiating prowess.

The Negotiation Dance
Throughout the summer, the teams engaged in intense negotiations, mimicking real-world scenarios where each clause and condition carried significant weight. We went back and forth over qualifiers like – what really is, to Seller’s knowledge? And, why would we want to give that representation or warranty? It was a great learning exercise to really have to think from the perspective of the team we were on, to see what we were comfortable including in our PSA, or what we absolutely did not want to see in the contract!

Closing the Deal
After a few weeks of back-and-forth, amendments, and strategic maneuvers, a breakthrough finally came. The terms were agreed upon, the closing documents meticulously reviewed and signed. The transaction culminated in a landmark agreement that satisfied both parties’ objectives—Swift and Kelce securing a prized property, and Braun achieving a favorable deal.

Celebrating at The Salty Flame
To mark the occasion and perhaps to thaw some of the icy tension that had built up during negotiations, the teams gathered for a celebratory happy hour at The Salty Flame in Brickell. Over cocktails and hors d’oeuvres, there were smiles, anecdotes, and a shared sense of accomplishment.

Reflections on the Journey

The mock transaction was not just an exercise in legal negotiation—it was a transformative learning experience for the summer associates. It underscored the importance of preparation, strategic thinking, and adaptability in real estate law. For Swift, Kelce, and Braun, represented in spirit by their fictional counterparts, it was a reminder of the complexities and dynamics involved in high-profile real estate transactions.

As the sun set over Brickell, casting a warm glow over the celebration, the summer associates contemplated the invaluable lessons learned and looked forward to applying their newfound knowledge in their legal careers. The mock transaction had not only simulated the intricacies of real estate law but had also forged bonds among the participants and mentors—a testament to the collaborative spirit of legal education and practice.