Karl Marschel practices in the areas of real estate development and public finance and is a member of the Firm’s Real Estate Private Equity and REIT’s team. Karl’s practice includes representing REITs, private equity and other clients with respect to the acquisition, development and disposition of commercial, office, industrial, residential and condominium properties.

Karl also represents clients with respect to public-private partnership matters such as corporate incentives and tax increment financing. Karl also serves frequently as bond counsel, underwriter’s counsel and trustee’s counsel with respect to special district financings, tax increment and other redevelopment financing including the workout of such financings. 

Karl is experienced with all stages of the real estate development process including negotiating purchase and sale agreements, leasing, and the negotiation of acquisition and development financing. Karl represents both private and public entities throughout the United States seeking to promote the development of properties, businesses and other opportunities. 

Professional Affiliations

    • American Bar Association Section of Real Property, Probate and Trust Law
    • Council of Development Finance Agencies-Illinois Financing Roundtable Member
    • Illinois Tax Increment Association
    • Council of Development Finance Agencies-Illinois Financing Roundtable Member
    • Illinois Tax Increment Association
    • Illinois Tax Increment Association
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Representative Experience

Real Estate

  • Serving as lead real estate and secondary deal counsel in connection with the acquisition of a 3200 acre former steel mill and port facility.
  • Negotiation of joint venture agreements and demolition and salvage contracts in connection with a client’s acquisition of a former automobile manufacturing facility.
  • Serving as lead real estate counsel in connection with a client’s acquisition of recently de-commissioned power plant property in Boston, Massachusetts.
  • Representation of a publicly-registered, non-traded REIT in connection with its acquisition and disposition of over $200 million of triple-net leased single tenant office and industrial properties.
  • Counsel to private equity client in connection with their acquisition of several industrial and hotel portfolios.
  • Counsel to purchaser of multiple apartment buildings throughout the City of Chicago and surrounding suburbs.
  • Representation of foreign fresh food manufacturer in connection with leasing facilities in the United States.
  • Representation of the purchaser in a $21 million acquisition of a historic theatre in downtown Chicago, Illinois.
  • General representation of a developer in Chicago, Illinois in connection with its development of residential condominium and mixed-use developments.
  • Representation of private capital fund in connection with the real estate aspects of its numerous acquisition, divestiture and financing transactions.
  • Negotiating long term service agreements and other contracts for district energy company in Chicago, Illinois.
  • Representation of national operator of fitness facilities in connection with the acquisition and leasing of build-to-suit facilities throughout the United States.

Public Finance/Incentives

  • Representation of large multinational corporation in obtaining and retaining corporate incentives in connection with the relocation of its headquarters facility to the City of Chicago.
  • Representation of local chapter of international not-for-profit in connection with obtaining incentives for renovation of its regional headquarters facility.
  • Serving as incentives counsel to a Fortune 500 Company involving national headquarters relocation, regional headquarters relocations and placement of its call centers and research and development facilities.
  • Serving as trustee’s counsel in connection with the workout of several special service area bond financings.
  • Developer’s counsel with respect to the workout and refunding of a 600+ lot subdivision in north suburban Chicago.
  • Representation of international hunting, fishing and outdoor retailer with its acquisition of tax increment finance incentives in connection with the development of a 185,000 square foot retail facility.
  • Serving as local counsel to a major international bank in connection with its $135 million acquisition of a district energy company in Chicago, Illinois.
  • Serving as bond counsel and special counsel to a suburban community the Chicago metropolitan area in connection with special service area financings to fund public improvements associated with the development of over 1,000 homes and related infrastructure improvements.
  • Serving as tax increment financing and project counsel to municipality in upstate Illinois in connection with their redevelopment of a closed steel facility and other related industrial properties.
  • Representation of US Territory in connection with its first ever tax increment finance-assisted development.
  • Serving as TIF and bond counsel to a northwestern Illinois community in connection with the creation of a TIF district and issuance of TIF bonds related to the construction of a gas extraction/refractionation plant located at the terminus of a natural gas liquids pipeline.


  • “Recharacterization Revisited: A View of Recharacterization of Sale and Leaseback Transactions After Fifteen Years,” Real Property Probate and Trust Journal, Spring 2006 (Co-author)
  • “Sale and Leaseback Transactions,” Chapter Five, Commercial Leasing, Illinois Institute for Continuing Legal Education (IICLE), 2007 and 2012 editions (Co-author)
  • “It’s a Property Issue: The Proper Treatment of Contingent Fees Under the Federal Tax Code, 11,” Washington University Journal of Law & Policy, 323 (2003)

Speaking Engagements

  • “TIF and the Projects ‘Capital Stack’” Council of Development Finance Agencies, Summer School, August 11, 2016
  • "Unlocking the Development Finance Toolbox in Illinois," Council of Development Finance Agencies' Illinois Roundtable, December 10, 2012
  • "Understanding TIF Bond Financing," Council of Development Finance Agencies Intro to Tax Increment Finance Webinar Series, November 10, 2011, September 19, 2012
  • "Economic Development Agreements," Illinois Tax Increment Association, Spring Conference, April 20, 2012, Collinsville, Illinois
  • "Using Your Economic Development Tools Wisely," Illinois Tax Increment Association, Fall Conference, Chicago, Illinois, September 22, 2010
  • "Financing Models and Sources. Leasing, Performance Contracting, Cash-flow Lending," ComEd Energy Efficiency Expo, Rosemont, Illinois, May 19, 2010
  • “Recharacterization in Sale and Leaseback Transactions,” Fall 2006 American Bar Association Continuing Legal Education Meeting, October 20, 2006