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Investment in Unconsolidated Joint Ventures (Details) (USD $)
3 Months Ended 12 Months Ended 1 Months Ended 1 Months Ended 1 Months Ended 1 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2013
sqft
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
investment
sqft
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
100 Park Avenue
sqft
Dec. 31, 2013
21 West 34th Street
sqft
Dec. 31, 2013
1604-1610 Broadway
sqft
Jun. 30, 2012
717 Fifth Avenue
Dec. 31, 2013
717 Fifth Avenue
sqft
Dec. 31, 2013
800 Third Avenue
sqft
Dec. 31, 2013
1745 Broadway
sqft
Dec. 31, 2013
1 and 2 Jericho Plaza
sqft
Dec. 31, 2013
The Meadows
sqft
Dec. 31, 2013
388 and 390 Greenwich Street
sqft
Dec. 31, 2013
180/182 Broadway
sqft
Dec. 31, 2013
600 Lexington Avenue
sqft
Dec. 31, 2013
11 West 34th Street
sqft
Dec. 31, 2013
7 Renaissance
sqft
Sep. 30, 2012
3 Columbus Circle
Dec. 31, 2013
3 Columbus Circle
sqft
Mar. 31, 2011
280 Park Avenue
Dec. 31, 2013
280 Park Avenue
sqft
May 31, 2011
280 Park Avenue
Dec. 31, 2013
1552-1560 Broadway
sqft
Dec. 31, 2012
1552-1560 Broadway
sqft
Oct. 31, 2013
747 Madison Avenue
unit
Dec. 31, 2013
747 Madison Avenue
sqft
Sep. 30, 2013
747 Madison Avenue
unit
Dec. 31, 2013
724 Fifth Avenue
sqft
Dec. 31, 2013
10 East 53rd Street
sqft
Dec. 31, 2013
33 Beekman
sqft
floor
Feb. 28, 2013
West Coast office portfolio
Sep. 30, 2012
West Coast office portfolio
sqft
property
Dec. 31, 2013
West Coast office portfolio
property
sqft
Aug. 31, 2012
West Coast office portfolio
Nov. 30, 2012
521 Fifth Avenue
Dec. 31, 2013
521 Fifth Avenue
sqft
Dec. 31, 2013
21 East 66th Street
sqft
Dec. 31, 2013
21 East 66th Street
Three retail units
unit
Dec. 31, 2013
21 East 66th Street
2 residential units
unit
Dec. 31, 2013
21 East 66th Street
Four residential units
unit
Dec. 31, 2013
315 West 36th Street
sqft
Dec. 31, 2013
Herald Center
sqft
Nov. 30, 2013
650 Fifth Avenue
Dec. 31, 2013
650 Fifth Avenue
sqft
Dec. 31, 2013
Joint venture
747 Madison Avenue
Nov. 30, 2012
521 Fifth Avenue
Nov. 30, 2012
521 Fifth Avenue
Joint venture
Dec. 31, 2013
Mezzanine loans
Joint venture
West Coast office portfolio
Nov. 30, 2012
Mortgage Loan
Joint venture
West Coast office portfolio
Dec. 31, 2013
Mortgage Loan
Joint venture
West Coast office portfolio
General information on each joint venture                                                                                                                    
Number of VIEs in which the entity is not primary beneficiary                 5                                                                                                  
Net equity investment in VIEs in which the entity is not primary beneficiary $ 310,700,000       $ 117,700,000       $ 310,700,000 $ 117,700,000                                                                                                
Ownership Interest (as a percent)                       49.90% 50.00% 70.00% [1]   10.92% [2] 42.95% 32.26% 20.26% 50.00% 50.60% [3] 25.50% [4] 55.00% 30.00% [5] 50.00%   48.90% [6]   50.00% [7]   50.00% [8]     33.33% [9]   50.00% 55.00% 45.90% [10]     42.02% [11]     50.50% [12] 32.28% [13] 32.28%   16.14% 35.50% 40.00% [14]   50.00% [15] 100.00%          
Economic Interest (as a percent)                       49.90% 50.00% 70.00% [1]   10.92% [2] 42.95% 32.26% 20.26% 50.00% 50.60% [3] 25.50% [4] 55.00% 30.00% [5] 50.00%   48.90% [6]   49.50% [7]   50.00% [8]     33.33% [9]   50.00% 55.00% 45.90% [10]     43.74% [11]     50.50% [12] 32.28% [13]       35.50% 40.00% [14]   50.00% [15]            
Area of property (sqft) 28,549,979               28,549,979     834,000 30,000 30,000 [1]   120,000 [2] 526,000 674,000 640,000 582,000 2,600,000 [3] 71,000 [4] 304,000 17,000 [5] 37,000   769,000 [6]   1,237,000 [7]   49,000 [8] 13,045   10,000 [9]   65,000 390,000 145,000 [10]   4,500,000 4,474,000 [11]     460,000 [12] 17,000 [13]       148,000 365,000 [14]   32,000 [15]            
Acquisition Price                       95,800,000 [16] 22,400,000 [16] 4,400,000 [1],[16]   251,900,000 [16],[2] 285,000,000 [16] 520,000,000 [16] 210,000,000 [16] 111,500,000 [16] 1,575,000,000 [16],[3] 43,600,000 [16],[4] 193,000,000 [16] 10,800,000 [16],[5] 4,000,000 [16]   500,000,000 [16],[6]   400,000,000 [16],[7]   136,550,000 [16],[8]     66,250,000 [16],[9]   223,000,000 [16] 252,500,000 [16] 31,000,000 [10],[16]     880,103,000 [11],[16]     315,000,000 [12],[16] 75,000,000 [13],[16]       45,000,000 [16] 50,000,000 [14],[16]   0 [15],[16]            
Beneficial interest sold (as a percent)                             50.00%                                                                                      
Sales price                             617,600,000                                                       315,000,000                              
Proceeds from sale of equity method investments                             67,900,000                                                   224,300,000                                  
Recognized gain (loss) on sale of interest in property 7,538,000 (354,000) (3,583,000) 0 19,277,000 (4,807,000) 15,323,000 7,260,000 3,601,000 37,053,000 2,918,000       3,000,000                     0                             2,100,000     2,800,000                         19,400,000  
Employee compensation award                             1,000,000                                                       1,000,000                              
Valuation of investment under the recapitalization transaction                                                       286,600,000   1,100,000,000                                                        
Effective ownership interest in underlying investment (as a percent)                                                       50.00%                                                            
Additional income upon the contribution of debt investment to joint venture                 193,843,000 119,155,000 120,418,000                                 38,700,000                                                            
Debt investments contributed to joint venture                 0 25,362,000 286,571,000                                 111,300,000                                                            
Floating rate financing assumed by joint venture                 0 0 30,000,000                                 30,000,000                                                            
Number of units in property (units)                                                                     3                     3 2 4                    
Number of units in real estate property acquired (units)                                                                 2                                                  
Payments to acquire equity method investments                 150,274,000 215,174,000 109,920,000                                           7,500,000                                   51,000,000              
Number of floors of student housing (floors)                                                                           30                                        
Number of properties (properties)                                                                               31                                    
Prior to the recapitalization positions held in mezzanine and preferred equity                                                                               678,800,000                                    
Period of extension option for mortgage secured by the portfolio                                                                               1 year                                    
Number of properties sold (properties)                                                                                 3                                  
Repayments of loan                                                                                 194,500,000                             20,500,000   194,500,000
Remaining percentage of interest acquired in joint venture (percent)                                                                             10.73%                                      
Partnership interest sold to Harel by joint venture (as a percent)                                                                             20.78%   6.00%                         49.50%        
Term                                                                               2 years                             7 years      
Interest rate, description                                                                                     LIBOR                              
Interest rate added to base rate (as a percent)                             2.75%                                                       2.20%                              
Ownership interest sold (as a percent)                                                                             20.78%   6.00%                         49.50%        
Face amount of loan                                                                               68,000,000.0   26,700,000 150,000,000                         20,500,000    
Mortgage on properties assumed                                                                                                             $ 170,000,000      
Interest rate (as a percent)                                                                                                   8.75%                
[1] In March 2013, Sutton conveyed his interest in this property to us.
[2] In June 2012, this retail condominium was recapitalized. The recapitalization triggered a promote to our partner, which resulted in a reduction of our economic interest. In addition, we sold 50% of our remaining interest at a property valuation of $617.6 million. We recognized $67.9 million of additional cash income, equivalent to profit, due to the distribution of refinancing proceeds and a gain on sale of $3.0 million, which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.
[3] The property is subject to a triple-net lease arrangement with a single tenant, which expires in 2020. In December 2013, the joint venture signed an agreement extending the lease through December 31, 2035. The agreement includes an option for the tenant to acquire the property for a specified price during the period from December 1, 2017 through December 31, 2020.
[4] In June 2013, the joint venture completed its redevelopment project. In July 2013, the lease for Pace University, or Pace, its primary tenant, commenced.
[5] The property is subject to a long-term net lease arrangement.
[6] As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns a portion of the property, generally floors three through eight referred to as Y&R units. Because the joint venture has an option to repurchase the Y&R units, no gain was recognized on this sale.
[7] In March 2011, we contributed our debt investment with a carrying value of $286.6 million to a newly formed joint venture in which we hold a 50% interest. We realized $38.7 million of additional income upon the contribution. This income is included in investment income in the consolidated statements of income. The joint venture paid us approximately $111.3 million and also assumed $30.0 million of related floating rate financing which matures in June 2016. In May 2011, this joint venture took control of the underlying property as part of a recapitalization transaction which valued the investment at approximately $1.1 billion.
[8] In connection with this acquisition, the joint venture also acquired a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. The purchase price relates only to the purchase of the 1552 Broadway interest which comprises 13,045 square feet. In 2012, we, along with Sutton, acquired the property at 155 West 46th Street, which is adjacent to 1552 and 1560 Broadway, and sold it to the fee owner of 1560 Broadway.
[9] The joint venture owns 100% interest as tenant-in-common in 30 East 65th Street Corporation and the related proprietary lease of three cooperative apartment units in the building. In October 2013, the joint ventured acquired two additional cooperative apartment units in the building for $7.5 million.
[10] The joint venture acquired the fee interest in the property and will develop an approximately 30 story building for student housing. Upon completion of the development, the joint venture will convey a long-term ground lease condominium interest in the building to Pace.
[11] In September 2012, the Company, together with an affiliate of Blackstone, Gramercy and Square Mile Capital Management LLC, or Square Mile, formed a joint venture to recapitalize a 31-property, 4.5-million-square-foot West Coast office portfolio. The joint venture extended the $678.8 million mortgage secured by the portfolio for a term of 2 years with a 1-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of 2 years. Prior to the recapitalization in September 2012, the Company held $26.7 million in mezzanine and preferred equity positions in the entity that owned the portfolio. Following the recapitalization, Blackstone became the majority owner of the joint venture, with Equity Office Properties, a Blackstone affiliate, being responsible for the portfolio’s management and leasing. In February 2013, we acquired Gramercy’s 10.73% interest in the joint venture and simultaneously sold 20.78% of the newly acquired interest to Square Mile Capital Management LLC or Square Mile. During the year ended December 31, 2013, we acquired Square Mile’s 6.00% interest in the joint venture and the joint venture sold three of the properties for an aggregate of $224.3 million, on which we recognized a gain of approximately $2.1 million. The proceeds from the sale of these properties were used primarily to repay $194.5 million of the mortgage and $20.5 million of the mezzanine loan.
[12] In November 2012, we sold our 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners for a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. We also refinanced the existing $150.0 million loan with a $170.0 million 7-year mortgage loan which bears interest at 220 basis points over LIBOR. Following the sale, we deconsolidated the entity effective November 30, 2012 and have accounted our investment under the equity method because of lack of control. During the year ended December 31, 2013, we recognized additional post closing costs of $2.8 million as an adjustment to the gain.
[13] We hold a 32.28% interest in 3 retail and 2 residential units at the property and a 16.14% in 4 residential units at the property.
[14] The joint venture owned a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bore interest at a rate of 8.75% per annum through its redemption date in December 2013.
[15] The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and Sutton executed a contribution agreement to reflect its pro rata obligation. In an event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value. In November 2013, the joint venture signed an agreement to buy out the lease of retailer Juicy Couture for $51.0 million as part of its plan to redevelop and reposition the property. Under this agreement, the tenant shall terminate the lease no later than April 2014.
[16] Acquisition price represents the actual or implied gross purchase price for the joint venture.