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Cole Schotz Represents Edge Principal Partners in Acquisition of Philadelphia Oil Refinery

June 30, 2020Attorneys: Richard J. Ericsson, Catherine E. Bostock, Emily Lamond, Heather L. Demirjian, Stuart Komrower, Elizabeth C. Bogle and Perri L. Hom
Cole Schotz P.C. represented real estate investment firm Edge Principal Partners in the acquisition, as a majority investor, of the bankrupt Philadelphia Energy Solutions, a 1,400-acre oil refinery in Philadelphia.

With over $500 million in upcoming environmental remediation and demolition costs, this refinery property, slated for almost 15 million sq. ft. of strategically located e-commerce logistics centers, was the site of a disastrous fire and massive explosion in 2019. In order to complete this deal, Cole Schotz negotiated $500 million of individually manuscripted pollution and contractor liability insurance policies with seven separate insurance carriers because of the size of the limits involved.

The Cole Schotz team that advised Edge Principal Partners was led by members Richard J. Ericsson and Catherine E. Bostock, and consisted of members Emily Lamond, Heather L. Demirjian and Stuart Komrower, associates Elizabeth C. Bogle and Perri L. Hom, and paralegals Tracy Fego and Anastasia Bellisari.

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