Property Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the properties acquired during the six months ended June 30, 2021:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)
885 Third Avenue (1)	January 2021	Fee Interest	625,000	$	387.9
461 Fifth Avenue (2)	June 2021	Fee Interest	200,000	$	28.0

(1)In January 2021, pursuant to the partnership documents of our 885 Third Avenue investment, certain participating rights of the common member expired. As a result, it was determined that this investment is a VIE of which we are the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. Prior to January 2021, the investment was accounted for under the equity method. See Note 6, "Investments in Unconsolidated Joint Ventures" and Note 16, "Fair Value Measurements."

(2)In April 2021, the Company exercised its option to acquire the fee interest in the property from the ground lessor. The Company held the leasehold interest in the property prior to exercising its option.