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Investment in Real Estate | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  | December 31, 2023
Land | $ | 1,235,974 |  |  | $ | 1,220,339 |
Building and improvements | 6,101,787 |  |  | 5,969,364 |
Tenant and leasehold improvements | 728,186 |  |  | 818,653 |
Furniture and fixtures | 5,895 |  |  | 8,609 |
Property under development | 161,444 |  |  | 195,931 |
INVESTMENT IN REAL ESTATE, AT COST | $ | 8,233,286 |  |  | $ | 8,212,896 |
Acquisitions of Real Estate The Company had no acquisitions of real estate during the years ended December 31, 2024 and 2023. Impairment of Long-Lived Assets During the year ended December 31, 2024, the Company recorded impairment charges totaling $39.9 million related to the real estate assets of certain office properties, including held for sale properties. The impairment charges reflect a shortened expected holding period for the properties and a reduction in the carrying value of the properties to their estimated fair values based on non-binding purchase offers from third party buyers or the properties’ contractual sales prices, as applicable, which are considered Level 2 measurements. During the year ended December 31, 2023, the Company recorded an impairment charge of $48.5 million related to the real estate assets of one office property. The impairment charge reflects a shortened expected holding period for the property and reduction in the carrying value of the property to its estimated fair value based on a discounted cash flow analysis, which is considered a Level 3 measurement. During the year ended December 31, 2022, the Company recorded impairment charges totaling $17.6 million related to the real estate assets of certain office properties, including held for sale properties. The impairment charges reflect a shortened expected holding period for the properties and a reduction in the carrying value of the properties to their estimated fair values based on non-binding purchase offers from third party buyers or the properties’ contractual sales prices, as applicable, which are considered Level 2 measurements. The impairment charges are recorded within impairment loss on the Consolidated Statements of Operations. Dispositions of Real Estate The following table summarizes information on dispositions completed during the years ended December 31, 2024 and 2023:
Property |  | Segment |  | Date of Disposition |  | Square Feet (unaudited) |  | Sales Price(1) (in millions) |  | (Loss) Gain on Sale(2) (in millions)
2024 Dispositions |  |  |  |  |  |  |  |  |  |
3176 Porter |  | Office |  | 12/10/2024 |  | 46,759 |  |  | $ | 24.8 |  |  | $ | (2.2) |
2023 Dispositions |  |  |  |  |  |  |  |  |  |
Skyway Landing |  | Office |  | 2/6/2023 |  | 246,997 |  |  | $ | 102.0 |  |  | $ | 7.0 |
604 Arizona |  | Office |  | 8/24/2023 |  | 44,260 |  |  | 32.5 |  |  | 10.3 |
3401 Exposition |  | Office |  | 8/25/2023 |  | 63,376 |  |  | 40.0 |  |  | 5.8 |
Cloud10 |  | Office |  | 11/21/2023 |  | 350,000 |  |  | 43.5 |  |  | 19.9 |
One Westside & Westside Two |  | Office |  | 12/27/2023 |  | 686,725 |  |  | 700.0 |  |  | 60.2 |
Total 2023 Dispositions |  |  |  |  |  |  |  | $ | 918.0 |  |  | $ | 103.2 |
_____________ 1.Represents gross sales price before certain credits, prorations and closing costs. 2.Included within (loss) gain on sale of real estate on the Consolidated Statements of Operations. Held for Sale As of December 31, 2024, the Company classified two of its office properties as held for sale: 195,121 square-foot (unaudited) Foothill Research Center located in the Palo Alto submarket and 102,963 square-foot (unaudited) Maxwell located in the Downtown Los Angeles submarket. The properties were identified as non-strategic assets to the Company’s portfolio. The following table summarizes the components of assets and liabilities associated with real estate held for sale as of December 31, 2024:
| Foothill Research Center |  | Maxwell
ASSETS |  |  |
Investment in real estate, net | $ | 31,387 |  |  | $ | 41,210 |
Straight-line rent receivables, net | 386 |  |  | 2,206 |
Deferred leasing costs and intangible assets, net | 1,328 |  |  | 528 |
Operating lease right-of-use asset | 5,890 |  |  | — |
Prepaid expenses and other assets, net | 102 |  |  | 76 |
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE | $ | 39,093 |  |  | $ | 44,020 |
LIABILITIES |  |  |
Accounts payable, accrued liabilities and other | $ | 13,201 |  |  | $ | 195 |
Operating lease liabilities | 15,827 |  |  | — |
Intangible liabilities, net | 228 |  |  | — |
Security deposits and prepaid rent | 1,539 |  |  | 127 |
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE | $ | 30,795 |  |  | $ | 322 |

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