Dispositions

3 Months Ended

Mar. 31, 2020

Assets Of Disposal Group Including Discontinued Operation [Abstract]

Dispositions

3. Dispositions

1899 Pennsylvania Avenue

On March 6, 2020, we entered into an agreement to sell 1899 Pennsylvania Avenue, a 191,000 square foot, unencumbered office building located in Washington, D.C., for $115,000,000. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2020.

1633 Broadway

On March 27, 2020, we entered into an agreement to sell a 10.0% interest in 1633 Broadway, a 2.5 million square foot trophy office building located in New York City, for $240,000,000 (based on a property valuation of $2.4 billion, or $960 per square foot). The property is currently encumbered with a $1.25 billion mortgage loan. Accordingly, we expect to realize net proceeds from the sale of approximately $114,000,000, after transaction costs. The transaction, which is subject to customary closing conditions, is expected to close in the second quarter of 2020.