Paul L. Kelley

Partner Chicago


Paul assists his industrial and other commercial real estate clients with all aspects of financing, acquisition, development, and disposition of industrial and other commercial real estate. He brings a uniquely informed, results-oriented approach to his clients’ transactions, given his range and breadth of industry contacts and his understanding of the varied marketplaces in which his clients conduct business.

As the demand for industrial real estate continues to grow, Paul helps his clients address the crucial aspects to successfully acquiring the square footage and access to the best locations to suit their long-term needs. He manages the structuring, negotiating and documenting multi-party development agreements, long-term land leases, purchase and sale agreements, easements, and lease-option agreements.

Paul represents a wide range of clients, including industrial, gaming, commercial, and multi-family real estate developers, architects, contractors, owners and investors. He represents financial institutions and corporate borrowers in secured lending transactions on a variety of projects including multi-family apartment projects, office towers, shopping centers and hotels.

In addition, Paul has represented casino companies on numerous occasions in connection with the sale and financing of their real estate assets. His broad understanding of how the various gaming, hotel and recreational components of a casino complex interrelate allow him to provide in-depth analysis to casino companies on real estate related matters.

Paul was profiled in the 2019 edition of Leading Lawyers Network magazine Real Estate Edition. View the profile here.

Paul received his B.A., summa cum laude, from Carthage College and his J.D., with high distinction, from the John Marshall Law School.


All Service Areas


  • University of Illinois Chicago School of Law (1986)
  • Carthage College (B.A. Business Administration and Marketing, summa cum laude) (1983)


  • State - Illinois
  • State - Arizona (inactive status)

Notable Matters

Paul represented purchasers in the following industrial matters:

  • The acquisition of a 673,137 square foot warehouse distribution facility to a single tenant logistics company in Pontoon Beach, Illinois. Project included matters relating to construction close-out of newly constructed facility, commencement of TIF (tax increment finance) incentives and wetlands mitigation.
  • The acquisition and development of an approximately 283,000 square foot warehouse distribution facility in Hodgkins, Illinois. Project involved demolition of existing commercial building, lot consolidation, construction and development agreement with third-parties.
  • The acquisition of a multi-tenant industrial building in Batavia, Illinois.
  • The acquisition, subdivision and development of approximately 25 acres of raw land into a 438,000 cross-deck industrial warehouse distribution facility in Crest Hill, Illinois. Project involved onsite and offsite improvements, land donation and development agreement with municipality, construction contract and development agreement with third-parties.
  • A portfolio of four industrial/warehouse buildings in West Chicago, Illinois.
  • The acquisition of a 370,000 square foot industrial/warehouse building with multiple tenants in Alsip, Illinois.
  • The acquisition and leaseback of a 350,800 square foot warehouse facility in Aurora, Illinois.
  • Represented a regional steel company in connection with the land assemblage and subsequent construction of a steel fabrication plant in Cleveland, Ohio.

Paul’s representation of borrowers includes:

  • A $24 million loan modification and deed in escrow arrangement of an industrial warehouse property in the southwest Chicago suburbs.
  • An affiliate of JP Morgan Chase Bank, N.A. in connection with a $34,200,000 mezzanine loan featuring a conversion option into equity for the New City mixed-use development in Chicago’s Clybourne corridor.
  • The seller in connection with the $121 million sale of the EnV Chicago, a luxury, boutique residential rental apartment tower in Chicago, Illinois.
  • J.P. Morgan Asset Management in connection with its $182 million acquisition of a majority stake in the apartment, parking and retail components of the 82-story Aqua Tower in Chicago, Illinois.
  • Purchaser of a 28-story Class A office tower in downtown Chicago. The transaction involved purchasing defaulted first mortgage and mezzanine loans, securing the property at a discount from the lender, and then acquiring the fee title to the property through a deed in lieu agreement with the borrower and guarantors the following week.

Paul’s apartment, hotel and franchise representations include:

  • The promote partner in a joint venture for the acquisition and $200 million financing of a portfolio of 19 residential rental apartment buildings across seven states.
  • The owner in connection with the sale for redevelopment of an apartment building in Chicago, Illinois.
  • The seller in connection with the $165 million sale of the Westin Chicago River North Hotel, a 424 guest-room hotel in Chicago, Illinois.
  • The seller in connection with the sale of commercial building after up-zoning the site for multi-family use.
  • The seller in connection with the sale of the Renaissance Chicago O’Hare Suites Hotel, Chicago, Illinois.
  • A Taco Bell franchisee in connection with a $20 million refinance of 30 Taco Bell restaurants in Illinois and Ohio.

Professional Affiliations

  • International Council of Shopping Centers (ICSC)