v3.25.1
Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net
The following summarizes the Company’s deferred leasing costs and intangibles as of:
March 31, 2025December 31, 2024
Deferred leasing costs and in-place lease intangibles$243,299 $244,463 
Accumulated amortization(119,954)(116,868)
Deferred leasing costs and in-place lease intangibles, net123,345 127,595 
Lease incentives36,098 34,352 
Accumulated amortization(1,827)(1,203)
Lease incentives, net34,271 33,149 
Below-market ground leases74,930 74,930 
Accumulated amortization(22,266)(21,626)
Below-market ground leases, net52,664 53,304 
Above-market leases301 636 
Accumulated amortization(277)(437)
Above-market leases, net24 199 
Customer relationships97,900 97,900 
Accumulated amortization(43,884)(40,380)
Customer relationships, net54,016 57,520 
Non-competition agreements5,300 8,200 
Accumulated amortization(3,839)(4,926)
Non-competition agreements, net1,461 3,274 
Trade name37,200 37,200 
Parking easement15,273 15,273 
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET$318,254 $327,514 
Below-market leases$40,290 $40,535 
Accumulated amortization(19,483)(18,697)
INTANGIBLE LIABILITIES, NET$20,807 $21,838 
The Company recognized the following amortization related to deferred leasing costs and intangibles:
Three Months Ended March 31,
20252024
Deferred leasing costs and in-place lease intangibles(1)
$(8,848)$(7,772)
Lease incentives(2)
$(624)$— 
Below-market ground leases(3)
$(651)$(673)
Above-market leases(2)
$(165)$(13)
Customer relationships(1)
$(3,503)$(3,504)
Non-competition agreements(1)
$(1,814)$(412)
Below-market leases(2)
$1,031 $1,407 
Above-market ground leases(3)
$— $11 
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1.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations.
2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations.
3.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations.

During the three months ended March 31, 2025, the Company recorded $0.1 million of impairment charges related to the deferred leasing costs and intangible assets of the 625 Second office property. See Note 3 for details. The impairment charges are recorded within impairment loss on the Consolidated Statement of Operations.