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Investment in Real Estate | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate The following table summarizes the Company’s investment in real estate, at cost as of:
| December 31, 2020 |  | December 31, 2019
Land | $ | 1,351,888 |  |  | $ | 1,313,412 |
Building and improvements | 5,840,819 |  |  | 5,189,342 |
Tenant improvements | 728,111 |  |  | 631,459 |
Furniture and fixtures | 12,250 |  |  | 10,693 |
Property under development | 281,949 |  |  | 124,222 |
INVESTMENT IN REAL ESTATE, AT COST | $ | 8,215,017 |  |  | $ | 7,269,128 |
Acquisitions On December 18, 2020, the Company purchased, pursuant to a joint venture agreement with a subsidiary of CPPIB, the 668,109 square-foot 1918 Eighth office property located in Seattle, Washington. The purchase price before certain credits, prorations and closing costs was $625 million. The Company owns 55% of the ownership interest in this consolidated joint venture. The acquisition did not meet the definition of a business and was therefore accounted for as an asset acquisition. For asset acquisitions, the purchase price includes capitalized acquisition costs. The following table represents the Company’s final purchase price accounting for the 1918 Eighth acquisition:
TOTAL CONSIDERATION |  | $ | 593,945 |
Allocation of consideration |  |
Investment in real estate |  | $ | 584,250 |
Deferred leasing costs and in-place lease intangibles(1) |  | 37,563 |
Above-market leases(2) |  | 335 |
Below-market leases(3) |  | (28,203) |
TOTAL |  | $ | 593,945 |
_____________ 1.Represents weighted-average amortization period of 9.1 years (before any renewal or extension options). 2.Represents weighted-average amortization period of 7.8 years (before any renewal or extension options). 3.Represents weighted-average amortization period of 9.3 years (before any renewal or extension options). The Company did not complete any acquisitions related to consolidated entities during the year ended December 31, 2019. Unconsolidated Joint Ventures As of December 24, 2020, the Company owns 50% of the ownership interests in the joint venture which owns the Sunset LA development in Los Angeles, California. The Company serves as the operating member. On June 5, 2019, the Company purchased, pursuant to a co-ownership agreement with Blackstone 1 LP, an affiliate of Blackstone, 20% of the ownership interest in the Bentall Centre office property and retail complex in Vancouver, Canada. Refer to Note 4 for details. Studio Joint Venture On July 30, 2020, funds affiliated with Blackstone acquired a 49% interest in the Hollywood Media Portfolio, a 2.2 million-square-foot collection of studio and office properties with a gross portfolio valuation of $1.65 billion before closing credits, prorations and costs, resulting in cash proceeds to the Company of $808.5 million. The transaction included Sunset Gower, Sunset Bronson and Sunset Las Palmas Studios, as well as 6040 Sunset, ICON, CUE, EPIC and Harlow, along with 1.1 million square feet of development rights associated with Sunset Gower and Sunset Las Palmas Studios. The Company retained a 51% ownership stake in the Hollywood Media Portfolio. Impairment of Long-Lived Assets During the year ended December 31, 2019, the Company recorded $52.2 million of impairment charges related to the Campus Center office property that was held for sale at March 31, 2019 and was subsequently sold. The Company’s estimated fair value was based on the sale price (Level 2 input). The Company did not recognize impairment charges during the years ended December 31, 2020 and 2018. Dispositions The Company did not complete any dispositions related to consolidated entities during the year ended December 31, 2020. The following table summarizes information on dispositions completed during the years ended December 31, 2019 and 2018:
Property |  | Segment |  | Date of Disposition |  | Square Feet |  | Sales Price(1) (in millions)
Campus Center Office |  | Office |  | 7/24/2019 |  | 471,580 |  |  | $ | 70.3 |
Campus Center Land |  | Office |  | 7/30/2019 |  | 946,350 |  |  | 78.1 |
TOTAL DISPOSITIONS IN 2019 |  |  |  |  |  | 1,417,930 |  |  | $ | 148.4 |
Embarcadero Place |  | Office |  | 1/25/2018 |  | 197,402 |  |  | $ | 136.0 |
2600 Campus Drive (building 6 of Peninsula Office Park) |  | Office |  | 1/31/2018 |  | 63,050 |  |  | 22.5 |
2180 Sand Hill |  | Office |  | 3/1/2018 |  | 45,613 |  |  | 82.5 |
9300 Wilshire |  | Office |  | 4/10/2018 |  | 61,422 |  |  | 13.8 |
Peninsula Office Park |  | Office |  | 7/27/2018 |  | 447,739 |  |  | 210.0 |
TOTAL DISPOSITIONS IN 2018 |  |  |  |  |  | 815,226 |  |  | $ | 464.8 |
_____________ 1.Represents gross sales price before certain credits, prorations and closing costs. These properties were considered non-strategic to the Company’s portfolio. The disposition of these properties resulted in gains of $47.1 million and $43.3 million for the years ended December 31, 2019 and 2018, respectively. These amounts are included in the gains on sale of real estate line item in the Consolidated Statements of Operations. Held for Sale As of December 31, 2020 and 2019, the Company had no properties that met the criteria to be classified as held for sale.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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