Dispositions |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Dispositions [Abstract] | |
| Dispositions | 3. Dispositions
On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue, a 600,000 square foot Class A office building located in New York, at a gross asset valuation of $210,000,000. We realized net proceeds of $94,000,000 from the sale after transaction costs, of which $9,450,000 was received in December 2024 upon execution of the contract. Since the newly formed joint venture is deemed to be a variable interest entity and we are the primary beneficiary, we continue to consolidate the financial position and the result of operations of 900 Third Avenue into our consolidated financial statements and the sale was accounted for as an equity transaction. |