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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Aggregate the Fair Values of these Financial Assets and Liabilities The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.
(Amounts in thousands)As of September 30, 2025
TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($17,243 included in restricted cash and $94,331 in other assets)
$111,574 $72,548 $— $39,026 
Loans receivable (included in other assets)101,609 — — 101,609 
Interest rate swaps and caps designated as a hedge (included in other assets)22,643 — 22,643 — 
Marketable securities21,565 21,565 — — 
Interest rate caps not designated as a hedge (included in other assets)3 — 3 — 
Total assets$257,394 $94,113 $22,646 $140,635 
Mandatorily redeemable instruments (included in other liabilities)$49,649 $49,649 $— $— 
Interest rate swaps designated as a hedge (included in other liabilities)3,459 — 3,459 — 
Interest rate caps not designated as a hedge (included in other liabilities)3 — 3 — 
Total liabilities$53,111 $49,649 $3,462 $— 
(Amounts in thousands)As of December 31, 2024
TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($8,958 included in restricted cash and $105,622 in other assets)
$114,580 $70,025 $— $44,555 
Loans receivable ($32,984 included in investments in partially owned entities and $52,335 in other assets)
85,319 — — 85,319 
Interest rate swaps and caps designated as a hedge (included in other assets)88,982 — 88,982 — 
Interest rate caps not designated as a hedge (included in other assets)1,040 — 1,040 — 
Total assets$289,921 $70,025 $90,022 $129,874 
Mandatorily redeemable instruments (included in other liabilities)$49,684 $49,684 $— $— 
Interest rate swaps designated as a hedge (included in other liabilities)1,023 — 1,023 — 
Interest rate caps not designated as a hedge (included in other liabilities)1,040 — 1,040 — 
Total liabilities$51,747 $49,684 $2,063 $— 
Schedule of Changes in Fair Value of Deferred Compensation Plan Assets
The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.
(Amounts in thousands)For the Three Months Ended September 30, 2025For the Nine Months Ended September 30, 2025
Beginning balance$37,821 $44,555 
Purchases75 571 
Sales(2,644)(8,645)
Realized and unrealized gains (losses)1,179 (1,671)
Other, net2,595 4,216 
Ending balance$39,026 $39,026 
Schedule of Changes In Fair Value of Loans Receivable
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
(Amounts in thousands)For the Three Months Ended September 30, 2025For the Nine Months Ended September 30, 2025
Beginning balance$89,986 $85,319 
Investment in loan receivable35,000 35,000 
Paydowns(32,984)(32,984)
Interest accrual6,346 8,672 
Funding3,261 5,602 
Ending balance(1)
$101,609 $101,609 
____________________
(1)The fair value for the balance at September 30, 2025 was based on comparable sales data.
Schedule of Derivative Assets at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of September 30, 2025 and December 31, 2024.
(Amounts in thousands)As of September 30, 2025As of December 31, 2024
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value AssetFair Value Liability
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
6.03%05/26$— $1,299 $765 $— 
Forward swap (effective 05/26)840,000 5.56%
(2)
05/28— 1,621 — — 
Unsecured term loan(3)
750,000 4.22%(4)5,231 — 16,217 — 
Unsecured revolving credit facility575,000 3.84%08/276,747 — 18,510 — 
One Park Avenue mortgage loan(3)
500,000 
(5)
3.95%07/275,564 — 15,243 — 
100 West 33rd Street mortgage loan480,000 5.26%06/27— 127 6,808 — 
888 Seventh Avenue mortgage loan200,000 
(6)
4.76%09/271,470 — 5,249 — 
435 Seventh Avenue mortgage loan75,000 6.96%04/26— 412 — 741 
PENN 11 mortgage loan(7)
— — 17 282 
4 Union Square South mortgage loan(8)
— — 12 — 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (9)11/253,631 — 25,673 — 
Various mortgage loans— — 488 — 
$22,643 $3,459 $88,982 $1,023 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan. In June 2025, we entered into the forward swap arrangement detailed above.
(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.
(3)The $700,000 corporate-level interest rate swap previously allocated to the 770 Broadway mortgage loan (see Note 6 - 770 Broadway) has been reallocated and now hedges $500,000 of the One Park Avenue mortgage loan and $200,000 of the unsecured term loan. The December 31, 2024 fair value is presented based on the current period reallocation.
(4)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below:
Swapped BalanceAll-In Swapped Rate
Unswapped Balance
(bears interest at S+125)
Through 10/26$750,000 4.22%$50,000 
10/26 through 07/27250,000 3.99%550,000 
07/27 through 08/2750,000 3.99%750,000 

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (5.37% as of September 30, 2025) and has a 4.39% SOFR strike rate cap in place.
(6)The remaining $47,373 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.08% as of September 30, 2025).
(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (see Note 10 - Debt).
(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 10 - Debt).
(9)SOFR cap strike rate of 1.00%.
Schedule of Derivative Liabilities at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of September 30, 2025 and December 31, 2024.
(Amounts in thousands)As of September 30, 2025As of December 31, 2024
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value AssetFair Value Liability
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
6.03%05/26$— $1,299 $765 $— 
Forward swap (effective 05/26)840,000 5.56%
(2)
05/28— 1,621 — — 
Unsecured term loan(3)
750,000 4.22%(4)5,231 — 16,217 — 
Unsecured revolving credit facility575,000 3.84%08/276,747 — 18,510 — 
One Park Avenue mortgage loan(3)
500,000 
(5)
3.95%07/275,564 — 15,243 — 
100 West 33rd Street mortgage loan480,000 5.26%06/27— 127 6,808 — 
888 Seventh Avenue mortgage loan200,000 
(6)
4.76%09/271,470 — 5,249 — 
435 Seventh Avenue mortgage loan75,000 6.96%04/26— 412 — 741 
PENN 11 mortgage loan(7)
— — 17 282 
4 Union Square South mortgage loan(8)
— — 12 — 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (9)11/253,631 — 25,673 — 
Various mortgage loans— — 488 — 
$22,643 $3,459 $88,982 $1,023 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan. In June 2025, we entered into the forward swap arrangement detailed above.
(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.
(3)The $700,000 corporate-level interest rate swap previously allocated to the 770 Broadway mortgage loan (see Note 6 - 770 Broadway) has been reallocated and now hedges $500,000 of the One Park Avenue mortgage loan and $200,000 of the unsecured term loan. The December 31, 2024 fair value is presented based on the current period reallocation.
(4)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below:
Swapped BalanceAll-In Swapped Rate
Unswapped Balance
(bears interest at S+125)
Through 10/26$750,000 4.22%$50,000 
10/26 through 07/27250,000 3.99%550,000 
07/27 through 08/2750,000 3.99%750,000 

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (5.37% as of September 30, 2025) and has a 4.39% SOFR strike rate cap in place.
(6)The remaining $47,373 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.08% as of September 30, 2025).
(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (see Note 10 - Debt).
(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 10 - Debt).
(9)SOFR cap strike rate of 1.00%.
Schedule of Carrying Amounts and Fair Values of Financial Instruments The table below summarizes the carrying amounts and fair value of these financial instruments.
(Amounts in thousands)As of September 30, 2025As of December 31, 2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$734,403 $734,000 $639,366 $639,000 
Debt:
Mortgages payable$4,946,492 $4,790,000 $5,707,176 $5,486,000 
Senior unsecured notes750,000 708,000 1,200,000 1,129,000 
Unsecured term loan800,000 800,000 800,000 800,000 
Unsecured revolving credit facilities720,420 720,000 575,000 575,000 
Total$7,216,912 
(1)
$7,018,000 $8,282,176 
(1)
$7,990,000 
____________________
(1)Excludes $31,343 and $39,300 of deferred financing costs, net and other as of September 30, 2025 and December 31, 2024, respectively.