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Investments in Unconsolidated Joint Ventures
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures
We have investments in several real estate joint ventures with various third-party partners. As of December 31, 2025, the book value of these investments was $2.6 billion, net of investments with negative book values totaling $195.0 million for which we have an implicit commitment to fund future capital needs.
As of December 31, 2025, there were no unconsolidated joint ventures that were VIEs. As of December 31, 2024, 800 Third Avenue and our preferred equity investment in 625 Madison Avenue were the only unconsolidated VIEs. Our net equity investment in these VIEs was $263.8 million as of December 31, 2024. Our maximum loss was limited to the amount of our equity investment in these VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies." All other investments below are voting interest entities. As we have the ability to exercise significant influence over, but do not control, the joint ventures listed below, we account for them under the equity method of accounting.
The table below provides general information on each of our joint ventures as of December 31, 2025:
PropertyPartner
Economic
Interest (1)
Unaudited Approximate Square Feet
919 Third AvenueNew York State Teacher's Retirement System51.00%1,454,000 
11 West 34th Street (2)
Private Investor / Wharton Properties30.00%17,150 
280 Park AvenueVornado Realty Trust50.00%1,219,158 
1552-1560 Broadway (3)
Wharton Properties50.00%57,718 
650 Fifth Avenue (2) (4)
Wharton Properties50.00%69,214 
11 Madison AvenuePGIM Real Estate60.00%2,314,000 
One Vanderbilt Avenue (6)
National Pension Service of Korea / Hines Interest LP / Mori Building Co., Ltd55.01%1,657,198 
Worldwide Plaza (2)(7)
RXR Realty / New York REIT25.05%2,048,725 
1515 BroadwayAllianz Real Estate of America56.87%1,750,000 
2 Herald Square (2)(7)
Israeli Institutional Investor95.00%369,000 
115 Spring Street (2)
Private Investor51.00%5,218 
15 Beekman (5)
A fund managed by Meritz Alternative Investment Management20.00%221,884 
One Madison Avenue (8)
National Pension Service of Korea / Hines Interest LP / International Investor25.50%1,048,700 
220 East 42nd StreetA fund managed by Meritz Alternative Investment Management51.00%1,135,000 
450 Park Avenue (9)
Korean Institutional Investor / Israeli Institutional Investor
25.10%337,000 
245 Park AvenueU.S. Affiliate of Mori Trust Co., Ltd50.10%1,782,793 
625 Madison Avenue (10)
Private Investor50.00%563,000 
100 Park AvenueRockpoint Capital50.80%834,000 
(1)Economic interest represent the Company's interests in the joint venture as of December 31, 2025. Changes in economic interests within the current year are disclosed in the notes below.
(2)Included in the Company's alternative strategy portfolio.
(3)In September 2025, the leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway, was terminated. Subsequently, a sign bracing agreement was entered into with the owner of 1560 Broadway.
(4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.
(5)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company.
(6)In September 2025, the Company sold a 5% interest in the joint venture, retaining a 55.01% ownership interest in the investment. As a result of the transaction, the Company recognized an $88.1 million gain in "Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate."
(7)In December 2025, following a recoverability assessment, the Company recorded a charge of $4.4 million and $8.4 million on its investments in Worldwide Plaza and 2 Herald Square, respectively. The charges are included within "Equity in net loss from unconsolidated joint ventures" in the consolidated statements of operations.
(8)In 2021, the Company admitted an additional partner with the partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in "Other liabilities" on our consolidated balance sheets at December 31, 2025 and December 31, 2024.
(9)The 25.1% economic interest reflected in this table is net of a 25.0% economic interest held by a third party. The third-party's economic interest is held in a joint venture that we consolidate as a 50.1% ownership interest. The third-party's 25.0% economic interest is recognized in "Noncontrolling interests in other partnerships" on our consolidated balance sheet. A separate third-party owns the remaining 49.9% economic interest in the property.
(10)In connection with the sale of the fee ownership in the property, which closed in May 2024, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. In July 2025, the Company sold 50.0% of the joint venture entity that originated the preferred equity investment for $104.9 million. In conjunction with this transaction, the Company also acquired the remaining interest in the joint venture for $23.7 million and sold 50.0% of that interest for $10.9 million. In October 2025, the Company sold its interest in the joint venture to the Fund. The sale did not meet sale accounting under ASC 860 and, as a result, the investment in the joint venture is still presented within "Investments in unconsolidated joint ventures" on our consolidated balance sheet. The investment has a balance of $122.4 million, net of unamortized discounts and loan loss reserves, with an aggregate weighted average current yield of 13.72% as of December 31, 2025.
Disposition of Joint Venture Interests or Properties
The following table summarizes the investments in unconsolidated joint ventures that were sold during the years ended December 31, 2025, 2024, and 2023:
PropertyOwnership Interest SoldDisposition DateGross Asset Valuation
(in millions)
Gain (Loss)
on Sale
        (in millions) (1) (2)
One Vanderbilt Avenue5.00%September 2025$4,700.0 $88.1 
625 Madison Avenue (3)
50.00%July 2025235.0 — 
85 Fifth Avenue36.27%April 202546.8 (2.0)
One Vanderbilt Avenue11.00%November 20244,700.0 187.6 
625 Madison Avenue (4)
90.43%May 2024634.6 (7.6)
717 Fifth Avenue10.92%January 2024963.0 26.9 
21 East 66th Street32.28%December 202340.6 (12.7)
121 Greene Street50.00%February 202314.0 (0.3)
(1)Represents the Company's share of the gain or loss.
(2)For the years ended December 31, 2025, 2024, and 2023 the gains (losses) on sale are net of $11.0 million, $16.8 million, and $2.0 million, respectively, of employee compensation accrued in connection with the realization of the investment dispositions. Amounts do not include adjustments for expenses recorded in subsequent periods.
(3)In connection with our agreement to sell our interest and prior to completion of the sale, during the three months ended June 2025, the Company recorded a charge of $14.5 million, which is included in "Equity in net loss from unconsolidated joint ventures" in the consolidated statements of operations. The fair value of our investment was determined by the terms of the purchase and sale agreement. See Note 16, "Fair Value Measurements."
(4)In connection with the sale of the fee ownership interest, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. Prior to the completion of the sale, the Company recorded a charge of $5.9 million for capital contributions required during the three months ended March 31, 2024 while the investment was under contract, which is included in "Depreciable real estate reserves and impairments" in the consolidated statements of operations.

Acquisition of Joint Venture Interests or Properties
We did not acquire any investments in unconsolidated joint ventures during the years ended December 31, 2025, 2024, and 2023.
Joint Venture Mortgages and Other Loans Payable
We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases as of December 31, 2025 and 2024, respectively, are as follows (dollars in thousands):
Maturity as ofFinal MaturityPrincipal OutstandingPrincipal Outstanding
EconomicDecember 31, 2025InterestDecember 31, 2025December 31, 2024
Property
Interest (1)
Date
Date (2)

Rate (3)
Gross SLG ShareGrossSLG Share
Fixed Rate Debt:
650 Fifth Avenue ⁽⁴⁾50.00 %January 2026 ⁽⁵⁾July 2026 ⁽⁵⁾5.45%$65,000 $32,500 $65,000 $32,500 
15 Beekman20.00 %January 2026 ⁽⁶⁾January 2028 ⁽⁶⁾5.99%120,000 24,000 120,000 24,000 
115 Spring Street ⁽⁴⁾51.00 %March 2026March 20265.50%65,550 33,431 65,550 33,431 
1515 Broadway56.87 %March 2026March 20283.93%718,949 408,859 740,947 421,369 
919 Third Avenue51.00 %April 2026April 20286.11%500,000 255,000 500,000 255,000 
280 Park Avenue50.00 %September 2026September 20285.84%1,075,000 537,500 1,075,000 537,500 
245 Park Avenue50.10 %June 2027June 20274.30%1,768,000 885,768 1,768,000 885,768 
Worldwide Plaza ⁽⁴⁾25.05 %November 2027November 20273.98%1,200,000 300,600 1,200,000 299,400 
220 East 42nd Street51.00 %December 2027December 20276.77%496,412 253,170 496,412 253,170 
100 Park Avenue50.80 %January 2028January 20295.73%382,872 194,499 — — 
11 Madison Avenue60.00 %October 2030October 20305.62%1,400,000 840,000 1,400,000 840,000 
One Vanderbilt Avenue55.01 %July 2031July 20312.95%3,000,000 1,650,300 3,000,000 1,800,300 
800 Third Avenue— — 177,000 107,120 
450 Park Avenue— — 284,835 71,494 
One Madison Avenue ⁽⁷⁾— — 658,357 167,881 
Total fixed rate debt$10,791,783 $5,415,627 $11,551,101 $5,728,933 
Floating Rate Debt:
11 West 34th Street ⁽⁴⁾30.00 %February 2023 ⁽⁸⁾February 2023 ⁽⁸⁾L+1.45%$23,000 $6,900 $23,000 $6,900 
450 Park Avenue25.10 %June 2026June 2027S+2.10%290,435 72,899 — — 
650 Fifth Avenue ⁽⁴⁾50.00 %July 2026July 2026S+2.25%210,000 105,000 210,000 105,000 
One Madison Avenue ⁽⁷⁾25.50 %November 2027November 2027S+2.60%1,163,814 296,772 354,757 90,463 
1552 Broadway ⁽⁴⁾(9)
— — 193,132 96,566 
Total floating rate debt$1,687,249 $481,571 $780,889 $298,929 
Total joint venture mortgages and other loans payable$12,479,032 $5,897,198 $12,331,990 $6,027,862 
Deferred financing costs, net(100,882)(50,476)(97,729)(49,058)
Total joint venture mortgages and other loans payable, net$12,378,150 $5,846,722 $12,234,261 $5,978,804 
(1)Economic interest represents the Company's interests in the joint venture as of December 31, 2025. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.
(2)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property.
(3)Interest rates as of December 31, 2025, taking into account interest rate hedges at the joint venture. Corporate interest rate hedges are not taken into consideration. Floating rate debt is presented with the stated spread over Term or Alternative SOFR ("S").
(4)Included in the Company's alternative strategy portfolio.
(5)In February 2026, the loan was extended to the final maturity of July 2026.
(6)In January 2026, the loan was extended to the final maturity of January 2028.
(7)The loan is a $1.25 billion construction facility, which was fully extended to November 2027. Advances under the loan are subject to costs incurred. In conjunction with the loan, the Company provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics.
(8)The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
(9)In September 2025, an affiliate of the Company and a joint venture partner extinguished the outstanding mortgage loan at 1552 Broadway.
We receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We recognized $12.9 million, $21.9 million and $21.1 million from these services, net of our ownership share of the joint ventures, for the years ended December 31, 2025, 2024, and 2023, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties.
The combined balance sheets for the unconsolidated joint ventures, as of December 31, 2025 and 2024, are as follows (in thousands):
December 31, 2025December 31, 2024
Assets (1)
Commercial real estate property, net$15,434,243 $15,327,542 
Cash and restricted cash647,413 649,426 
Tenant and other receivables, related party receivables, and deferred rents receivable771,123 621,748 
Debt and preferred equity investments, net262,506 236,512 
Right-of-use assets824,088 919,658 
Other assets1,685,360 1,739,549 
Total assets$19,624,733 $19,494,435 
Liabilities and equity (1)
Mortgages and other loans payable, net$12,378,150 $12,234,261 
Deferred revenue852,035 956,217 
Lease liabilities908,988 1,008,085 
Other liabilities484,801 519,582 
Equity5,000,759 4,776,290 
Total liabilities and equity$19,624,733 $19,494,435 
Company's investments in unconsolidated joint ventures$2,624,755 $2,690,138 
(1)As of December 31, 2025, $442.6 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.
The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the years ended December 31, 2025, 2024, and 2023 are as follows (in thousands):
Year Ended December 31,
202520242023
Total revenues$1,561,669 $1,484,459 $1,525,044 
Operating expenses271,743 259,558 253,630 
Real estate taxes288,903 297,520 287,462 
Operating lease rent12,453 33,207 29,048 
Interest expense, net of interest income508,215 573,148 574,032 
Amortization of deferred financing costs29,955 21,289 28,157 
Loan loss and other investment reserves, net of recoveries1,438 — — 
Depreciation and amortization502,004 538,390 516,466 
Total expenses$1,614,711 $1,723,112 $1,688,795 
Gain on early extinguishment of debt129,068 233,704 — 
Depreciable real estate reserves and impairments(2,518)(181,798)— 
Net income (loss)$73,508 $(186,747)$(163,751)
Company's equity in net loss from unconsolidated joint ventures$(56,143)$(179,695)$(76,509)