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Investment in unconsolidated real estate joint ventures 360 Longwood Avenue - Secured Construction Loan (Tables)
 6 Months Ended
Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
360 Longwood Ave - Summary of Secured Construction Loan [Table Text Block]
360 Longwood Avenue

We are currently developing a building aggregating 413,799 RSF in our Longwood Medical Area submarket of Greater Boston. The cost at completion for this real estate project is expected to be approximately $350 million. As of June 30, 2016, we had 313,407 RSF, or 76% of the project, leased and in service. We have a 27.5% effective interest in this real estate joint venture. Our equity investment in this real estate joint venture was $50.0 million as of June 30, 2016. The real estate joint venture has a non-recourse, secured construction loan (“Longwood Construction Loan”) that includes the following key terms:
Tranche
 
Maturity Date
 
Stated Rate
 
Outstanding Balance
 
Remaining Commitments
 
Total
Fixed rate
 
April 1, 2017
(1 
) 
 
5.25
%
 
 
$
173,226

 
$
2,015

 
$
175,241

Floating rate (2)
 
April 1, 2017
(1 
) 
 
L+3.75
%
 
 
7,467

 
30,492

 
37,959

 
 
 
 
 
 
 
 
180,693

 
$
32,507

 
$
213,200

Unamortized deferred financing costs
 
 
 
 
 
 
 
352

 
 
 
 
 
 
 
 
 
 
 
 
$
180,341

 
 
 
 

(1)
We have two, one-year options to extend the stated maturity date to April 1, 2019, subject to certain conditions.
(2)
Borrowings under the floating rate tranche have an interest rate floor equal to 5.25%, and are subject to an interest rate cap on LIBOR of 3.50%.