Acquisitions

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

One Front Street

On December 1, 2016, we completed the acquisition of One Front Street, a 643,745 square foot Class A office building, in San Francisco, California, for $521,000,000. The following table summarizes the allocation of purchase price between the assets acquired and liabilities assumed on the date of acquisition.

(Amounts in thousands)	The Company
Land	$	127,688
Building and improvements		376,702
In-place lease intangible assets		29,092
Above-market lease intangible assets		968
Below-market lease intangible liabilities		(16,921	)
Net assets acquired	$	517,529		(1)

⁽¹⁾ Represents the purchase price of $521,000, net of a $3,471 assumed tenant improvement obligation.