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Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2025
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, 2025 and December 31, 2024:
|  |  |  |  |  | Carrying Value of Investment (1)
Entity |  | Properties |  | Nominal % Ownership |  | December 31, 2025 |  | December 31, 2024
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.00 | % | (2) | $ | — |  |  | $ | (11,924) |
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.33 | % | (3) | 29,085 |  |  | 29,775 |
500 North Capitol Venture LLC |  | 500 North Capitol Street, NW |  | 30.00 | % |  | (12,655) |  |  | (11,696) |
501 K Street LLC |  | 1001 6th Street |  | 50.00 | % |  | 45,724 |  |  | 45,903 |
Podium Venture LLC |  | The Hub on Causeway - Podium |  | 50.00 | % | (4) | 54,742 |  |  | 42,310 |
Residential Tower Developer LLC |  | Hub50House |  | 50.00 | % |  | 33,942 |  |  | 42,493 |
Hotel Tower Developer LLC |  | The Hub on Causeway - Hotel Air Rights |  | 50.00 | % |  | 12,021 |  |  | 14,271 |
Office Venture LLC |  | 100 Causeway Street |  | 50.00 | % | (4) | 48,924 |  |  | 55,810 |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.00 | % |  | 3,091 |  |  | 3,476 |
BNY Tower Holdings LLC |  | Dock 72 |  | 50.00 | % | (5) | 83,547 |  |  | (9,889) |
CA-Colorado Center, LLC |  | Colorado Center |  | 50.00 | % |  | 69,959 |  |  | 65,000 |
7750 Wisconsin Avenue LLC |  | 7750 Wisconsin Avenue |  | 50.00 | % |  | 47,144 |  |  | 48,423 |
BP-M 3HB Venture LLC |  | 3 Hudson Boulevard |  | 25.00 | % |  | 109,451 |  |  | 112,771 |
Platform 16 Holdings LP |  | Platform 16 |  | 55.00 | % |  | 58,561 |  |  | 56,265 |
Gateway Portfolio Holdings LLC |  | Gateway Commons |  | 50.00 | % | (6) | 125,576 |  |  | 272,000 |
Rosecrans-Sepulveda Partners 4, LLC |  | Beach Cities Media Campus |  | 50.00 | % | (7) | 272 |  |  | 27,051 |
Safeco Plaza REIT LLC |  | Safeco Plaza |  | 33.67 | % | (8) | (2,557) |  |  | — |
360 PAS Holdco LLC |  | 360 Park Avenue South |  | 71.11 | % | (9) | 104,778 |  |  | 74,592 |
PR II/BXP Reston Gateway LLC |  | Skymark - Reston Next Residential |  | 20.00 | % |  | 14,506 |  |  | 14,844 |
751 Gateway Holdings LLC |  | 751 Gateway |  | 49.00 | % | (10) | — |  |  | 99,701 |
200 Fifth Avenue JV LLC |  | 200 Fifth Avenue |  | 26.69 | % |  | 74,747 |  |  | 70,673 |
ABXP Worldgate Investments LLC |  | 13100 and 13150 Worldgate Drive |  | 50.00 | % |  | 21,995 |  |  | 18,225 |
CAB 290 Coles Venture LLC |  | 290 Coles Street - Common Equity |  | 19.46 | % | (11) | 19,928 |  |  | N/A
CAB 290 Coles Holdco LLC |  | 290 Coles Street - Preferred Equity |  | — | % | (11)(12) | 30,362 |  |  | N/A
17 Hartwell Avenue JV LLC |  | 17 Hartwell Avenue |  | 20.00 | % | (11) | 10,567 |  |  | N/A
|  |  |  |  |  | $ | 983,710 |  |  | $ | 1,060,074 |
_______________ (1)Investments with deficit balances aggregating approximately $15.6 million and $33.5 million at December 31, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets. (2)On November 10, 2025, the Company completed the sale of its ownership interest in the joint venture. (3)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. (4)In conjunction with the execution of the mortgage loan on September 30, 2025 (described below), Podium Venture LLC and Office Venture LLC were created for structuring purposes and did not change any of the partner rights previously held by the partners of Podium Developer LLC or Office Tower Developer LLC, respectively. (5)This investment includes net equity balances from the amenity joint venture. The amenity joint venture had a deficit balance of approximately $0.4 million at December 31, 2025. (6)During the year ended December 31, 2025, the Company recognized an other-than-temporary impairment loss on its investment. On January 2, 2026, the Company completed the sale of its ownership interest in the joint venture (See Note 17). (7)On September 17, 2025, the joint venture completed the sale of the land parcel. (8)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1.0% interest in each of the two entities through which each partner owns its interest in the joint venture. (9)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 1.0% interest in the entity through which the partner owns its interest in the joint venture. (10)On December 30, 2025, the joint venture completed the sale of the property. (11)This entity is a VIE (See Note 2). (12)The Company agreed to fund up to $65.0 million of the required capital through its preferred equity investment. The Company’s preferred equity investment will earn and accrue a 13.0% internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.
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, 2025 |  | December 31, 2024
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net (1) (2) | $ | 4,786,058 |  |  | $ | 5,748,198 |
Other assets (3) | 672,776 |  |  | 703,096 |
Total assets | $ | 5,458,834 |  |  | $ | 6,451,294 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 2,905,065 |  |  | $ | 3,206,723 |
Other liabilities (4) | 189,125 |  |  | 292,125 |
Members’/Partners’ equity | 2,364,644 |  |  | 2,952,446 |
Total liabilities and members’/partners’ equity | $ | 5,458,834 |  |  | $ | 6,451,294 |
Company’s share of equity | $ | 1,084,806 |  |  | $ | 1,344,543 |
Basis differentials (2) (5) | (101,096) |  |  | (284,469) |
Carrying value of the Company’s investments in unconsolidated joint ventures (6) | $ | 983,710 |  |  | $ | 1,060,074 |
_______________ (1)At December 31, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $17.9 million and $19.0 million, respectively. (2)During the year ended December 31, 2025, the joint ventures that own Safeco Plaza and Gateway Commons recognized property level impairment losses in accordance with ASC 360 (See Note 2). In prior periods, the Company had impaired its equity method investment to the estimated fair value for these joint ventures and therefore this is recognized as a basis difference. (3)At December 31, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $14.4 million and $14.1 million, respectively. (4)At December 31, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $30.5 million. (5)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, impairments at the property level, 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, 2025, the joint ventures that own Gateway Commons and Safeco Plaza recognized property level impairments of approximately $425.8 million and $319.5 million, respectively. During the year ended December 31, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million. During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:
| December 31, 2025 |  | December 31, 2024
Property | (in thousands)
Colorado Center | $ | 131,356 |  |  | $ | 127,632 |
200 Fifth Avenue | 48,289 |  |  | 49,656 |
Gateway Commons | (700) |  |  | (74,500) |
Safeco Plaza | 32,905 |  |  | (75,576) |
Dock 72 | (88,420) |  |  | (92,054) |
360 Park Avenue South | (110,815) |  |  | (113,265) |
Platform 16 | (142,677) |  |  | (142,698) |
Other basis differentials | 28,966 |  |  | 36,336 |
Total basis differentials | $ | (101,096) |  |  | $ | (284,469) |
These basis differentials (excluding land, which does not depreciate) will be amortized over the remaining lives of the related assets and liabilities. (6)Investments with deficit balances aggregating approximately $15.6 million and $33.5 million at December 31, 2025 and December 31, 2024, 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,
|  |  |  |  | 2025 |  | 2024 |  | 2023
|  |  |  |  | (in thousands)
Total revenue (1) |  |  |  |  | $ | 507,979 |  |  | $ | 507,678 |  |  | $ | 612,589 |
Expenses |  |  |  |  |  |  |  |  |
Operating |  |  |  |  | 223,067 |  |  | 204,625 |  |  | 239,947 |
Transaction costs |  |  |  |  | 233 |  |  | 456 |  |  | 301 |
Depreciation and amortization |  |  |  |  | 173,310 |  |  | 160,756 |  |  | 197,228 |
Total expenses |  |  |  |  | 396,610 |  |  | 365,837 |  |  | 437,476 |
Other income (expense) |  |  |  |  |  |  |  |  |
Losses from early extinguishment of debt |  |  |  |  | (171) |  |  | — |  |  | (3) |
Interest expense |  |  |  |  | (172,915) |  |  | (176,994) |  |  | (227,537) |
Unrealized gain (loss) on derivative instruments |  |  |  |  | (14,351) |  |  | 5,570 |  |  | (6,582) |
Gain on sales-type lease |  |  |  |  | — |  |  | — |  |  | 2,737 |
Gains on sales of real estate (2) |  |  |  |  | 72,818 |  |  | — |  |  | — |
Impairment losses on real estate (3) |  |  |  |  | (745,224) |  |  | — |  |  | — |
Net loss |  |  |  |  | $ | (748,474) |  |  | $ | (29,583) |  |  | $ | (56,272) |
Company’s share of net loss |  |  |  |  | $ | (312,810) |  |  | $ | (10,912) |  |  | $ | (19,599) |
Gain on investment (4) |  |  |  |  | — |  |  | — |  |  | 35,756 |
Gain on sale / consolidation (5) |  |  |  |  | 24,261 |  |  | 21,696 |  |  | 28,412 |
Impairment loss on investment (6) |  |  |  |  | (145,133) |  |  | (341,338) |  |  | (272,603) |
Basis differential (3) (7) |  |  |  |  | 330,122 |  |  | (12,623) |  |  | (11,509) |
Loss from unconsolidated joint ventures |  |  |  |  | $ | (103,560) |  |  | $ | (343,177) |  |  | $ | (239,543) |
_______________ (1)Includes straight-line rent adjustments of approximately $12.1 million, $13.7 million and $28.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. (2)During the year ended December 31, 2025, gains on sales of real estate included Beach Cities Media Campus and 751 Gateway. (3)During the year ended December 31, 2025, the joint ventures that own Safeco Plaza and Gateway Commons recognized property level impairment losses in accordance with ASC 360 (See Note 2). In prior periods, the Company had impaired its equity method investment to the estimated fair value for these joint ventures and therefore this is recognized as a basis difference and does not impact Loss from Unconsolidated Joint Ventures on the Consolidated Statements of Operations. (4)During the year ended December 31, 2023, the Company completed a restructuring of its ownership in Metropolitan Square. (5)During the year ended December 31, 2025, the Company completed the sale of its investment in Market Square North. During the year ended December 31, 2024, the Company acquired its joint venture partner’s 50% economic interest in 901 New York Avenue. During the year ended December 31, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park. (6)During the year ended December 31, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million. During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. Du ring 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. (7)Includes depreciation and amortization of approximately $(11.8) million, $15.4 million and $16.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Includes unrealized gain (loss) on derivative instruments of approximately $(3.8) million, $1.5 million and $(1.8) million for the years ended December 31, 2025, 2024 and 2023, respectively.

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