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Investments in Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, the book value of these investments was $2.5 billion, net of investments with negative book values totaling $223.0 million for which we have an implicit commitment to fund future capital needs.
As of March 31, 2026, we have one unconsolidated joint venture that is a VIE with a carrying value of $22.3 million. Our maximum loss is limited to the amount of our equity investment in this VIE. As of December 31, 2025, there were no unconsolidated joint ventures that were VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies."
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 March 31, 2026:
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 Broadway Wharton Properties50.00%57,718 
650 Fifth Avenue (2) (3)
Wharton Properties50.00%69,214 
11 Madison AvenuePGIM Real Estate60.00%2,314,000 
One Vanderbilt AvenueNational Pension Service of Korea / Hines Interest LP / Mori Building Co., Ltd55.01%1,657,198 
Worldwide Plaza (2)
RXR Realty / New York REIT25.05%2,048,725 
1515 BroadwayAllianz Real Estate of America56.87%1,750,000 
2 Herald Square (2)
Israeli Institutional Investor95.00%369,000 
115 Spring Street (2)
Private Investor51.00%5,218 
15 BeekmanA fund managed by Meritz Alternative Investment Management20.00%221,884 
One Madison Avenue (4)
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 (5)
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 (6)
Private Investor50.00%563,000 
100 Park AvenueRockpoint Capital50.80%834,000 
(1)Economic interest represents the Company's interests in the joint venture as of March 31, 2026. Changes in economic interests within the current year are disclosed in the notes below.
(2)Included in the Company's alternative strategy portfolio.
(3)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.
(4)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 Topic 860, Transfers and Servicing ("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 March 31, 2026 and December 31, 2025.
(5)The Company's 25.1% economic interest 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.
(6)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 $127.1 million, net of unamortized discounts and loan loss reserves, with an aggregate weighted average current yield of 15.13% as of March 31, 2026.
Disposition of Joint Venture Interests or Properties
We did not dispose of any investments in unconsolidated joint ventures during the three months ended March 31, 2026.
Acquisition of Joint Venture Interests or Properties
We did not acquire any investments in unconsolidated joint ventures during the three months ended March 31, 2026.
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 March 31, 2026 and December 31, 2025, respectively, are as follows (dollars in thousands):
Principal OutstandingPrincipal Outstanding
EconomicCurrent MaturityFinal Maturity InterestMarch 31, 2026December 31, 2025
Property
Interest (1)
Date
Date (2)
Rate (3)
GrossSLG ShareGrossSLG Share
Fixed Rate Debt:
919 Third Avenue51.00 %April 2026 ⁽⁴⁾April 2028 ⁽⁴⁾6.16%$500,000 $255,000 $500,000 $255,000 
650 Fifth Avenue ⁽⁵⁾50.00 %July 2026July 20265.45%65,000 32,500 65,000 32,500 
115 Spring Street ⁽⁵⁾51.00 %September 2026September 20265.50%65,550 33,431 65,550 33,431 
280 Park Avenue50.00 %September 2026September 20285.84%1,075,000 537,500 1,075,000 537,500 
1515 Broadway56.87 %March 2027March 20283.93%678,215 385,694 718,949 408,859 
245 Park Avenue50.10 %June 2027June 20274.30%1,768,000 885,768 1,768,000 885,768 
Worldwide Plaza ⁽⁵⁾25.05 %November 2027November 20273.98%1,200,000 300,600 1,200,000 300,600 
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%382,872 194,499 382,872 194,499 
15 Beekman20.00 %January 2028January 20284.83%117,000 23,400 120,000 24,000 
11 Madison Avenue60.00 %October 2030October 20305.62%1,400,000 840,000 1,400,000 840,000 
One Madison Avenue25.50 %April 2031April 20315.81%1,650,000 420,750 — — 
One Vanderbilt Avenue55.01 %July 2031July 20312.95%3,000,000 1,650,300 3,000,000 1,650,300 
Total fixed rate debt $12,398,049 $5,812,612 $10,791,783 $5,415,627 
Floating Rate Debt:
11 West 34th Street ⁽⁵⁾30.00 %February 2023 ⁽⁶⁾February 2023 ⁽⁶⁾L+1.45%$23,000 $6,900 $23,000 $6,900 
450 Park Avenue25.10 %June 2026June 2027S+2.10%290,435 72,899 290,435 72,899 
650 Fifth Avenue ⁽⁵⁾50.00 %July 2026July 2026S+2.25%210,000 105,000 210,000 105,000 
One Madison Avenue— — 1,163,814 296,772 
Total floating rate debt$523,435 $184,799 $1,687,249 $481,571 
Total joint venture mortgages and other loans payable$12,921,484 $5,997,411 $12,479,032 $5,897,198 
Deferred financing costs, net(110,972)(53,333)(100,882)(50,476)
Total joint venture mortgages and other loans payable, net$12,810,512 $5,944,078 $12,378,150 $5,846,722 
(1)Economic interest represents the Company's interests in the joint venture as of March 31, 2026. 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 March 31, 2026, 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)In April 2026, the maturity date of the loan was extended to April 2027.
(5)Included in the Company's alternative strategy portfolio.
(6)In April 2026, the lender foreclosed on the property. As a result, the joint venture no longer owns the property.
We receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We recognized $4.3 million and $2.6 million from these services, net of our ownership share of the joint ventures, for the three months ended March 31, 2026, and 2025, 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, at March 31, 2026 and December 31, 2025 are as follows (in thousands):
March 31, 2026December 31, 2025
Assets (1)
Commercial real estate property, net$15,428,309 $15,434,243 
Cash and restricted cash777,366 647,413 
Tenant and other receivables, related party receivables, and deferred rents receivable813,157 771,123 
Debt and preferred equity investments, net270,986 262,506 
Right-of-use assets820,104 824,088 
Other assets1,636,392 1,685,360 
Total assets$19,746,314 $19,624,733 
Liabilities and equity (1)
Mortgages and other loans payable, net$12,810,512 $12,378,150 
Deferred revenue841,807 852,035 
Lease liabilities907,808 908,988 
Other liabilities471,370 484,801 
Equity4,714,817 5,000,759 
Total liabilities and equity$19,746,314 $19,624,733 
Company's investments in unconsolidated joint ventures$2,500,573 $2,624,755 
(1)At March 31, 2026, $443.4 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 three months ended March 31, 2026 and 2025, are as follows (in thousands):
Three Months Ended March 31,
20262025
Total revenues$410,378 $371,925 
Operating expenses75,836 68,015 
Real estate taxes76,755 71,504 
Operating lease rent2,995 6,581 
Interest expense, net of interest income139,898 128,896 
Amortization of deferred financing costs8,491 6,019 
Depreciation and amortization132,612 121,305 
Total expenses436,587 402,320 
Loss on early extinguishment of debt(9,497)— 
Net loss$(35,706)$(30,395)
Company's equity in net (loss) income from unconsolidated joint ventures$(20,780)$1,170