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Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
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)
EntityPropertiesNominal % OwnershipDecember 31, 2025December 31,
2024
(in thousands)
Square 407 Limited PartnershipMarket Square North50.00 %(2)$— $(11,924)
WP Project Developer LLCWisconsin Place Land and Infrastructure33.33 %(3)29,085 29,775 
500 North Capitol Venture LLC500 North Capitol Street, NW30.00 %(12,655)(11,696)
501 K Street LLC1001 6th Street50.00 %45,724 45,903 
Podium Venture LLCThe Hub on Causeway - Podium50.00 %(4)54,742 42,310 
Residential Tower Developer LLCHub50House50.00 %33,942 42,493 
Hotel Tower Developer LLCThe Hub on Causeway - Hotel Air Rights50.00 %12,021 14,271 
Office Venture LLC100 Causeway Street50.00 %(4)48,924 55,810 
1265 Main Office JV LLC1265 Main Street50.00 %3,091 3,476 
BNY Tower Holdings LLCDock 72 50.00 %(5)83,547 (9,889)
CA-Colorado Center, LLCColorado Center50.00 %69,959 65,000 
7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 %47,144 48,423 
BP-M 3HB Venture LLC3 Hudson Boulevard25.00 %109,451 112,771 
Platform 16 Holdings LPPlatform 1655.00 %58,561 56,265 
Gateway Portfolio Holdings LLCGateway Commons50.00 %(6)125,576 272,000 
Rosecrans-Sepulveda Partners 4, LLCBeach Cities Media Campus50.00 %(7)272 27,051 
Safeco Plaza REIT LLCSafeco Plaza33.67 %(8)(2,557)— 
360 PAS Holdco LLC360 Park Avenue South71.11 %(9)104,778 74,592 
PR II/BXP Reston Gateway LLCSkymark - Reston Next Residential20.00 %14,506 14,844 
751 Gateway Holdings LLC751 Gateway 49.00 %(10)— 99,701 
200 Fifth Avenue JV LLC200 Fifth Avenue26.69 %74,747 70,673 
ABXP Worldgate Investments LLC13100 and 13150 Worldgate Drive50.00 %21,995 18,225 
CAB 290 Coles Venture LLC290 Coles Street - Common Equity19.46 %(11)19,928 N/A
CAB 290 Coles Holdco LLC290 Coles Street - Preferred Equity— %(11)(12)30,362 N/A
17 Hartwell Avenue JV LLC 17 Hartwell Avenue20.00 %(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, 2025December 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’ equity2,364,644 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, 2025December 31, 2024
Property(in thousands)
Colorado Center$131,356 $127,632 
200 Fifth Avenue48,289 49,656 
Gateway Commons(700)(74,500)
Safeco Plaza32,905 (75,576)
Dock 72(88,420)(92,054)
360 Park Avenue South(110,815)(113,265)
Platform 16(142,677)(142,698)
Other basis differentials28,966 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,
 202520242023
 (in thousands)
Total revenue (1)$507,979 $507,678 $612,589 
Expenses
Operating223,067 204,625 239,947 
Transaction costs233 456 301 
Depreciation and amortization173,310 160,756 197,228 
Total expenses396,610 365,837 437,476 
Other income (expense)
Losses from early extinguishment of debt(171)— (3)
Interest expense(172,915)(176,994)(227,537)
Unrealized gain (loss) on derivative instruments(14,351)5,570 (6,582)
Gain on sales-type lease— — 2,737 
Gains on sales of real estate (2)72,818 — — 
Impairment losses on real estate (3)(745,224)— — 
Net loss$(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. 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.
(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.