Debt

On January 19, 2017, we completed a $975,000,000 refinancing of One Market Plaza, a 1.6 million square foot Class A office and retail property in San Francisco, California. The new seven-year interest-only loan matures in February 2024 and has a fixed rate of 4.03%. In connection therewith, we incurred $2,715,000 of prepayment costs, which is included in “loss on early extinguishment of debt” on our consolidated statements of income for the nine months ended September 30, 2017.

The following is a summary of our outstanding debt as of September 30, 2017 and December 31, 2016.

	Maturity	Fixed/	Interest Rate as of			As of
(Amounts in thousands)	Date	Variable Rate	September 30, 2017			September 30, 2017				December 31, 2016
Notes and mortgages payable:
1633 Broadway
	Dec-2022	Fixed ⁽¹⁾		3.54	%	$	1,000,000			$	1,000,000
	Dec-2022	L + 175 bps		3.00	%		30,100		⁽²⁾		13,544		⁽²⁾
				3.52	%		1,030,100				1,013,544
One Market Plaza (49.0% interest)
	Feb-2024	Fixed		4.03	%		975,000				860,546
	n/a	n/a	n/a				-				12,414
				4.03	%		975,000				872,960
1301 Avenue of the Americas
	Nov-2021	Fixed		3.05	%		500,000				500,000
	Nov-2021	L + 180 bps		3.05	%		350,000				350,000
				3.05	%		850,000				850,000

31 West 52nd Street	May-2026	Fixed		3.80	%		500,000				500,000
50 Beale (31.1% interest) ⁽³⁾	Oct-2021	Fixed		3.65	%		228,000				-
1899 Pennsylvania Avenue ⁽⁴⁾	n/a	n/a	n/a				-				87,675
Liberty Place ⁽⁴⁾	n/a	n/a	n/a				-				84,000
Total notes and mortgages payable				3.60	%		3,583,100				3,408,179
Less: deferred financing costs							(44,029	)			(43,281	)
Total notes and mortgages payable, net						$	3,539,071			$	3,364,898

Revolving Credit Facility	Nov-2018	L + 125 bps	n/a			$	-			$	230,000

⁽¹⁾	Represents loans with variable interest rates that have been fixed by interest rate swaps. See Note 10, Derivative Instruments and Hedging Activities.

⁽²⁾	Represents amounts outstanding under an option to increase the loan balance up to $250,000, at LIBOR plus 175 basis points, if certain performance hurdles relating to the property are satisfied.

⁽³⁾	Assumed in connection with the acquisition of 50 Beale on July 17, 2017. See Note 3, Acquisitions.

⁽⁴⁾	These loans were repaid on May 3, 2017. In connection with the repayment, we incurred an aggregate of $5,162 of prepayment costs, which are included in “loss on early extinguishment of debt” on our consolidated statement of income for the nine months ended September 30, 2017.