Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Unconsolidated Joint Ventures

Liberty Washington, LP

During the three and nine months ended September 30, 2015, Liberty Washington LP (a joint venture in which the Company holds a 25% interest) recognized impairment charges, the Company's share of which was $3.9 million and $11.5 million, respectively. The impairment charges were related to the Company's Northern Virginia reportable segment and the Company's share was included in equity in (loss) earnings of unconsolidated joint ventures in the accompanying consolidated statements of comprehensive income. The Company determined these impairments based on third party offer prices. This is a Level 2 fair value calculation.

As of September 30, 2015, the joint venture was in default of a $46.4 million non-recourse mortgage loan related to certain properties within the joint venture in the Company's Northern Virginia reportable segment.

Comcast Innovation and Technology Center

The Company has entered into two joint ventures for the purpose of developing and owning the Comcast Innovation & Technology Center (the "Project") located on the 1800 block of Arch Street in Philadelphia, Pennsylvania. The 59-story building will include 1.3 million square feet of rentable office space and a 222-room Four Seasons Hotel. Completion of the first phase of the Project is anticipated to be in the third quarter of 2017. Project costs for the development of the Project, exclusive of tenant-funded interior improvements, are anticipated to be approximately $932 million. The Company's investment in the Project is expected to be approximately $185 million with 20% ownership interests in both joint ventures.

The two joint ventures have engaged the Company as the developer of the Project pursuant to a Development Agreement by which the Company agrees, in consideration for a development fee, to be responsible for all aspects of the development of the Project and to guarantee the timely lien-free completion of construction of the Project and the payment, subject to certain exceptions, of any cost overruns incurred in the development of the Project.

Liberty Venture I, LP

During the nine months ended September 30, 2015, Liberty Venture I, LP (a joint venture in which the Company holds a 25% interest) realized gross proceeds of $8.5 million from the sale of one property totaling 198,000 square feet in the Company's New Jersey reportable segment.