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Karl Marschel advises private and public clients in all aspects of real estate, from acquisition, development, and disposition, to negotiating development financing and navigating various tax incentives.

Karl counsels on public-private partnership matters, such as corporate incentives and tax increment financing, and serves frequently as bond counsel, underwriter’s counsel, and trustee’s counsel for special district financings, tax increment, and other redevelopment financing. He has extensive experience representing bondholders and bond trustees in connection with the enforcement and workout of defaulted general obligation and limited obligation bond financings.

Karl represents REITs and private equity firms, as well as developers, equity investors, and purchasers. He also advises developers and redevelopers of substantial brownfield properties throughout the United States in all aspects of acquisition and development — from due diligence, to remediation and development, through recapitalization and sale.


  • Brownfield redeveloper in acquisition of a 2,300-acre refinery out of a bankruptcy.*
  • Lead real estate and secondary deal counsel in acquisition of 3,200-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.*
  • Multiple bond funds with respect to enforcement and settlement of claims relating to a defaulted municipal bond issue.*
  • National bond trustee in connection with the workout, acquisition, and disposition of property relating to a series of defaulted limited obligation bond issuances.*
  • Lead real estate counsel in acquisition of recently decommissioned power plant property in Boston.*
  • Publicly registered, non-traded REIT in its acquisition and disposition of over $200 million of triple-net leased single-tenant office and industrial properties.*
  • Fortune 500 company as incentives counsel involving relocation of its national and regional headquarters, and placement of its call centers and R&D facilities.*
  • Representation of large multinational corporation in obtaining and retaining corporate incentives in connection with the relocation of its headquarters facility to Chicago.*
  • A major international bank as local counsel in connection with its $135 million acquisition of a district energy company in Chicago.*

* Reflects experience at previous employer.


The Best Lawyers in America
Real Estate Law-Chicago (2021-Present)



  • J.D., Washington University School of Law, 2003
  • B.A., History and Geography, University of Missouri - Columbia, 2000


  • Illinois


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