Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

Market Center

On August 16, 2019, we entered into an agreement to acquire Market Center, a two-building Class A office complex comprising 753,000 square feet, in San Francisco, California, for $722,000,000. The complex consists of 555 Market Street and 575 Market Street comprising 280,000 square feet and 473,000 square feet, respectively. In connection therewith, we made a $25,000,000 deposit, which is included in “other assets” on our consolidated balance sheet. The transaction, which is subject to customary closing conditions, is expected to close by the end of the fourth quarter of 2019. We intend to bring in a joint venture partner at the asset and plan to use the proceeds from the sale of Liberty Place (discussed below) to fund our share of the acquisition.