Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Summary of Pending Acquisitions

On May 23, 2015, the Company reached an agreement to acquire Two Buckhead Plaza, an office building located in the Buckhead submarket of Atlanta, Georgia, for a gross purchase price of $80.0 million. The Company plans to assume the first mortgage secured by the property, which has an outstanding balance of approximately $52.0 million with an interest rate of 6.43% and a maturity date of October 30, 2017. Closing is expected to occur during the third quarter of 2015, subject to customary closing conditions including the successful assumption of the existing first mortgage.

Summary of Pending Dispositions

On July 9, 2015, the Company entered into a purchase and sale agreement to sell Comerica Bank Building located in Houston, Texas for a gross sale price of $31.4 million. The Company expects to close the sale and recognize a gain on sale of real estate during the third quarter of 2015, subject to customary closing conditions. Comerica Bank Building did not meet held for sale criteria as of June 30, 2015.

On July 17, 2015, the Company sold 245 Riverside, an office property located in Jacksonville, Florida, for a gross sale price of $25.1 million and expects to recognize a gain on sale of real estate during the third quarter of 2015. 245 Riverside did not meet held for sale criteria as of June 30, 2015.

On July 31, 2015, the Company sold 550 Greens Parkway, an office property located in Houston, Texas, for a gross sale price of $2.3 million. 550 Greens Parkway did not meet held for sale criteria as of June 30, 2015.