The Foreign Investment and National Security Act of 2007 applies to takeovers of U.S. businesses by non-U.S. persons. That law formalized the Committee on Foreign Investment in the United States to review foreign investments that could impair national security
Back in November, I was looking at how the new CFIUS regulations would affect real estate investors with significant foreign ownership. it seems clear the purchase of a building could be considered a purchase US business. The issue would be whether the tenants in the building are government tenants and how the ownership of the building could implicate national security.
William A. Newman, of Sullivan & Worcester LLP in New York, put together an article on process for making a CFIUS application filing: The Ins and Outs of CFIUS Filing. He does not paint a pretty picture. CFIUS has estimated that the average filing requires about 100 hours.
Mr. Newman also contributes to the USA Inbound Acquisitions & Investments Blog.