Property Acquisitions and Consolidations

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Property Acquisitions and Consolidations

Property Acquisitions and Consolidations

Property Acquisitions

The following table summarizes the properties acquired during the nine months ended September 30, 2025:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions) (1)
500 Park Avenue	January 2025	Fee Interest	201,411	$	127.0

(1)Represents the gross asset valuation of the property net of closing costs and adjustments.

Property Consolidations

The following table summarizes the properties consolidated during the nine months ended September 30, 2025:

Property	Consolidation Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions) (2)
315 West 33rd Street (1)	September 2025	Fee Interest	435,349	$	384.5

(1)In September 2025, the Company, as the holder of the preferred equity interest in the entity, took control over the management of the underlying property. As a result, it was concluded that the entity is a VIE in which the Company is the primary beneficiary, and the entity was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. See Note 16, "Fair Value Measurements". Prior to September 2025, the preferred equity interest was included in "Debt and preferred equity investments" in our consolidated balance sheet.

(2)Represents the gross asset valuation of the property net of closing costs and adjustments.

Acquisition of Subsidiary Interest from Noncontrolling Interest

In December 2024, the Company amended the 100 Park Avenue joint venture agreement with its partner. As a result of the amended terms, it was concluded that the joint venture is a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. In April 2025, pursuant to a purchase option in the amended joint venture agreement, the Company closed on the acquisition of its joint venture partner's 49.9% interest, primarily through the conversion of the joint venture partner's outstanding loan with us.