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Subsequent Events
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6 Months Ended |
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Jun. 30, 2011
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| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Acquisitions and Financings 625 Second Street On May 20, 2011, we executed a purchase agreement to acquire 625 Second Street in San Francisco, California for a total gross purchase price of $56.4 million (before closing costs and prorations), including the assumption of an existing $33.7 million loan. 625 Second Street is an approximately 136,906 square foot office property located in San Francisco's South of Market submarket. The property is fully leased to multiple tenants, with an average remaining lease term of approximately five years. The transaction is subject to the completion of various closing conditions, including the assumption of the loan. The $33.7 million, ten-year loan bears interest at a fixed annual rate of 5.85%, with 30-year amortization, and matures on February 1, 2014. 6922 Hollywood On July 1, 2011, we executed a purchase agreement to acquire 6922 Hollywood Boulevard ("6922 Hollywood") in Hollywood, California for a total gross purchase price of $92.5 million (before closing costs and prorations), including the assumption of a loan with a current balance of approximately $42.1 million. 6922 Hollywood is an approximately 205,522 square foot project comprised of approximately 171,828 square feet of office space and approximately 33,694 square feet of ground-floor retail space. The property is fully leased to multiple tenants, with an average remaining lease term of approximately seven years. The transaction is subject to the completion of various closing conditions, including the assumption of the loan. The $42.1 million loan bears interest at a fixed annual rate of 5.5775%, with 30-year amortization, and matures in January 2015. $5.0 million of the purchase consideration will be paid with common shares of the Company. 604 Arizona On July 26, 2011, we acquired 604 Arizona in Santa Monica, California for a total gross purchase price of $21.5 million (before closing costs and prorations). 604 Arizona is an approximately 44,000 square foot project. The property is fully leased to Google, Inc. through July 31, 2012. We completed this acquisition on July 26, 2011. |