Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

On July 21, 2020, the Company sold a 30% preferred equity interest in One Commerce Square and Two Commerce Square in Philadelphia, PA for $115.0 million, which resulted in deconsolidation of the properties. The properties held by the newly formed joint venture remain encumbered by the existing $222.1 million mortgage. The transaction generated cash proceeds of $100.8 million, net of seller credits and closing costs. Additionally, we will record our investment at fair value and expect to recognize a gain on the transaction in excess of $270.0 million, subject to final closing settlements and accounting adjustments, during the three months ended September 30, 2020.