Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal Proceedings

We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business. Management believes the costs, if any, incurred by us related to this litigation will not materially affect our financial position, operating results or liquidity.

Environmental Matters

Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.

Real Estate Purchase Commitment

In March 2014, we entered into a contract to acquire the interest of SITQ, our joint venture partner, in 388-390 Greenwich Street, thereby assuming full ownership of the property upon closing. This transaction, which is valued at a gross valuation price of $1.6 billion, is expected to be completed in the second quarter of 2014, subject to the satisfaction of customary closing conditions.

Capital and Ground Leases Arrangements

The following is a schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms in excess of one year as of March 31, 2014 (in thousands):

	Capital lease (1)			Non-cancellable operating leases (1)
Remaining 2014	$	1,719		$	26,516
2015	2,363			35,511
2016	2,531			35,943
2017	2,652			36,176
2018	2,652			36,176
Thereafter	353,826			1,409,808
Total minimum lease payments	365,743			$	1,580,130
Less amount representing interest	(317,844		)
Present value of net minimum lease payments	$	47,899

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(1) Amounts include commitments related to the asset that is held for sale at March 31, 2014.