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Aaron Elster

Aaron Elster



  • Real Estate
  • Commercial Lease Law
  • Real Estate Finance
  • Tax, Benefits and Estate Planning

WSG Practice Industries


California, U.S.A.


Mr. Elster represents developers, lenders, investors, landlords, and tenants on a variety of real estate transactions, including purchase & sale, mortgage financing, construction lending, leasing, and construction agreements.  He also provides counsel on tax planning and controversy.  His clients range from high net worth individuals to Fortune 500 companies.

Prior to joining Buchalter, Mr. Elster worked as commercial tax associate in an international accounting firm and in-house for a major Los Angeles developer.

Mr. Elster was named “One to Watch” by Best Lawyers in 2021 for his work in Real Estate Law.

Professional Activities and Affiliations

  • Los Angeles County Bar Association, Barristers Committee 2016-2018
  • The Boys and Girls Club of Hollywood
  • Foster Nation

Bar Admissions

  • California


  • Loyola Law School
  • University of California, Santa Barbara
Areas of Practice

Commercial Lease Law | Energy & Natural Resources Law | Real Estate | Real Estate Finance | Tax, Benefits and Estate Planning

Professional Career

Significant Accomplishments

Purchase and Sale Transactions

  • Purchase of a $14.5 million office building in Torrance, California.
  • Purchase of 6 acres of vacant land in San Bernardino County, California.
  • Purchase of 4.5 acres of vacant land in San Bernardino County, California.
  • Purchase of $4 million adjacent parcels in Pasadena California, and related low-income housing entitlement work.
  • Sale of $16 million retail building in West Los Angeles, California.
  • Sale of 127,000 square foot industrial property in South Los Angeles, and exchange into one industrial property in South Gate, California, and two apartment buildings in Los Angeles.

Finance Transactions

  • $177 million tax credit investment made by a commercial bank for construction and rehabilitation of an Amtrak station and mall in New York City.
  • $86 million construction loan made by a commercial bank for a 320,000 sq. ft. medical office building in Salt Lake City, Utah.
  • $36.5 million permanent loan secured by 33 parcels in California.
  • $35 million tax credit investment for construction of an office building and hotel in New Jersey.
  • $32 million permanent loans secured by two medical facilities in Georgia.
  • $14 million acquisition loan secured by an office building in Torrance, California.
  • $9 million tax credit investment for construction of a movie theatre in Delano, California.
  • $9 million tax credit investment for adaptive reuse of a 339-unit apartment building in Maryland.
  • $6.5 million refinancing secured across six parcels in New Jersey.

Commercial Leasing Transactions

  • Single tenant lease of 40,000 square foot industrial building with 100,000 square feet of land in Torrance, California.
  • 32,000 square foot industrial lease in West Sacramento, California.
  • 32,000 square foot office lease in Torrance, California.
  • 7,000 square foot lease consisting of office and warehouse space in Costa Mesa, California.

Construction Agreements

  • $20 million construction agreement for construction of a home in Orange County, California.


  • Private Letter Ruling saving an international client $100 million of taxable Subpart F income.
  • Restructured an international client’s $45 million real estate portfolio to avoid Subpart F income.
  • Inbound/outbound planning for multinational manufacturer of musical instruments.
  • 1031 exchange of a $12 million mine for a winery in California.
  • State and Local Tax planning for a major manufacturer of solar energy systems.


Buchalter COVID-19 Client Alert: San Francisco Moves to Lowest COVID Tier in California, Begins Process of Reopening Non-Essential Offices; Other Bay Area Counties Slower to Follow
Buchalter, November 2020

On October 20, 2020, San Francisco County was upgraded to the “minimal” tier within the California COVID-19 tracking system, meaning it has the fewest restrictions on reopening all businesses as promulgated by the State of California. In order to qualify for the “minimal” tier, a county must have an infection rate of less than one daily new positive COVID case per 100,000 residents and have a positive test rate of less than 2% for two consecutive weeks...

WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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