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Real Estate Properties
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Real Estate Properties Real Estate Properties
As of December 31, 2024, our wholly owned properties were comprised of 128 properties containing approximately 17,763,000 rentable square feet, with an undepreciated carrying value of $3,699,294, including $41,735 classified as held for sale. We also had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties containing approximately 346,000 rentable square feet. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2025 and 2053. Some of our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the year ended December 31, 2024, we entered into 52 leases for approximately 2,042,000 rentable square feet for a weighted (by rentable square feet) average lease term of 8.8 years and we made commitments of $95,935 for leasing related costs. As of December 31, 2024, we had estimated unspent leasing related obligations of $81,865.
Acquisition Activities
2024 Acquisition Activities
We did not acquire any properties during the year ended December 31, 2024.
2023 Acquisition Activities
In December 2023, we acquired a vacant land parcel adjacent to a property we own in Irving, TX for $2,750, excluding acquisition related costs.
Disposition Activities
The sales completed during the years ended December 31, 2024 and 2023, as presented in the tables below, do not represent a strategic shift in our business. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).
2024 Disposition Activities
During the year ended December 31, 2024, we sold 24 properties containing approximately 2,789,000 rentable square feet for an aggregate sales price of $199,351, excluding closing costs.
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real Estate
(Loss) on Impairment of Real Estate
March 20241
Chicago, IL (2)
248,000 $38,500 $(2,448)$— 
July 20241Malden, MA126,000 7,800 (10)(13,973)
August 20243Indianapolis, IN434,000 10,100 729 (50,851)
September 20241Atlanta, GA126,000 17,610 8,690 — 
September 20241San Jose, CA64,000 10,800 (954)(819)
November 20241Colorado Springs, CO156,000 26,164 12,962 — 
November 20241Rocklin, CA19,000 2,627 1,084 — 
November 20243Lakewood, CO213,000 8,100 (9,132)— 
December 20245Atlanta, GA379,000 18,100 79 (21,937)
December 20241Florence, KY168,000 3,250 (6,966)— 
December 20241Sacramento, CA338,000 21,000 (6,502)(33,902)
December 20241Reston, VA131,000 7,200 (869)(18,540)
December 20241Kansas City, MO87,000 8,000 32 (4,370)
December 20241Westford, MA175,000 5,100 (6,481)(3,554)
December 20242Provo, UT125,000 15,000 2,376 — 
242,789,000 $199,351 $(7,410)$(147,946)
(1)Gross sales price is the gross contract price, excluding closing costs.
(2)Property was classified as held for sale as of December 31, 2023. We recorded an $11,299 loss on impairment of real estate during the year ended December 31, 2023 to reduce the carrying value of this property to its estimated fair value less costs to sell as of December 31, 2023.
As of December 31, 2024, we had six properties, that are under agreement to sell for an aggregate sales price of $54,763, excluding closing costs, five of which are classified as held for sale in our consolidated balance sheet, as summarized below:
Date of Sale AgreementNumber of PropertiesLocationRentable Square Feet
Gross Sales Price (1)
(Loss) on Impairment of Real Estate
September 20242Santa Clara, CA149,000 $21,150 $(11,041)
October 20242Tempe, AZ101,000 10,738 — 
December 20241Detroit, MI56,000 4,750 (8,001)
December 20241
Reston, VA (2)
275,000 18,125 — 
6581,000 $54,763 $(19,042)
(1)Gross sales price is the contract price, excluding closing costs.
(2)Property did not meet held for sale criteria as of December 31, 2024.
The pending sales in the preceding table are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or the pricing will not change. See Note 10 for more information regarding our properties held for sale.
We also recorded a $12,017 loss on impairment of real estate to reduce the carrying value of one property that was classified as held for sale to its estimated fair value, less costs to sell as of June 30, 2024. Subsequently, we removed this property from held for sale status due to a change of plan for sale and recorded an additional loss on impairment of $2,573 to reduce the carrying value of this property to its estimated fair value as of September 30, 2024.
In February 2025, we sold one additional property with approximately 100,000 rentable square feet for a sale price of $5,750, excluding closing costs. This property previously secured our March 2027 Notes. Accordingly, we expect to use the net proceeds of this sale to redeem a portion of our March 2027 Notes in accordance with the terms of the indenture governing the March 2027 Notes.
2023 Disposition Activities
During the year ended December 31, 2023, we sold eight properties containing approximately 553,000 rentable square feet for an aggregate sales price of $44,874, excluding closing costs.
Date of SaleNumber of Properties LocationRentable Square Feet
Gross
 Sales Price (1)
Gain (Loss) on Sale of Real Estate
January 20233
Richmond, VA (2)
89,000 $5,350 $2,548 
April 20231Phoenix, AZ107,000 4,900 511 
June 20231Vernon Hills, IL100,000 2,825 (2,816)
September 20231Windsor Mill, MD80,000 10,500 244 
October 20231Santa Clara, CA66,000 16,049 705 
November 20231Chelmsford, MA111,000 5,250 2,588 
8properties553,000 $44,874 $3,780 
(1)Gross sales price is the gross contract price, excluding closing costs.
(2)Properties were classified as held for sale as of December 31, 2022.
Unconsolidated Joint Ventures
As of December 31, 2024, we owned an interest in one joint venture that owned two properties. We accounted for this investment under the equity method of accounting.
During the year ended December 31, 2024, our 1750 H Street, NW joint venture did not have sufficient cash flow to pay its monthly debt service resulting in an event of default under the mortgage, and the non-recourse mortgage lender to this joint venture completed a foreclosure of the property, after which, the joint venture ceased to have an economic interest in the property. We wrote off our full investment in this joint venture as of December 31, 2023 and did not make capital contributions to this joint venture during the year ended December 31, 2024. Accordingly, we did not record our proportionate share of operating results of the joint venture for the year ended December 31, 2024.
As of December 31, 2024 and 2023, our investments in our unconsolidated joint ventures consisted of the following:
OPI OwnershipOPI Carrying Value of Investments at December 31, Number of PropertiesLocationRentable Square Feet
Joint Venture20242023
Prosperity Metro Plaza51%$17,370 $18,128 2Fairfax, VA346,000
1750 H Street, NW50%— — 1Washington, D.C.125,000
Total $17,370 $18,128 3471,000
The following table provides a summary of the mortgage debt of our unconsolidated joint ventures as of December 31, 2024 and 2023:
Principal Balance at December 31,
Joint Venture
 Interest Rate (1)
Maturity Date
2024 (2)
2023 (2)
Prosperity Metro Plaza4.09%12/1/2029$50,000 $50,000 
1750 H Street, NW3.69%8/1/2027— 32,000 
Weighted Average / Total3.93%$50,000 $82,000 
(1)Includes the effect of mark to market purchase accounting.
(2)Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we did not own. None of the debt is recourse to us.
As of December 31, 2024, the unamortized basis difference of our Prosperity Metro Plaza joint venture of $673 was primarily attributable to the difference between the amount we paid to purchase our interest in this joint venture, including transaction costs, and the historical carrying value of the net assets of this joint venture. This difference is being amortized over the remaining useful life of the related property and the resulting amortization expense is included in equity in net losses of investees in our consolidated statements of comprehensive income (loss).