Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

As of June 30, 2015, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us other than routine litigation arising in the ordinary course of business or litigation that is adequately covered by insurance.

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 May 2015, we entered into an agreement to acquire Eleven Madison Avenue for $2.285 billion plus approximately $300.0 million in costs associated with lease stipulated improvements to the property. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

Capital and Ground Leases Arrangements

The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of June 30, 2015 (in thousands):



	Capital lease			Non-cancellable operating leases
Remaining 2015	$	73		$	15,247
2016	170			30,612
2017	291			30,845
2018	291			30,845
2019	315			30,862
Thereafter	56,568			720,698
Total minimum lease payments	57,708			$	859,109
Less amount representing interest	(36,695		)
Capital lease obligations	$	21,013