Properties Held for Sale and Property Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of properties sold

The following table summarizes the properties disposed of during the nine months ended September 30, 2023:

Property	Disposition Date	Property Type	Unaudited Approximate Usable Square Feet	Sales Price (1) (in millions)		Loss on Sale (2) (in millions)
245 Park Avenue (3)	June 2023	Fee Interest	1,782,793	$	1,995.0	$	(28.3)

(1)Sales price represents the gross sales price for a property or the gross asset value for the sale of interests in a property.

(2)The loss on sale is net of $8.0 million of employee compensation accrued in connection with the realization of the investment. The amounts do not include adjustments for expenses recorded in periods subsequent to the quarter in which the disposition was consummated.

(3)In June 2023, the Company sold a 49.9% interest, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and deconsolidation of the 50.1% interest we retained. We recorded our retained investment at fair value which resulted in the recognition of a fair value adjustment of ($17.0 million), which is reflected in the Company's consolidated statements of operations within Purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Venture."