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Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
Schedule of Equity Method Investments [Line Items] |
Investments In Unconsolidated Joint Ventures | The investments in unconsolidated joint ventures consist of the following at December 31, 2023 and December 31, 2022:
|  |  |  |  |  | Carrying Value of Investment (1)
Entity |  | Properties |  | Nominal % Ownership |  | December 31, 2023 |  | December 31, 2022
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.00 | % |  | $ | (5,996) |  |  | $ | (6,198) |
BP/CRF Metropolitan Square LLC |  | Metropolitan Square |  | 20.00 | % | (2) | — |  |  | (37,629) |
901 New York, LLC |  | 901 New York Avenue |  | 25.00 | % | (3) | (11,764) |  |  | (12,493) |
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.33 | % | (4) | 30,375 |  |  | 31,971 |
500 North Capitol Venture LLC |  | 500 North Capitol Street, NW |  | 30.00 | % |  | (10,253) |  |  | (9,185) |
501 K Street LLC |  | 1001 6th Street |  | 50.00 | % |  | 44,774 |  |  | 42,922 |
Podium Developer LLC |  | The Hub on Causeway - Podium |  | 50.00 | % |  | 45,201 |  |  | 46,839 |
Residential Tower Developer LLC |  | Hub50House |  | 50.00 | % |  | 40,235 |  |  | 45,414 |
Hotel Tower Developer LLC |  | The Hub on Causeway - Hotel Air Rights |  | 50.00 | % |  | 13,494 |  |  | 12,366 |
Office Tower Developer LLC |  | 100 Causeway Street |  | 50.00 | % |  | 57,660 |  |  | 59,716 |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.00 | % |  | 3,585 |  |  | 3,465 |
BNY Tower Holdings LLC |  | Dock 72 |  | 50.00 | % | (5) | (11,890) |  |  | (19,921) |
CA-Colorado Center, LLC |  | Colorado Center |  | 50.00 | % |  | 237,815 |  |  | 233,862 |
7750 Wisconsin Avenue LLC |  | 7750 Wisconsin Avenue |  | 50.00 | % |  | 50,064 |  |  | 52,152 |
BP-M 3HB Venture LLC |  | 3 Hudson Boulevard |  | 25.00 | % |  | 115,103 |  |  | 116,397 |
SMBP Venture LP |  | Santa Monica Business Park |  | 55.00 | % | (6) | — |  |  | 164,735 |
Platform 16 Holdings LP |  | Platform 16 |  | 55.00 | % | (7)(8) | 45,564 |  |  | 158,109 |
Gateway Portfolio Holdings LLC |  | Gateway Commons |  | 50.00 | % |  | 376,834 |  |  | 324,038 |
Rosecrans-Sepulveda Partners 4, LLC |  | Beach Cities Media Campus |  | 50.00 | % |  | 27,034 |  |  | 27,000 |
Safeco Plaza REIT LLC |  | Safeco Plaza |  | 33.67 | % | (8)(9) | 44,734 |  |  | 69,785 |
360 PAS Holdco LLC |  | 360 Park Avenue South |  | 71.11 | % | (8)(10) | 42,988 |  |  | 114,992 |
PR II/BXP Reston Gateway LLC |  | Skymark - Reston Next Residential |  | 20.00 | % |  | 15,184 |  |  | 11,351 |
751 Gateway Holdings LLC |  | 751 Gateway |  | 49.00 | % |  | 93,411 |  |  | 80,714 |
200 Fifth Avenue JV LLC |  | 200 Fifth Avenue |  | 26.69 | % | (8) | 75,718 |  |  | 120,083 |
ABXP Worldgate Investments LLC |  | 13100 and 13150 Worldgate Drive |  | 50.00 | % |  | 17,546 |  |  | N/A
|  |  |  |  |  | $ | 1,337,416 |  |  | $ | 1,630,485 |
_______________ (1)Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)During the year ended December 31, 2023, the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6. (3)The Company’s economic ownership increased based on the achievement of certain return thresholds. At December 31, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company’s joint venture partner transferred all of its interest in the joint venture to the Company for a gross purchase price of $10.0 million, see Note 17 for more information. (4)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project. (5)This property includes net equity balances from the amenity joint venture. (6)During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3. (7)At December 31, 2022, this entity was a VIE. (8)During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investment. (9)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture. (10)On December 14, 2023, the Company completed the acquisition of all of one of its joint venture partners ownership interest. As a result of this acquisition, at December 31, 2023, the Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture. The Company’s partner will fund required capital until its aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. At December 31, 2022, the Company’s ownership included (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture.
Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block] | The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
| December 31, 2023 |  | December 31, 2022
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net (1) | $ | 5,811,763 |  |  | $ | 6,537,554 |
Other assets (2) | 682,291 |  |  | 756,786 |
Total assets | $ | 6,494,054 |  |  | $ | 7,294,340 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 3,351,873 |  |  | $ | 4,022,746 |
Other liabilities (3) | 361,357 |  |  | 716,271 |
Members’/Partners’ equity | 2,780,824 |  |  | 2,555,323 |
Total liabilities and members’/partners’ equity | $ | 6,494,054 |  |  | $ | 7,294,340 |
Company’s share of equity | $ | 1,278,483 |  |  | $ | 1,238,929 |
Basis differentials (4) | 58,933 |  |  | 391,556 |
Carrying value of the Company’s investments in unconsolidated joint ventures (5) | $ | 1,337,416 |  |  | $ | 1,630,485 |
_______________ (1)At December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At December 31, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.1 million and $21.2 million, respectively. (2)At December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $13.9 million. (3)At December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $382.2 million. At December 31, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (4)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as well as a $35.8 million gain on investment related to Metropolitan Square, as described below in this Note 6. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows:
| December 31, 2023 |  | December 31, 2022
Property | (in thousands)
Colorado Center | $ | 298,906 |  |  | $ | 301,820 |
200 Fifth Avenue | 58,308 |  |  | 94,497 |
Gateway Commons | 48,971 |  |  | 47,808 |
Safeco Plaza | (29,678) |  |  | (15) |
360 Park Avenue South | (116,534) |  |  | 3,798 |
Dock 72 | (95,521) |  |  | (98,980) |
Platform 16 | (143,052) |  |  | 7,108 |
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. (5)Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
Statements Of Operations Of The Joint Ventures | The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
|  |  | Year ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
|  |  |  |  | (in thousands)
Total revenue (1) |  |  |  |  | $ | 612,589 |  |  | $ | 512,078 |  |  | $ | 383,649 |
Expenses |  |  |  |  |  |  |  |  |
Operating |  |  |  |  | 239,947 |  |  | 198,632 |  |  | 158,498 |
Transaction costs |  |  |  |  | 301 |  |  | 837 |  |  | 470 |
Depreciation and amortization |  |  |  |  | 197,228 |  |  | 181,041 |  |  | 147,121 |
Total expenses |  |  |  |  | 437,476 |  |  | 380,510 |  |  | 306,089 |
Other income (expense) |  |  |  |  |  |  |  |  |
Loss from early extinguishment of debt |  |  |  |  | (3) |  |  | (1,327) |  |  | — |
Interest expense |  |  |  |  | (227,537) |  |  | (154,065) |  |  | (108,884) |
Unrealized gain (loss) on derivative instruments |  |  |  |  | (6,582) |  |  | 1,681 |  |  | — |
Gain on sales-type lease |  |  |  |  | 2,737 |  |  | — |  |  | — |
Net loss |  |  |  |  | $ | (56,272) |  |  | $ | (22,143) |  |  | $ | (31,324) |
Company’s share of net loss |  |  |  |  | $ | (19,599) |  |  | $ | (2,551) |  |  | $ | (10,254) |
Gain on sale of investment (2) |  |  |  |  | — |  |  | — |  |  | 10,257 |
Gain on investment (3) |  |  |  |  | 35,756 |  |  | — |  |  | — |
Gain (loss) on sale / consolidation (3)(4) |  |  |  |  | 28,412 |  |  | — |  |  | — |
Impairment losses on investments (5) |  |  |  |  | (272,603) |  |  | (50,705) |  |  | — |
Basis differential (6) |  |  |  |  | (11,509) |  |  | (6,584) |  |  | (2,573) |
Loss from unconsolidated joint ventures |  |  |  |  | $ | (239,543) |  |  | $ | (59,840) |  |  | $ | (2,570) |
_______________ (1)Includes straight-line rent adjustments of approximately $28.7 million, $62.9 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. (2)During the year ended December 31, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million. (3)During the year ended December 31, 2023, the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6. (4)During the year ended December 31, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6. (5)During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6. During the year ended December 31, 2022, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture that owns Dock 72 in Brooklyn, New York totaling approximately $50.7 million. (6)Includes straight-line rent adjustments of approximately $1.5 million, $0.5 million and $0.8 million for the years ended December 31, 2023, 2022 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.8 million, $0.4 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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