Properties Held for Sale and Property Dispositions

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Properties Held for Sale and Property Dispositions

Properties Held for Sale and Property Dispositions

Properties Held for Sale

During the three months ended March 31, 2017, we entered into an agreement to sell a 90% interest in 102 Greene Street and to sell the property at 520 White Plains Road in Tarrytown, NY. We recorded a $14.2 million depreciable real estate reserve in connection with the sale of 520 White Plains Road. In April we closed on the sale of 520 White Plains Road and the 90% interest in 102 Greene Street.

Property Dispositions

In January 2017, we admitted two partners, National Pension Service of Korea and Hines Interest LP, into the One Vanderbilt Avenue development project. The partners' ownership interest in the newly formed joint venture is based on their capital contributions up to a maximum of 29.0% in total. In April 2017, the criteria for deconsolidation were met, and the development will be shown within investments in unconsolidated joint ventures beginning with the second quarter of 2017.