Forrest S. Murphy

Forrest advises owners, developers, financial sponsors, lenders, and other major project participants on public-private partnerships (P3), real estate development, and other infrastructure related transactions. He often guides clients through the development, structuring, and financing of complex domestic infrastructure projects using availability payment and demand-risk P3 models, from the procurement phase through financial close. With experience spanning a broad range of infrastructure—including roads and bridges, passenger rail, multipurpose stadiums, broadband, and higher education campus energy systems—he drafts and negotiates core procurement, project, and financing documents, and counsels on financeability and long-term risk allocation.

Forrest has recently represented:

• The owner of New York Penn Station on its procurement of the multibillion-dollar New York Penn Station Transformation Project, using an availability payment P3 model.
• The University of Kentucky on its procurement of the design, construction, financing, operation, and maintenance of a new central utility plant and related energy capacity and distribution improvements for the University’s main campus in Lexington, Kentucky, using an availability payment P3 model.
• Baylor University on its procurement of the design, construction, financing, operation, and maintenance of a new campus energy complex for the University’s main campus in Waco, Texas, using an availability payment P3 model.
• A shortlisted team led by Sacyr, Tikehau Star Infrastructure, and NextEra on its bid to design, build, finance, operate, and maintain a new campus energy complex for the University of Florida’s main campus in Gainesville, Florida, using an availability payment P3 model.
• A shortlisted team led by ASTM, DIF, and Bernhard Capital on its bid to design, build, finance, operate, and maintain a toll bridge on Interstate 10 across the Calcasieu River in Louisiana, using a demand-risk P3 model.
• A shortlisted team led by Meridiam and EllisDon in its bid to design, build, finance, operate, and maintain a new civil and probate courthouse in Miami-Dade County, Florida, using an availability payment P3 model.
• The lenders in connection with the financing of the New York Metropolitan Transportation Authority’s first availability payment P3 project, the ADA Upgrades at 13 Stations Project (Package 3) for the delivery of 34 new elevators at 13 subway stations across four boroughs in New York City.
• Brightline Trains Florida in negotiations with public entities for the development of a commuter line project in South Florida and associated infrastructure transactions.
• The Virginia Passenger Rail Authority in connection with a restructuring transaction with Norfolk Southern Corporation to extend passenger rail service to Christiansburg, Virginia and to acquire approximately 24 miles of the Manassas Line in Northern Virginia.
• The City of Richmond, Virginia and its Economic Development Authority in the negotiation of a Stadium Development Agreement for the construction of a new stadium for the Richmond Flying Squirrels, a Double-A affiliate of the MLB San Francisco Giants.
• Diamond Baseball Holdings in connection with lease amendments, renewals, and extensions for minor league baseball stadiums in:
  • San Jose, California for the San Jose Giants, the Single-A affiliate of the MLB San Francisco Giants;
  • Norfolk, Virginia for the Norfolk Tides, the Triple-A affiliate of the MLB Baltimore Orioles;
  • Altoona, Pennsylvania for the Altoona Curve, the Double-A affiliate of the MLB Pittsburgh Pirates;
  • North Little Rock, Arkansas for the Arkansas Travelers, the Double-A affiliate of the MLB Seattle Mariners;
  • Spartanburg, South Carolina for the Hub City Spartanburgers, the High-A affiliate of the MLB Texas Rangers; and
  • Columbus, Georgia for the Columbus Clingstones, the Double-A affiliate of the MLB Atlanta Braves.

• Recommended for Project Finance, Legal 500 United States, 2024-2025