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Investment in Real Estate | 9 Months Ended
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Sep. 30, 2025
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:
| September 30, 2025 |  | December 31, 2024
Land | $ | 1,196,555 |  |  | $ | 1,235,974 |
Building and improvements | 5,997,660 |  |  | 6,101,787 |
Tenant improvements | 706,428 |  |  | 728,186 |
Furniture and fixtures | 5,219 |  |  | 5,895 |
Property under development | 57,537 |  |  | 161,444 |
INVESTMENT IN REAL ESTATE, AT COST | $ | 7,963,399 |  |  | $ | 8,233,286 |
Acquisitions of Real Estate The Company had no acquisitions of real estate during the nine months ended September 30, 2025. Dispositions of Real Estate The following table summarizes information on dispositions completed during the nine months ended September 30, 2025. These properties were considered non-strategic to the Company’s portfolio:
Property |  | Segment |  | Date of Disposition |  | Square Feet (unaudited) |  | Sales Price(1) (in millions) |  | (Loss) Gain on Sale(2) (in millions)
Maxwell |  | Office |  | 1/22/2025 |  | 102,963 |  |  | $ | 46.0 |  |  | $ | (2.2) |
Foothill Research Center |  | Office |  | 3/4/2025 |  | 195,121 |  |  | $ | 23.0 |  |  | $ | 12.2 |
625 Second |  | Office |  | 5/30/2025 |  | 138,354 |  |  | $ | 28.0 |  |  | $ | — |
__________________ 1.Represents gross sales price before certain credits, prorations and closing costs. 2.Included within gain on sale of real estate, net on the Consolidated Statements of Operations. The Company had no dispositions of real estate during the nine months ended September 30, 2024. Impairment of Long-Lived Assets During the nine months ended September 30, 2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflected a shortened expected holding period for the property and a reduction in the carrying value of the property to its estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. The property was subsequently sold on May 30, 2025. During the three and nine months ended September 30, 2024, the Company recorded impairment charges totaling $34.4 million related to the real estate assets of its Maxwell, Foothill Research Center and 3176 Porter properties. The impairment charges reflected a shortened expected holding period for the properties and a reduction in the carrying value of the properties to their estimated fair value based on non-binding purchase offers from third party buyers, which is considered a Level 2 measurement. The impairment charges are recorded within impairment loss on the Consolidated Statements of Operations. The properties were subsequently sold.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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