Significant Tenant

9 Months Ended

Sep. 30, 2019

Risks and Uncertainties [Abstract]

Significant Tenant

Significant Tenant

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $81,314,000 and $80,024,000 for the nine months ended September 30, 2019 and 2018, respectively, representing approximately 48% and 46% of our total revenues in each period, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

On June 28, 2019, we entered into a lease agreement with Bloomberg for an additional 49,000 square feet at our 731 Lexington Avenue property.