Property Acquisitions and Consolidations

12 Months Ended

Dec. 31, 2025

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

Property Acquisitions and Consolidations

Property Acquisitions and Consolidations

2025 Property Acquisitions

The following table summarizes the properties acquired during the year ended December 31, 2025:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions) (1)
346 Madison Avenue (2)	October 2025	Fee Interest	275,138	$	160.0
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.

(2)Includes adjacent site at 11 East 44th Street.

2025 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 was a VIE in which the Company was 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 in the 100 Park Avenue joint venture, primarily through the conversion of the joint venture partner's outstanding loan with us.

2024 Acquisitions

During the year ended December 31, 2024, we did not acquire any properties from a third party.

2023 Acquisitions

During the year ended December 31, 2023, we did not acquire any properties from a third party.

2025 Property Consolidations

The following table summarizes the properties consolidated during the year ended December 31, 2025:

Property	Consolidation Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions) (3)
800 Third Avenue (1)	October 2025	Fee Interest	526,000	$	205.0
315 West 33rd Street (2)	September 2025	Fee Interest	435,349	$	384.5

(1)In October 2025, the Company closed on the acquisition of its joint venture partners' combined 39.5% interest in the 800 Third Avenue joint venture 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 October 2025, the investment was accounted for under the equity method and was included in "Investments in unconsolidated joint ventures" on our consolidated balance sheet.

(2)In September 2025, the Company, as the holder of the preferred equity interest in the entity, took control over 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" on our consolidated balance sheet.

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

2024 Property Consolidations

The following table summarizes the properties consolidated during the year ended December 31, 2024:

Property	Consolidation Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)
100 Park Avenue (1)	December 2024	Fee Interest	834,000	$	441.0
10 East 53rd Street (2)	March 2024	Fee Interest	354,300	236.0

(1)In December 2024, the Company amended the joint venture agreement with its partner. As a result of the amended terms, it was concluded that the joint venture was a VIE in which the Company was 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 which resulted in the recognition of a positive fair value adjustment of $117.8 million, which is included in "Purchase price and other fair value adjustments" in the consolidated statements of operations. Prior to December 2024, the investment was accounted for under the equity method. See Note 16, "Fair Value Measurements."

(2)In March 2024, the Company entered into an agreement to acquire its partner's 45.0% interest in the joint venture for cash consideration of $7.2 million, which was net of all outstanding debt obligations at contract signing. As a result of the contract terms, it was concluded that the joint venture was a VIE in which the Company is 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 which resulted in the recognition of a negative fair value adjustment of ($55.7 million), which is included in "Purchase price and other fair value adjustments" in the consolidated statements of operations. Prior to March 2024, the investment was accounted for under the equity method. In December 2024, the Company closed on the acquisition of the partner's interest. See Note 16, "Fair Value Measurements."