Consolidated Joint Ventures

Noncontrolling interests in consolidated joint ventures as of March 31, 2025 was $664,249,000, and represents the equity interests held by third parties in 1633 Broadway, 900 Third Avenue, One Market Plaza and 300 Mission Street. As of December 31, 2024, noncontrolling interests in consolidated joint ventures was $495,340,000, and represented equity interests held by third parties in 1633 Broadway, One Market Plaza and 300 Mission Street.

Consolidated Real Estate Related Funds

Noncontrolling interests in our consolidated real estate related funds consist of equity interests held by third parties in RDF and Fund X. As of March 31, 2025 and December 31, 2024, the noncontrolling interests in our consolidated real estate related funds aggregated $84,644,000 and $82,875,000, respectively.

Operating Partnership

Noncontrolling interests in the Operating Partnership represent common units of the Operating Partnership that are held by third parties, including management, and units issued to management under equity incentive plans. Common units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash. We, at our option, may assume that obligation and pay the holder either cash or common shares on a one-for-one basis. Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders. As of March 31, 2025 and December 31, 2024, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $264,887,000 and $290,005,000, respectively, and a redemption value of $80,774,000 and $99,085,000, respectively, based on the closing share price of our common stock on the New York Stock Exchange at the end of each period.