OPINION AND ORDER In 2016, Dreien Opportunity Partners won a bid to purchase the corporate headquarters of J.C. Penney in Plano, Texas. To handle the financing for the deal, Dreien hired Avison Young, a real estate services firm. The transaction did not go smoothly, and Dreien ended up in ongoing litigation with one would-be lender. Dreien now sues Avison Young, alleging that its handling of the financing was deficient under New York tort and contract law. Avison Young has moved to dismiss for failure to state a claim. For the reasons that follow, the motion to dismiss is denied. I. Background The following facts are taken from the operative complaint and, for purposes of this motion to dismiss, are assumed to be true. Plaintiff Dreien Opportunity Partners, LLC, is a real estate developer that acquires, develops, and resells properties in the Dallas-Fort Worth area. (See Dkt. No. 29 (“Compl.”)
1, 10.) Defendant Avison Young – New York, LLC is a real estate services firm that, among other things, provides capital market services like securing commercial mortgage financing. (See Compl. 11.) Avison Young’s employees include Defendants John Bralower, Peter Steier, and Justin Piasecki. (See Compl. 12.) In February 2016, J.C. Penney Company Inc. announced plans to sell its corporate headquarters, located in Plano, Texas. (See Compl. 15.) Dreien was the successful bidder, at over $350 million. (Id.) In order to close, Dreien needed to secure financing to cover acquisition costs, closing costs, and other expenses — totaling approximately $460 million — by an initial closing deadline of October 7, 2016. (Id.) (The deadline was eventually extended to December 30, 2016. (See Compl. 23.)) To do so, Dreien hired Avison Young. (Compl. 16.) Under the agreement between Dreien and Avison Young, Avison Young was responsible for creating a proposed “capital stack” — that is, a proposal that distributes the total capital required for the project across various levels or divisions. (See Compl. 19.) Avison Young was also tasked with negotiating and obtaining one or more financing sources for each level of the proposed capital stack. (Id.) Accordingly, Avison Young, through Bralower, Steier, and Piasecki, created a proposed capital stack and began soliciting interest from investors to fund the various levels of the stack. (See Compl.
