Investment in Real Estate

12 Months Ended

Dec. 31, 2016

Investment in Real Estate

Investment in Real Estate

5. Investment in Real Estate

The following is a summary of the properties owned or leased by market at December 31, 2016 (in thousands):

			Buildings and		Construction in
Market	Land		Improvements		Progress		Total Cost
Boston	$	5,154	$	96,470	$	167	$	101,791
Chicago		5,493		98,872		6,877		111,242
Denver		—		5,377		5,955		11,332
Los Angeles		28,467		235,073		5,987		269,527
Miami		728		10,499		—		11,227
New York		2,388		128,078		38,632		169,098
Northern Virginia		26,642		292,173		12,085		330,900
San Francisco Bay		31,386		606,038		1,035		638,459
Total	$	100,258	$	1,472,580	$	70,738	$	1,643,576

In November 2014, the Massachusetts Bay Transportation Authority acquired 52,248 square feet of land at BO1 pursuant to an order of taking. Based on the relative fair value of the parcel, the carrying value of land was allocated to the disposed parcel. The Company recognized a $1.2 million gain on land disposal in the consolidated statements of operations during the period ended December 31, 2014.