The following table summarizes the Company’s investment in real estate, at cost as of:


	December 31, 2021		December 31, 2020
Land	$	1,313,385	$	1,351,888
Building and improvements	6,241,254		5,840,819
Tenant improvements	786,991		728,111
Furniture and fixtures	14,020		12,250
Property under development	5,827		281,949
INVESTMENT IN REAL ESTATE, AT COST	$	8,361,477	$	8,215,017

On December 23, 2021, the Company purchased the 197,136 square-foot 5th & Bell office property located in Seattle, Washington. The purchase price before certain credits, prorations and closing costs was $118.9 million. 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.



TOTAL CONSIDERATION	$	118,907

Allocation of consideration
Investment in real estate	$	102,939
Deferred leasing costs and in-place lease intangibles(1)	10,443
Below-market ground leases(1)	10,844
Below-market leases(1)	(5,319)
TOTAL	$	118,907

On December 18, 2020, the Company purchased, pursuant to a joint venture agreement with a subsidiary of CPPIB, the 668,209 square-foot 1918 Eighth office property located in Seattle, Washington. The purchase price before certain credits, prorations and closing costs was $625.0 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.



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

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.

During the year ended December 31, 2021, the Company recorded $2.8 million of impairment charges related to its Del Amo office property due to a reduction in management’s intended hold period from a long-term hold period to a short-term hold period, which resulted in an estimated fair value of the property that was less than its carrying value. The estimated fair value of $17.4 million was based on the estimated sales price of the property, which is classified within Level 2 of the fair value hierarchy.

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 complete any dispositions related to consolidated entities during the years ended December 31, 2021 and 2020. The following table summarizes information on dispositions completed during the year ended December 31, 2019:


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

These properties were considered non-strategic to the Company’s portfolio. The disposition of these properties resulted in gains of $47.1 million for the year ended December 31, 2019. This amount is included in the gains on sale of real estate line item in the Consolidated Statements of Operations.

The Company had four properties classified as held for sale as of December 31, 2021. The properties were identified as non-strategic assets to the Company’s portfolio and are included in the Company’s office segment. The following table summarizes information on properties held for sale as of December 31, 2021:

Property

Segment

Submarket

Square Feet

Northview Center

Office

Lynnwood

179,985

Skyway Landing

Office

Redwood Shores

246,997

Del Amo

Office

Hollywood

205,189

6922 Hollywood

Office

Torrance

113,000

TOTAL HELD FOR SALE IN 2021

745,171


	Northview Center		Skyway Landing		Del Amo		6922 Hollywood
ASSETS
Investment in real estate, net	$	40,338	$	89,873	$	15,213	$	91,353
Accounts receivable, net	95		142		—		103
Straight-line rent receivables, net	901		1,659		—		4,714
Deferred leasing costs and intangible assets, net	751		450		2,742		1,999

Prepaid expenses and other assets, net	—		—		—		187
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE	$	42,085	$	92,124	$	17,955	$	98,356

LIABILITIES
Accounts payable, accrued liabilities and other	$	184	$	273	$	12	$	1,372

Intangible liabilities, net	—		—		—		96
Security deposits and prepaid rent	395		1,205		—		360
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE	$	579	$	1,478	$	12	$	1,828